Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

live feed

FBN Holdings Plc posts Profit of N21.9 billion in Q3 2020

FBN Holdings’ profit was boosted by high trading income coupled with a lower operating expense.

Published

on

FBNHoldings, FirstBank

FBN Holdings Plc has posted a Profit Before Tax of N21.9 billion for the third quarter of the year (Q3, 2020) – indicating a 20.2% increase from the figures posted in the corresponding period of 2019

This is according to its latest financials sent to the Nigerian Stock Exchange.

READ: CRR Compliance: Banks suffer another N226 billion in CRR debits

Key highlights of Q3 2020 are:

  • Profit Before Tax increased to N21.9 billion, up by +20.2% Y-o-Y.
  • Profit for the period from continuing operations increased to N18.72, up by+1.41% Y-o-Y.
  • Interest income declined to N90.3 billion,  -12.2% Y-o-Y.
  • Interest expense declined to N28.8 billion, -29.6% Y-o-Y.
  • Net interest income marginally declined to N61.5 billion, -0.6% Y-o-Y.
  • Fees and commission income increased to N31.8 billion, +17.9% Y-o-Y.
  • Foreign exchange income increased to N2.96 billion, +223.5% Y-o-Y.
  • Personnel expenses increased to N24.64 billion, indicating a gain of +9.82% Y-o-Y.
  • From December 2019 to September 2020, loans and advances to customers increased to N2.05 trillion, up by+10.9%.
  • Total assets grew to N7.2 trillion in September 2020 from N6.2 trillion it recorded as at December 2019, +16.8%.
  • Between December 2019 and September 2020, deposits from customers increased to N4.6 trillion, up by +15.2%.

READ: Dangote Cement Plc records 34.20% increase in 2020 Q3 revenues

Bottom Line

High trading income coupled with a lower operating expense played a vital role in boosting the firm’s profit. In addition, higher current and non-current components boosted the over total assets value.

Hotflex
Sigma Pensions

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

2 Comments

2 Comments

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Company Results

    Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

    Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

    Published

    on

    Focus: This small-cap oil company is seriously lagging behind

    Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

    • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
    • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
    • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
    • No dividend announcement was made in their press release.
    • The company share price of N0.30 unchanged YTD.

    See link to results here

    Continue Reading

    Company Results

    Conoil posts 23% post-tax profit decline in 2020 FY results

    Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

    Published

    on

    Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

    • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
    • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
    • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
    •  No dividend announcement was made in their press release. 
    • The company share price of N20.85, up +0.72% YTD. 

    See link to results here

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.