Shareholders have commended the performance of FBN Holdings Plc for the financial year ended December 31, 2012 and approved the proposed dividend per share of N1.00.

The shareholders of FBN Holdings at the first Annual General Meeting, AGM, equally called on the Bank to overhaul its internal control system in tune with the modern technology.

Mr. Timothy Adesiyan, the President, Nigeria Shareholders Solidarity Association (NSSA), said that the company’s information technology system needed to be improved upon for efficient service delivery.
He said that although the company’ had a good financial year ended Dec., 31, 2012, it needed to overhaul its internal control system.

Mr Sunny Nwosu, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), said the company’s dividend was the best in the industry.
Nwosu, however, urged the company to increase its deposit mobilisation drive by spreading out to remote places to encourage saving culture among Nigerians.
He told the management to increase its deposit mobilisation drive by spreading out to remote places to encourage saving culture among Nigerians.

Meanwhile, the Bank posted a dividend of N32 billion as against N26 billion, while  gross earnings stood at  N359.8 billion, up by 31.4 per cent year-on-year from N273.8 billion recorded in 2011 respectively.
Other performance indicators for the review period show a  net interest income of N287.3 billion, up by 27.8 per cent from N176.2 billion recorded in 2011.

Non-interest income stood at N73.1 billion, up 20.1 per cent year-on-year from N60.8 billion.

Operating income was N298.3 billion, up 25.8 per cent from N237.0 billion in 2011.
The bank recorded a Profit before tax of N92.7 billion, up by 158.5 per cent year from N35.8 billion in 2011. Profit after tax stood at N75.7 billion in 2012 as against N18.6 billion in 2011.

Commenting on the results, Bello Maccido, Chief Executive officer of FBN Holdings said: “We are pleased to present the maiden results of FBN Holdings following its restructuring as a non-operational holding company with oversight of four major business groups, namely; Commercial Banking, Investment Banking and Asset Management, Insurance and Other Financial Services. At FBN Holdings, we remain committed to our vision of becoming Sub Saharan African`s leadinf financial institution as you can see from our performance. ”

In his remark, Oba Otudeko, Group Chairman of FBN Holdings, said, “Having now restructured the business, the focus is on consolidating the Group’s leadership position in Nigeria, providing financial solutions to our customers across the entire value chain and growing our different business lines.

Strong natural synergies and cross-selling opportunities exist across the Group, and we are intensifying our efforts to facilitate the realisation of these synergies, crytallise cross selling opportunities and deepen the relationship with our customers.
The solid retail platform in the commercial banking business gives us the ability to harness latent growth.”

Source: vanguardngr (by Peter Vanguard)