FBN Holdings Plc has reported a profit after tax of N91 billion in the nine months ended September 2022, a 123% increase compared to the same period last year.
Interest income rose significantly by 42.3% to N370 billion from N260 billion in the previous year. The increase was driven by an increase in investment securities and loans & advances to customers.
Similarly, interest expenses also grew from N97 billion in 2021 to N121 billion in the period under review. The increase was a result of deposits from customers and deposits from banks.
Meanwhile, net interest income stood at N250 billion.
Fees & commission income was up to N111 billion from N103 billion as the bank saw an increase in letter of credit commissions and fees, account maintenance, custodian fees and others.
Also, fee and commission expenses rose to N20 billion in the first 9 months of the year from N17 billion in the same period last year, leaving the net fee and commission income at N91 billion.
Note that fee and commission expense refers to charges raised by switching platforms on holders of First Bank’s ATM cards who use other banks’ ATMs to transact business.
During the period, FBN also saw an increase in other operating income to N12 billion from N8 billion while personnel expenses grew to N84 billion from N79 billion
Operating profit rose significantly to stand at N105 billion compared to the N53,300 billion in the previous year and profit before tax was valued at N105 billion in 9 months ended September compared to the N53 billion last year.
What you should know
- First Bank last traded at N9.95 on the Nigerian exchange with a market capitalization valued at N357 billion.
- Earnings per share from continuing operations for the period rose to N2.51 from N1.12 last year.
