FBN Holdings Plc, recently published its unaudited financials for the three months ended March 31, 2018 showing a decline, with Profit after Tax (PAT) dropping by 7.03 percent from ₦15.882billion to ₦14.766billion.
Profit before Tax (PBT) also fell to ₦18.814billion from ₦19.960billion representing a 5.74 percent decline; while income tax expense grew 6.19 percent from ₦3.81billion to ₦4.05billion as a result of which, which translated to Earnings Per Share (EPS) of N0.40, from ₦0.43 of 2017.
Net Interest Income for the period declined by ₦4.55billion equating to 5.67percent from ₦80.3billion recorded in the corresponding period of 2017, to ₦75.75 billion.
The group in the period paid ₦25.337billion on impairment charges, 12.09 percent down from the ₦28.821billion recorded in corresponding period in 2017. Net interest income after impairment charge for credit losses came to ₦50.410billion from ₦51.479billion.
The insurance arm of the Holding firm grossed ₦3.888billion as premium, being 98.87 percent more than the ₦1.937billion in prior year’s first quarter, out of which it ceded ₦533m to its reinsurers, up from ₦250m, resulting in net insurance premium revenue of ₦3.355bn, up from ₦1.687bn.
Fee and commission income for the period grew by 6.31 percent from ₦18.038 billion reported in the first three months of 2017 to ₦19.177billion recorded in the same period in 2018.
Fee and commission expenses grew by 16.05 percent from ₦2.760billion to ₦3.203billion.
Net gains on foreign exchange grew significantly by 64.17 percent from ₦2.819billion to ₦4.628
Net gains on investment securities was ₦837million, up from ₦462 million of the corresponding year.
Net gains from financial instruments at fair value declined by 63.99 percent to ₦614 million on Q12018 from ₦1.705billion in Q12017; dividend income dropped by 20.70 percent to ₦563million from ₦710million.
Depreciation, amortization and impairment grew by 5.94 percent to ₦3.979billion in Q12018, compared to the ₦3.756billion Q12017; while operating expenses dropped by 0.59 percent to ₦29.938billion from ₦30.115billion of the corresponding year
