FBN records N212bn gross earnings in 6 months




LAGOS – FBN Holdings Plc on Thursday announced a gross earnings of N212 billion for the first six months of this year compared with N196.4 billion achieved in the corresponding period of 2013.

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The report is contained in the company’s half year result released by the Nigerian Stock Exchange (NSE) in Lagos.

The gross earnings represented an increase of 7.9 per cent when compared with the figure for 2013.

Profit before tax dropped by 12 per cent to N48.3 billion compared with N54.8 billion declared in the corresponding period in 2013.

Profit after tax also declined to N37.2 billion as against N45.78 billion posted in 2013, representing a decrease of 18.78 per cent.

The company’s net interest income stood at N115.16  billion against N112.74 billion achieved in 2013, representing a growth of 2.15 per cent.

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Its non-interest income rose to N43.3 billion compared with N43.2 billion in 2013.

The return on average equity stood at 15.7 per against 20.6 per cent in 2013, while net interest margin decreased to 7.4 per cent in contrast with 8.2 per cent in June 2013.

The company’s operating expenses increased by 14.3 per cent to N102.9 billion against N90.0 billion in the corresponding period of 2013.

First Bank of Nigeria had issued 450 million dollars subordinated Tier two debts on July 18, 2014.

The proceeds from the capital raising, according the bank, will be used for general banking operations.

The also said the bank’s new capital raising was the largest subordinated Eurobond ever issued by any Nigerian financial institution with the lowest coupon by any African financial institution at eight per cent. (NAN)

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