Business

FBN Holdings fined for failing to comply with regulation, posts N187bn net profit

Published

9 months ago

July 22, 2023

FBN Holdings was fined for failing to comply with the regulations of the capital market authority, NGX Regulation Limited, for the financial period of 2022.

Ripples Nigeria gathered that FBN Holdings was sanctioned for late submission of the 2022 Full Year audited financial statements and first quarter (Q1) 2023 unaudited financial statements.

NGX Regulation Limited fined FBN Holdings, the parent company of First Bank Nigeria, N9.6 million for not adhering to the regulations on the release of financial statements.

Meanwhile, FBN Holdings recorded a 55.2 per cent increase in its Net Interest Income in the first half (H1) of 2023, closing the period with N237.33 billion

This was disclosed in the company’s Unaudited Consolidated Financial Statements for the period ending June 30, 2023, released on Friday.

The rise in the Net Interest Income represents an addition of N84.41 billion, as FBN Holdings reported N152.91 billion in the same period in 2022.

In the same vein, FBN Holdings’ operating profit grew by 212.8 per cent year-on-year, as the company reported N206.08 billion in H1 2023, which surpassed the N65.87 billion recorded in H1 last year.

The profit after tax followed the same path, with FBN Holdings generating N187.17 billion in the first six months of this year, up by 231 per cent when compared to the N56.53 billion posted in the corresponding period of 2022.

During the review period, FBN Holdings saw a 33.19 per cent increase in its Electronic banking fees, generating N34.01 billion from the use of its cashless channels. In H1 last year, the company generated N25.53 billion.

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