NAN-HE-25
FBN
By Chinyere Joel-Nwokeoma
Lagos, Oct. 26, 2017 (NAN) FBN Holdings has recorded an impressive result for the third quarter ended Sept. 30, 2017 as its profit increased to N16.07 billion representing 141.29 per cent.
The News Agency of Nigeria (NAN) reports that this was an improvement over a profit of N6.66 billion achieved in the corresponding period of 2016.
The company’s third quarter financial result was released by the Nigerian Stock Exchange (NSE) on Thursday.
The result showed that the company’s Profit Before Tax increased by 71.22 per cent to N19.81 billion from N11.57 billion recorded in the corresponding period of 2016.
A breakdown of the company’s nine months’ result indicated that interest income rose to N123.69 billion from N108.38 recorded in the corresponding period of 2016.
Its fees and commission income dropped to N17.52 billion from N17.99 billion recorded in the corresponding period of 2016.
However, Net Insurance premium revenue declined from N3.34 billion to N2.54 billion in the period under review.
The company’s total assets surged to N4.86 trillion from N4.74 trillion reported in Dec. 2016.
Loans and Advances to customers stood at N2.04 trillion from N2.08 trillion recorded in Dec. 2016.
Total Liabilities inched up to N4.23 trillion in contrast with N4.15 trillion achieved at the end of 2016 financial year. (NAN)
JNC/AJA/EEE
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Edited by Adeleye Ajayi/Ese E. Ekama