By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s top financial services institution FBN Holdings Plc said on Monday its pretax profit for the nine-month period ended September 30, 2015 slumped 19.24 percent to N59.56 billion from N73.75 billion recorded a year ago.
Similarly, profit after tax (PAT) dipped 9.73 percent to N50.22 billion from N55.63 billion reported the same period of 2014.
However, gross earnings of FBN Holdings grew from NN255.72 billion in the nine-month period of 2014 to N300.38 billion posted in the corresponding period of 2015; indicating a growth of 17.46 percent, the financial services institution said in a filing with the Nigerian Stock Exchange (NSE).
“This has been a challenging year so far, with economy slowing down and credit conditions remaining adverse thereby impacting the Group’s operating performance. We are managing the cost of risk by strengthening our risk management processes while leveraging our assets, adjusting pricing to higher default risks associated with a contracting economy; and nowhere has this process been more pronounced than in the oil and gas sector”.
To ensure we build a more efficient group structure that will benefit the Group’s need to deploy systems which increase profitability and efficiency while expanding revenue generation, we are confident we have made the right choices in selecting the Managing Director and the Deputy Managing Director for our principal subsidiary, FirstBank, as we were particularly mindful to identify outstanding and top notch professionals with complementary and mutually reinforcing skill sets. The major leadership changes across the Group also points to the renewed focus in driving stronger performance towards delivering sustainable returns and restoring shareholder value,” Bello Maccido, the Group CEO said monday in an e-mailed statement to InvestAdvocate
At the close of today’s trading on the Nigerian bourse, share price of FBN Holdings declined by 3.04 percent to N5.75 from N5.93 traded the previous session; losing 0.18 kobo per share.
