FBN Holdings Plc gross profit goes up

FBN Holdings Plc on Monday said the non-performing loans (NPLs) ratio for its commercial bank reduced to 12. 6 per cent for the nine months ended Sept. 30, 2019, the company’s unaudited result for nine months as at Sept. 30, released by the Nigerian Stock Exchange (NSE) shows.

The result showed an improved NPL of 12.6 per cent, compared with 25.9 per cent recorded in the whole of 2018.

Its gross earnings during the review period stood at N439.9 billion against N441.5 billion achieved in the comparative period of 2018.

Profit before tax rose by 16.9 per cent to N60 billion against N51.3 billion posted in September 2018.

Similarly, profit after tax closed higher at N51.8 billion in contrast with N44.9 billion in the corresponding period, indicating an increase of 15.3 per cent.

The company’s non-interest income stood at N98.8 billion, up by six per cent from N93.2 billion in the previous period.

Urum Kalu Eke, Group Managing Director, FBN Holdings, attributed the performance to diversified revenue streams across board.

He added that the management continued to focus on enhancing the risk framework processes of the bank, enabling an improvement in the quality of its loan book. (PMnews)

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