The First Bank of Nigeria (FBN) Holdings Plc has announced its unaudited results for the half year ended June 30, 2022 with a gross earnings of N359.2 billion.
The company stated this in a statement on Friday in Lagos.
The gross earnings indicated an increase of 22.4 per cent when compared with N293.4 billion recorded in the preceding period of 2021.
It also recorded a profit before tax of N65.7 billion from N45.2 billion achieved in the corresponding period of 2021, an increase of 45.3 per cent.
The company’s profit for the period stood at N56.5 billion against N38.1 billion posted in the comparative period of 2021, representing an increase of 48 per cent.
Commenting on the result, the Group Managing Director, Mr Nnamdi Okonkwo, said that the company demonstrated resilient performance despite the challenging operating environment.
“FBNHoldings continues to demonstrate resilient performance despite the challenging operating environment with an impressive improvement in revenue and profitability.
“For the half year 2022, gross earnings and profit before tax grew by 22 per cent y-o-y and 45 per cent y-o-y to N359.2 billion and N65.7 billion respectively.
“Furthermore, we continue to see good progress across our performance metrics, which remain in line with our focus on driving sustainable growth.
“The Group remains committed in its transformation drive, which has resulted in stronger balance sheet and better asset quality with non-performing loans closing at 5.4 per cent at H1 2022.
“Similarly, risk management capability remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion,” Okonkwo said.
He said that the company would continue to deliver sustainable value to its stakeholders.
“Our strategic intent remains unchanged in optimising opportunities that drive growth in revenue, profitability, capital accretion and overall operational efficiency that delivers sustainable value to our stakeholders,” Okonkwo said.
Also speaking, Dr Adesola Adeduntan, the Chief Executive Officer of First Bank of Nigeria Ltd., said that the commercial banking group remained focus on executing key initiatives to position the Group for improved profitability in FY2022, amidst a challenging operating and dynamic regulatory environment in H1 2022.
“Our half-year results further reinforced our drive toward our ‘Quantum Profitability Leap’ agenda. Our gross earnings are up 22.6 per cent y-o-y to N338.5 billion and net interest income up 49.3 per cent y-o-y to N152.9 billion, respectively.
“On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40 per cent y-o-y to N60 billion.
“Profit after tax also grew by 42.3 per cent y-o-y to N53.3 billion as the bank continues to reap the dividends of the successful restructuring of its balance sheet and revamping of our risk management architecture.
“We continue to record progress in driving down our non-performing loan ratio which now stands at 5.4 per cent at the end of H1 and we are on target to bring it within regulatory limit of five per cent by end of FY 2022,’’ he said.
Adeduntan expressed the confidence that the current momentum of generating impressive returns from the quality risk assets portfolio already created would be sustained.
“We will continue to strengthen our dominant digital banking capabilities in providing best-in-class services to all segments of our customers across all our footprints in sub-Sahara Africa and beyond,” he said.
