…as Folake Ani-Mumuney Appointed Non-Executive Director
October 26, 2017/FBN Holdings
FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its unaudited results for the nine months ended 30 September 2017.
Income Statement
- Gross earnings of N2billion, up 5.2% year-on-year(y-o-y) (Sept 2016: N417.4 billion)
- Net-interest incomeof N3billion, up 25.3% y-o-y(Sept 2016: N202.9 billion)
- Non-interest incomeof N0billion, down 43.5% y-o-y (Sept 2016: N131.0billion)[1]
- Operating incomeof N1billion, down 1.7%y-o-y (Sept2016: N333.9billion)
- Impairment charge for credit lossesof N6 billion, down by 14.9% y-o-y(Sept2016: N114.7 billion)
- Operating expensesof N3billion, up8.4% y-o-y(Sept2016: N161.8billion)
- Profit before tax of N4 billion, down3.5% y-o-y(Sept 2016: N57.5billion)
- Profit after tax N8 billion, up7.8% y-o-y(Sept 2016: N42.5 billion)
Statement of Financial Position
- Total assetsof N9 trillion, up 2.7% year-to-date(y-t-d)(Dec 2016: N4.7 trillion)
- Customer depositsof N0 trillion, down5.3% y-t-d(Dec 2016: N3.1 trillion)
- Customer loans and advances (net) ofN0 trillion, down 1.9% y-t-d(Dec 2016: N2.1trillion)
Key Ratios
- Post-tax return on average equity of 10.1% (Sept2016: 9.4%)[2]
- Post-tax return on average assetsof 1.3% (Sept2016: 1.2%)2
- Net-interest margin of 8.8%(Sept 2016: 7.5%)2
- Cost to income ratio of 53.4% (Sept 2016: 48.4%)[3]
- NPL ratio[4]of 20.1% (Sept2016: 24.9%, Dec 2016: 24.4%)
- 4% liquidity ratio (FirstBank (Nigeria) (Sept 2016: 54.3%, Dec 2016: 52.7%)
- 2% Basel 2CAR[5](FirstBank (Nigeria)(Sept 2016: 15.4%, Dec 2016:17.8%)
- 1% Basel 2 CAR (FBN Merchant Bank) (Sept 2016: 28.9%, Dec 2016: 22.6%)
[1]FX revaluation gain in 9M 2017: N0.66 billion (9M2016:N59.1 billion)
[2]Post-tax return on average equity and assets as well as net interest margins are annualised ratios
[3]Adjusting for FX gains, cost to income would be 58.9%
[4]June 2017: 22.0%,March 2017: 26.0%
[5]CAR – Capital Adequacy Ratio
