FBN Holdings Posts N18.723 Billion PAT in Q3 2020

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Content References: Dailypost.ng, Nairametrics.com, Naijanews.com.

FBN Holdings Plc reported a revenue earlier than tax of 21.910 billion within the third quarter ended September 30, 2020.

This was larger than the N18.223 billion filed in the identical interval of 2019.

Within the unaudited monetary statements launched on Friday, the lender web curiosity revenue stood at N61.463 billion, barely beneath the N61.836 billion recorded within the corresponding quarter of 2019.

Equally, web curiosity revenue after impairment cost for losses declined from N55.483 billion filed in Q3 2019 to N45.483 billion throughout the interval beneath assessment.

Nonetheless, payment and fee revenue rose from N26.988 billion within the third quarter of 2019 to N31.810 billion in the identical quarter of 2020.

This boosted working revenue to N21.738 billion and subsequently bolstered revenue after tax to N18.723 billion.

The robust efficiency was in step with the financial institution’s dedication to shareholders, Group Managing Director of FBN Holdings Plc, Mr. UK Eke stated “in line with the commitment to supporting our customers and providing leadership in the financial services industry, we will continue to provide unfettered access to financial services to our customers and address their needs. We are working in line with the guidance of the regulators including the Central Bank of Nigeria (CBN) in providing access to funding as we seek to kick-start the economy and drive growth.”

“The impact on our business has been broadly in line with our expectations, and our resilience, breadth of offerings, and investment in alternative channels have ensured that the Group is able to cushion the effect and thrive.”

“More fundamentally, the Group has begun to reap the dividend of its investment in technology that has enhanced the earning capacity of the business and expanded our market reach,” Eke stated.

Image Credit: Naijanews.com.
Content References: Dailypost.ng, Nairametrics.com, Naijanews.com.