FBN Holding Plc, the parent company of First Bank Nigeria, has released its audited results for the three months period ended 30th of September, 2021.
The result filed with the Nigerian Exchange Limited (NGX), revealed a decline across key income items as the group posted double-digit drop in net interest income, operating profit and net profit during the period under review.
Read: Battle for FBN Holdings: Analysts pick holes in First Bank’s latest response to NGX Query
Key highlights of the result
- Interest Income dropped by 12.63% Y-o-Y to N260.12 billion, from N297.71 billion recorded in the same period of 2020.
- Similarly, Net interest income declined by 15.45% Y-o-Y to N162.96 billion, against N192.74 billion recorded in the corresponding period of last year. The decline was impacted by a 73.08% and 3.30% decrease in interest from loans to customers, and investment securities at fair value, respectively.
- Net fee and commission income, however, rose by 17.69% Y-o-Y to N85.90 billion from N72.99 billion recorded in the same period of last year. The growth was largely due to the increase in income from e-banking operations, as well as commission on bonds, brokerage, account maintenance and other fees.
- Operating profit declined by 15.77% Y-o-Y to N53.30 billion, as against N63.28 billion in the same period of 2020.
- Profit after tax declined significantly by 40.15% Y-o-Y to N40.79 billion during the period under review.
- Loans and advances to customers grew by 24.79% Y-t-D to N2.77 trillion.
- Deposits from customers rose by 10.65% Y-t-D to N5.42 trillion.
- Total assets increased by 10.62% Y-t-D to N8.51 trillion.
- Earnings per share stood at N1.12 kobo.
