FBN Holdings Announces 68.4% Increase in Profit to N151.08bn
Kayode Tokede
FBNHoldings has reported 68.4 per cent increase in profit to N151.08 billion in its audited result and accounts for full year ended December 31, 2021, representing an increase of 68.4 per cent from N89.73billion reported in 2020 financial year.
From the profit and loss figures, the group reported an increase of 99 per cent to N166.66billion in profit before tax from N83.7billion reported in 2020.
The growth in profits was driven by 905.15 per cent increase in other operating income to N149.42 billion in 2021 from N14.87 billion reported in 2020 and 28 per cent growth in gross earnings to N757.3billion in 2021 from N590.66 billion in 2020.
FBN Holdings announced N141.03billion recoveries in 2021 from N11.24billion in 2020.
According to the financial institution, the recovery in 2021 by the banking subsidiary was on the Atlantic Energy Ltd loan, which was previously written off.
The Group from its balance sheet position reported 16.2 per cent increase in total assets to N8.9trillion in 2021 from N7.69trillion reported in 2020.
The Board of Directors recommended a dividend of 35 kobo per ordinary share of 50 kobo each, amounting to N12.56billion in 2021 financial year from N16.15billion in 2020.
Commenting, the Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo in a statement said, ““I am very proud to have assumed the role of Group Managing Director of this great organisation in January 2022 and I am excited about building on the momentum of recent positive developments.
Our performance over the course of 2021 is reflective of the resilience of the Group and underpins our growth strategy to generate sustainable value for all our stakeholders.
“As a Group, we are acutely aware of the macroeconomic challenges facing businesses and remain focussed on carefully navigating the environment through innovation and by putting our customers at the centre of our attention.
“As a financial service holding company, driving synergies remains a critical part of our strategy and has been integrated into every aspect of our delivery model.
“We pride ourselves in the uniqueness of our diversified portfolio and the collaborative ecosystem that we have built around our lines of business, our customers, and the unique value proposition that we deliver. “
“We are also increasingly leveraging technology – artificial intelligence, robotics, and other next-generation technological advancements, to deepen collaboration and further drive operational efficiency across the Group.
“Highlighting revenue and profitability, the Group delivered a stellar performance growing gross revenue by 28.2per cent to N757.3 billion and profit before tax by 99.1per cent to N166.7 billion.
“The 30 per cent growth in loans and advances to N2.9 trillion and 16.2per cent growth in total asset to N8.9 trillion reaffirms our commitment to drive revenue and profitability as we complete the balance sheet clean-up.
He added that, “In 2022, our strategic focus is on revenue generation through digital channels and retail product offerings, further driving our synergy potential as well as continuing to improve our operating model to deliver more efficiencies”.
