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FirstBank declares 2.99% drop in interest income of N327.5bn for Q3 2019

FirstBank declares 2.99% drop in interest income of N327.5bn for Q3 2019

Going by its Q3 2019 unaudited consolidated financial statements for the 9 months period ended September 30, 2019, tier 1 bank group, FBN Holdings Plc has recorded a 2.99% drop in interest income.

Interest income recorded was N327.5 billion as against N337.6 billion in the same period of 2018.

The bank, however, recorded a 16.92% increase in profit before tax from N51.3 billion in 2018 to N60 billion in 2019.

Profit after tax stood at 51.8 billion in 2019, marking a 15.33% increase from N44.9 billion in Q3 2018.

Read also: UBA posts N81.6bn profit for Q3 2019

The bank made N76.8 billion from fees and commissions; N5.6 billion trading forex; and N15.5 billion from insurance premium. These represent 22.58% and 25.90% increase in fees and commissions, and insurance premium from N62.7 billion and N12.4 billion in 2018 respectively.

Revenue from forex trading, however, dipped by 76.58% from N23.9 billion in 2018.

Earnings per share increased to N1.38 in 2019 from N1.22 in 2018.

FBN Holdings is currently trading at N5.30 on the floor of the Nigerian Stock Exchange (NSE). The stock is down by 33.75%.

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