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First Bank reports poor earnings, as revenue, profit drop

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FBN Holdings to sell off insurance subsidiary

First Bank Nigeria (FBN) Holdings reported low turnover in three months period of third quarter 2021, as gross earnings and profit declined by 4.96 percent and 40.1 percent respectively.

In the period between July to September 2021, FBN Holdings generated N427.03 billion, 4.96 percent below the N449.33 billion the lender reported for Q3 2020, its interim financials made public on Monday, shows.

In the financials filed at the Nigeria Exchange Group (NGX) on Monday, its profit before tax also failed to surpass the N63.31 billion recorded during the corresponding period last year, as its financials disclosed PBT was N52.93 billion in Q3 this year.

It was also gathered that profit for the period under review settled at N40.79 billion, a difference of 40.1 percent when compared to the N68.15 billion reported in the quarter ended September 30, 2020.

Read also: First Bank keeps mute on Otedola, Hassan-Odukale leadership chaos, as registrar reacts

The poor earnings joins the discouraging news emanating from FBN Holdings of ownership tussle between its majority stakeholders, Femi Otedola and Tunde Hassan-Odukale.

This is including a query from the Securities and Exchange Commission (SEC) for breaching the regulation on ownership disclosure in the capital market.

Same day the financial statements was released, trading session on First Bank stock turned negative, as the share depreciated 0.85 percent to end the day at N11.7kobo per share, against its opening of N11.8kobo.

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