FBN Holdings Plc, the parent company of First
Bank Nigeria Limited has released its half year result for the period ended
June 30, 2015, posting a profit after tax of N40.06 billion.
The financial
conglomerate at the end of the six months period posted grew its net profit 7.7
per cent rise compared to N37.18 billion recorded in the comparable period of
2014.
The company’s
interest income rose by 24.8 per cent during the period from N164.85 billion to
N205.79 billion while interest expenses rose by 47 per cent to N73.1 billion
from N49.69 billion in the comparable period of 2014.
Operational
and personnel expenses however rose by 10.6 and 22.5 per cents respectively.
Personnel expenses increased in the first half of 2015 to N47.46 billion as
against N38.73 billion in 2014.
Operating
expenses also increased to N64.28 billion in the first half compared to N58.07
billion spent the corresponding period of 2014. These affected the profit
overhead as profit before tax stood at N52.08 billion compared to the previous
year’s figure of N48.25 billion representing an increase of 7.9 per cent.
As at June 30,
2015, the total assets of FBN Holdings Plc stood at N4.418 trillion, a 1.7 per
cent improvement over its assets of N4.342 trillion in the comparable period of
2014.
Total
liabilities went up slightly by 0.96 per cent to N3.856 trillion. Customers
deposit increased by 2.4 per cent to N3.126 trillion from N3.05 trillion while
loans and advances to customers dropped by 4.3 per cent N2.085 trillion from
N2.178 trillion.
Leadership
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