FBN Holdings Posts N40bn After Tax Profit At Half-year

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.

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