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FBNH Posts N151 Billion Profit as Institution Now Worth N8.93 Trillion



FBNH Posts N151 Billion Profit as Institution Now Worth N8.93 Trillion

It was a bumper harvest for FBN Holdings Plc in 2021 financial year as the institution posted a profit after tax of N151.079 billion, a 99.86% growth over N89.730 billion reported in 2020.

This is as the total assets of the Nigeria’s oldest financial institution grew 16.16% to hit N8.932 trillion in the year ended December 31, 2022 from N7.689 trillion from the preceding year.

According to the Audited Full Year Financial Report filed with the Nigerian Exchange Limited on Wednesday, FBNH also posted higher profit before tax at N166.662 billion as against N83.703 billion in 2020, equally representing 99.11% growth.

The profit was boosted by other operating income of N149.416 billion reported during the year as against N14.865 billion posted in 2020, accounting for an increase of 905.15%.

The other operating income includes other income of N8.467 billion largely comprised of income made by the group from private banking services and gain on disposal of repossessed collateral.

Included in recoveries during the year is a recovery of N141.028 billion by the Bank on the Atlantic Energy Ltd loan, which was previously written off. The amount recognized is net of expenses incurred in relation to the recovery.

The group also posted a 28% growth in gross earnings to N757.296 billion from N590.663 billion reported in 2020.

Other key highlights of the Financial Report

  • Interest income dropped 4.09 per cent y-o-y to N369,047 billion from N384,798 billion
  • Net interest income decreased by 9.28 per cent y-o-y to N228,242 billion from N251,615 billion
  • Fee and commission income grew by 24.16 per cent y-oy to N140,574 billion from N113,222 billion
  • Operating expenses grew by 6.67 per cent to N177,130 billion in 2021 from N166,045 in 2020
  • The Board of Directors, pursuant to the powers vested in it by the provisions of Section 426 of the Companies and Allied Matters Act (CAMA) 2020, has recommended a dividend of 35 kobo per ordinary share of 50 kobo each, amounting to N12,563,352,477.00 (2020: N16,152,881,755.95). Withholding tax will be deducted at the time of payment.

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