FBN Holdings reports 22% in profit to N89.73bn, proposes N0.45 dividend

By Kayode Tokede

FBN Holdings Plc has reported 22 per cent increase in profit to N89.73billion in its audited result and accounts for full year ended December 31, 2020.

The Holdings financial institution on the Nigerian Stock Exchange (NSE) on Wednesday reported N73.67billion in profit in full year ended December 31, 2019.

The audited results showed a growth of 11.19 per cent to N83.7billion in 2020 from N75.3billion reported in 2019.

The Board of Directors of FBN Holdings recommended a dividend of N0.45 kobo per ordinary share of 50 kobo each, amounting to N16.15billion (2019: N13.64billion).

With growth in profits, the financial institution’s Earning Per Share moved from N1.95 to N2.45 in 2020.

From balance sheet, the Holdings reported 24 per cent increase in total assets to N7.69trillion in 2020 from N6.2 trillion reported in 2019, over hike in customers deposit and loans & advances to customers.

Our correspondent gathered that the Holdings’ Loans & advances to customers rose by 20 per cent to N2.22trillion in 2020 from N1.85trillion in 2019 while, Deposits from customers hit N4.89trillion in 2020, about 22 per cent increase from N4.02trillion reported in 2019.

The Group Managing Director of FBNHoldings UK Eke, had said, “Despite the challenged operating environment, our results reaffirm our resilience, focus on enhancing shareholder value and capacity to deliver on long-term goals.

“We continue to keep a tight control on risk management, while we grow and diversify our loan book, ensuring that the non-performing loan ratio for our vintage book remains at single digit.

“Similarly and in line with our strategic objective, opertaional efficicency remains a key focus even within the high inflationary environment.

“Going forward, our focus is to consolidate our leading position through our digital offerings and remain nimble to take advantage of emerging opportunities as we propel our performance for enhanced profitability.”