October 26, 2016/FBN Holdings Plc

FBN Holdings Plc. (“FBNH” or “FBN Holdings” or the “Group”) today announces its unaudited results for the ninemonths ended 30September 2016.

Income Statement                                                        

• Gross earnings of N3 billion, up 7.0% year-on-year(y-o-y) (Sept 2015: N390.0 billion)
• Net-interest income of N9 billion, up 5.2% y-o-y(Sept 2015: N192.9 billion)
• Non-interest income of N0 billion, up 56.5% y-o-y (Sept 2015: N83.7billion)[1]
• Operating income of N9billion, up 20.7% y-o-y (Sept 2015: N276.6billion)¹
• Impairment charge for credit losses ofN7 billion (Sept 2015: N46.6 billion)
• Operating expenses ofN8billion, down 5.1% y-o-y (Sept 2015: N170.4billion)¹
• Profit before tax of N5 billion, down3.5%y-o-y(Sept 2015: N59.6 billion)
• Profit after tax N5billion, down15.3%y-o-y(Sept 2015: N50.2 billion)

Statement of Financial Position

• Total assets ofN1 trillion, up 21.6% year-to-date (y-t-d)(Dec 2015: N4.2 trillion)
• Customer deposits of N3trillion, up 10.9% y-t-d (Dec 2015: N2.97 trillion)
• Customer loans and advances (net) ofN2trillion, up 21.6%y-t-d (Dec 2015: N1.8trillion)

Key Ratio

• Post-tax return on average equity of 9.4% (Sept 2015: 12.2%)[2]
• Post-tax return on average assets of 1.2% (Sept 2015: 1.5%)
• Net-interest margin of 7.5% (Sept 2015: 7.7%)
• Cost to income ratio of 48.4% (Sept 2015: 61.6%)
• NPL ratio of 24.9% (Sept 2015: 4.8%)
• 3% liquidity ratio (FirstBank (Nigeria)) (Sept 2015: 49.7%, Dec 2015: 58.6%)
• 4% Basel 2 capitaladequacy ratio (CAR)[excluding9M 2016 profit](FirstBank (Nigeria) (Sept 2015:16.0%, Dec 2015:17.1%)
• 9% Basel 2 CAR (FBN Merchant Bank) (Sept 2015: 18.7%, Dec 2015: 24.9%)

Notable Developments

• Leadership appointments across the Group[3]:
• FBNHoldings Plc.
• Cecilia Akintomide and OluwandeMuoyowere appointed Independent Non-Executive Directors, effective 19 July, 2016
• FirstBank and its subsidiaries:
• Patrick Iyamabo was appointed Chief Financial Officer, effective 15August, 2016
• Olusegun Alebiosu was appointed Chief Risk Officer, effective 5 September, 2016

• FBN Merchant Bank Limited:
• Akin Osinbajo and Babatunde Odunayowere appointed Non-Executive Directors, effective 19 July, 2016
• FBN General Insurance Limited:
• Titi Adebiyi, YusufuModibbo, HernieNel and Johan Schalkwykwere appointed Non-Executive Directors, effective 19 July, 2016
• FBN Insurance Brokers Limited:
• Folarin Alayande was appointed Non-Executive Director, effective 19 July, 2016