By Babajide Komolafe (VANGUARD)
FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, yesterday, said it recorded gross earnings of N294.2 billion for the six months ending June 30, 2019 (H1’19).
This represents 0.3 percent growth when compared with the N293.3 billion recorded as gross earnings in the corresponding period of 2018 (H1’18). The company disclosed this in a statement announcing its financial results for the six months period ending June 2019. The results also showed that the company recorded profit before tax of N39.9 billion in H1’19, up by 2.6 percent from N38.9 billion in H1’18. Profit after tax however dropped by 5.4 percent to N31.7 billion in H1’19 from N33.5 billion in H1’18.
Commenting on the results, Group Managing Director, FBNHoldings, UK Eke said: “Despite the difficult operating environment, we remain resolute in delivering on our guidance across key metrics, including our commitment towards a single digit Non Performing Loans (NPL) ratio by the end of year, as evidenced by the reduction in NPLs from the last quarter.
“Essentially, Atlantic Energy, our largest NPL, was written off, translating into a decline in the NPL ratio from 25.9 percent in December 2018 to 14.5 percent as at June 2019, a step that brings us closer to our full year 2019 target and create more headroom for quality asset growth.