By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE) – FBN Holdings Plc Tuesday reported a decline of 8.1 percent (-8.1%) in its profit after tax (PAT) for third quarter (Q3) ended September 30, 2013.
From the result released to the Nigerian Stock Exchange (NSE) and made available to InvestAdvocate, to record the 8.1% decline in PAT, the Holdings in the same period of 2012 posted N64.285 billion compared to N59.085 billion in the Q3 of 2013.
Similarly, profit before tax (PBT) also dropped from N75.684 billion in the Q2 of 2012 to N70.071 billion in the review period of 2013; showing a drop of -7.4%.
However, interest income increased by 11.9% and the holdings recorded N239.164 billion in the Q3 of 2013 compared to N213.823 billion declared in the same period of year 2012.
While gross earnings also increased by 11.68% as the Holdings declared N295.203 billion in the review period of 2013 compared to N264.315 billion in the same period of 2012.
The Holding’s Total Assets increased by N465 billion or 15% from N3.186 trillion in December 2012 to N3.651 trillion in September, 2013.
Bello Maccido, chief executive officer (CEO) of FBN Holdings in a statement said over the Q3 period of 2013, FBN Holdings began to see the impact of recent changes in regulatory policy on business, which include the increase in the minimum savings deposit rates and the removal of the ATM withdrawal fee.”
“We continued to build our portfolio of businesses; expanding existing revenue streams, creating new lines of business such as mobile insurance and Bancassurance.” Maccido said.
