FBN Holdings’ profit hits N61.947bn at Full Year 2019

FBN Holdings Plc, the non-operating holding company of FirstBank of Nigeria Limited, has posted a Profit After Tax (PAT) of N61.947 billion for Full Year 2019, up by 3.8% from the N59.667 billion declared in the same period of 2018.

The comprehensive details of the group’s performance in the period under review are contained in its Unaudited Consolidated Financial Statements for the Year Ended 31 December 2019, posted on the website of the Nigerian Stock Exchange (NSE) on Thursday.

Interest Income inched up marginally from N434.410 billion at FY2018 to N440.622 billion at FY2019, representing an increase of 1.43%.

Fee and Commission Income equally grew, in this case by 15% from N92.724 billion at FY2018 to N106.595 billion in the corresponding period of 2019.

Read also: 11 Plc’s Full Year 2019 profit falls by N473.2m

Profit Before Tax (PBT) stood at N73.614 billion in the review period up from N65.288 billion as of FY2018, translating to 12.8% growth.

Earnings Per Share (EPS) however remained unchanged at N1.65.

FBN Holdings’s interests span commercial banking, merchant & investment banking, trusteeship, fund management, registrars, advisory services, insurance and mortgage.

Its flagship brand, FirstBank of Nigeria Limited, began operations in Nigeria in 1894 as Bank of British West Africa and underwent a series of transformation before becoming First Bank of Nigeria in 1979.

It operates a network of over 790 branches across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg.

Its outstanding shares currently stand at 35,895,292,792 with a market capitalisation of N249.472 billion.

The company has maintained a consistent dividend-paying policy every year since 2003 even though yield has fallen to as low as 3.74% in recent years. Investors should be in for a cash reward from the firm any moment soon.

FBN Holdings currently trade on the floor of the NSE at N6.95 per share.

Earnings Per Share is the profit that each unit of a company’s ordinary shares  yields  during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares.  Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.

 

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