FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, on Monday said it recorded gross earnings of N294.2 billion for the six months ending June 30, 2019 (H1’19).
This represents 0.3 per cent 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 per cent from N38.9 billion in H1’18.
Profit after tax, however, dropped by 5.4 per cent to N31.7 billion in H1’19 from N33.5 billion in H1’18.
Commenting on the results, Group Managing Director of FBNHoldings, Urum 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 per cent in December 2018 to 14.5 per cent as at June 2019, a step that brings us closer to our full year 2019 target and create more headroom for quality asset growth.”
