FBN Holdings gross earnings hit N293.3 billion, up 1.6% or N288.8bn recorded in 2017.
The bank closed the half year (H1) ended June 30, 2018 with a Profit Before Tax (PBT) of N38.9 billion, up 9.3 per cent from N35.6 billion.
PAT stood at N33.5 billion, up 13.6 per cent from N29.5 billion in the corresponding period of 2017.
A further analysis of the FBN Holdings performance showed that non-performing loan (NPL) improved from 22 per cent to 20 per cent, while customers’ deposits increased from N3.1 trillion as at December 2017 to N3.3 trillion in June 2018.
Loans and advances to customers fell from N2.0 trillion to N1/9 trillion.
Commenting on the results, the Group Managing Director, FBN Holdings, UK Eke said, “FBN Holdings continues to make steady progress towards delivering on its strategic targets. This has been demonstrated with a 13.7% y-o-y increase in profit after tax, 21.4 per cent year-on-year (y-on-y) growth in non-interest and 15.4 per cent y-o-y decline in impairment charge. Clearly, the Group is on its way to delivering its promises on asset quality, enhancing revenue generating capacity through non-interest income and driving further efficiencies.
“As we ramp up initiatives to grow interest income, we remain focused on the implementation of key initiatives across our subsidiaries and further strengthen our businesses towards delivering sustainable performance as well as optimising returns to our shareholders.”
