FBN Holding PLC post profit of N28.7 bn first half of 2020

FBN Holdings Plc in its unaudited results for the three months that ended on 31st March 2020 made N104.9 billion from interest income, lower than N109.5 billion in the same period of 2019. It also posted a post-tax profit of N25.7 billion as against N15.7 billion recorded in the first three months of 2019. The company had operating expenses of N41.9 billion, compared to N38.9 billion recorded in the same period of 2019.

Operating income for the 1st quarter of 2020 was N471 million in comparison with N671 million in Q1 2019. The unaudited financial results showed FBN holding made a pre-tax profit of N28.7 billion compared with N17.8 billion achieved in the same period of 2019. Interest expense in the period was N44.7 billion as against N37.9 billion in the same period of 2019. In addition, the company had a net interest income of about N60 billion in comparison to N72 billion in the same period of 2019. 

FBN Holdings Plc is the non-operating financial holding company of one of the largest banking and financial services organisations in Africa. The bank and the non-bank subsidiaries of the holding company operating in Nigeria, as well as overseas branches, subsidiaries and representative offices.