Wed Apr 27, 2016/Reuters

Nigeria’s biggest banking group FBN Holdings has no need to tap equity markets after an unexpected 119 billion naira ($600 mln) loan loss provision last year but will keep loan growth flat to boost capital, its CEO said on Wednesday.

CEO Urum Kalu Eke said the bank was overhauling its credit model to avoid future loan losses and will diversify towards retail customers.

(Reporting by Chijioke Ohuocha, editing by Louise Heavens)

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By InvestAdvocate

Lagos (INVESTADVOCATE)-Financial HoldCo, FBN Holdings Plc on Tuesday said its profit after tax (PAT) for the period ended March 31, 2016 dropped 8.3 percent to N20.72 billion from N22.60 billion recorded a year ago.

Similarly, pretax for the period declined 18.2 percent to N22.05 billion from N26.94 billion declared the same period of last year.

Also, gross earnings of FBNH depreciated from N126.80 billion in the first quarter of 2015 to N107.50 billion in the review period of 2016; indicating an decrease of 15.2 percent, the financial HoldCo said in a filing with the Nigerian Stock Exchange (NSE).

At the close of Tuesday’s trading on the domestic bourse, shares of FBNH appreciated 2.42 percent to N3.39 from N3.31 traded the previous session gaining 0.08 kobo per share.

 Click here to download FBN Holdings Plc Unaudited Consolidated Interim Financial Statements for the Period Ended March 31, 2016

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By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Financial HoldCo, FBN Holdings Plc on Tuesday said its pretax profit for the period ended December 31, 2015 dropped 77.1 percent to N21.51 billion from N94.05 billion recorded a year ago.

Similarly, profit after tax (PAT) for the period declined 82 percent to N15.14 billion from N84.01 billion declared the same period of last year.

However, gross earnings of FBNH climbed up from N481.80 billion in 2014 to N505.20 billion in the review period of 2016; indicating an increase of 4.9 percent, the financial HoldCo said in a filing with the Nigerian Stock Exchange (NSE).

At the close of Tuesday’s trading on the domestic bourse, shares of FBNH appreciated 2.42 percent to N3.39 from N3.31 traded the previous session gaining 0.08 kobo per share.

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