FBN Holdings recorded N166.7bn profit in 2021

By Chinwendu Obienyi

FBN Holdings has announced that its profit before tax (PBT) grew by 99 per cent from N83.7 billion in 2020 to N166.7 billion in 2021.

According to the bank’s financial statements, gross earnings grew by 28.2 per cent from N590.7 billion to N757.3 billion while its profit after tax (PAT) rose by 99.9 per cent to N151.1 billion from N75.6 billion in 2020.

Furthermore, deposit from customers increased by 19.5 per cent year-on-year (y-o-y) to N5.9 trillion (Dec 2020: N4.9 trillion) reaffirming the bank’s strong market access and robust funding base. Commenting on the results, the bank’s Group Managing Director, Nnamdi Okonkwo, said the bank is excited about building on the momentum of recent positive developments.

Okonkwo noted that the bank’s performance over the course of 2021 is reflective of the resilience of the Group and underpins its growth strategy to generate sustainable value for all our stakeholders.

“As a Group, we are acutely aware of the macroeconomic challenges facing businesses and remain focussed on carefully navigating the environment through innovation and by putting our customers at the centre of our attention.As a financial service holding company, driving synergies remains a critical part of our strategy and has been integrated into every aspect of our delivery model. We pride ourselves in the uniqueness of our diversified portfolio and the collaborative ecosystem that we have built around our lines of business, our customers, and the unique value proposition that we deliver.

We are also increasingly leveraging technology – artificial intelligence, robotics, and other next-generation technological advancements, to deepen collaboration and further drive operational efficiency across the Group”, he said.

Speaking on the bank’s outlook for 2022,  Okonkwo said the bank would focus on revenue generation through digital channels and retail product offerings, further driving our synergy potential as well as continuing to improve our operating model to deliver more efficiencies.