Follow Us on Google
By Blaise Udunze
FBN Holdings Plc on Tuesday announced a profit before tax (PBT) of N22.1 billion for the first quarter ended March 31, 2016, showing a decline of about 18.2 per cent compared N26.9 billion recorded in corresponding period of 2015.
However, the bank ended the period with net-interest income of N63.9 billion, up from N59.6 billion representing 7.2 per cent, gross earnings closed 15.2 per cent down to N107.5 billion N126.8 billion driven by a 12.4 per cent decline in interest income to N83.5 billion compared to N95.3 billion following a decrease in loans and advances to customers.
The FBN Holdings’ net interest income increased by 7.2 per cent year-on-year to N63.9 billion up from N59.6 billion supported by a 45.2 per cent decline in interest expenses from N5.7 billion to N19.6 billion, as the bank attributed this to deliberate strategy to re-price maturing wholesale deposits lower.
