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FBN Holdings Plc posts Profit Before Tax of N14.8 billion in Q4 2020

FBN Holdings Plc recorded a 29% Y-o-Y decline in its PBT for Q4 2020.

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FBNHoldings, FirstBank

FBN Holdings Plc has posted a Profit Before Tax (PBT) of N14.8 billion for the fourth quarter of 2020 (Q4, 2020), compared to N20.82 billion made in the corresponding period of 2019, indicating a decline in PBT by 29% Year-on-Year.

This is according to the firm’s recent financial statement made available on the Nigerian Stock Exchange and seen by Nairametrics.

FBN Holdings Plc had earlier posted an increase in its Profit Before Tax in the third quarters of 2020 (Q3, 2020) by 20.2% Y-o-Y, to N21.9 billion. This is in contrast to the recent Q4 2020 figures which dipped by 29% Y-o-Y.

READ: Despite COVID-19, top Nigerian Banks declare N36.7 billion dividends

Other key highlights of the Q4 2020 financials are;

  • Interest Income declined to N88.86 billion, -20.9% Y-o-Y.
  • Fee and commission income increased to N35.4 billion, +29.4% Y-o-Y.
  • Profit for the year declined to N11.6 billion, -47.3% Y-o-Y.
  • Dividend income declined to N343 million, -83.2% Y-o-Y.
  • Other operating income increased to N922 million, +468.8% Y-o-Y.
  • Interest expense declined to N24.91 billion, -31.4% Y-o-Y.
  • Fee and commission expense declined to N5.11 billion, -25.6% Y-o-Y.
  • Personnel expenses increased to N27.1 billion, +1.5% Y-o-Y.
  • Operating expenses increased to N51.7 billion, +0.8% Y-o-Y.
  • Earnings per Share increased to N2.18, +11.8% Y-o-Y.
  • Loans and advances to customers increased to N2.2 trillion in FY 2020, +19.9% Y-o-Y.
  • Deposits from customers increased to N4.96 trillion in FY 2020, +23.4% Y-o-Y.
  • Total assets increased to N7.6 trillion in FY 2020, +22.9% Y-o-Y.
  • Total liabilities increased to N6.9 trillion in FY 2020, +23.9% Y-o-Y.

READ: CAP Plc: Financial results for the fourth quarter and twelve months ended 31 December 2020

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

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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.

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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.

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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.

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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. 

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