FBNHoldings Declares N270bn PBT In 9 Months

FBNHoldings Plc has reported gross earnings of N985.6 billion for the nine months financial year ended September 30, 2023. The amount represents an increase of 80.1 per cent compared with N547.2 billion achieved in the corresponding period of 2022. The group’s profit before tax rose to N270.3 billion from N105.5 billion in 2022, representing 156.3 per cent from N105.5 billion recorded the previous year while profit after tax grew by 159.2 per cent to N236.4 billion from N91.2 per cent posted in the preceding year. Analysis of the result showed that Interest income increased by 71.1 per cent to N633.8 billion against N370.4 billion recorded in the corresponding period of last year while net interest income went up 51.4 per cent to N377.7 billion from N249.5 billion in the preceding year. Non-interest income rose by 108.2 per cent to N326.90 billion against N157 billion in 2022. Commercial banking segment of the company within the period reported N922.2 billion growing by 79.8 per cent year on year from N512.9 billion achieved in the comparative period of last year. The bank’s profit before tax went up by 157 per cent to N248.5 billion from N96.4 billion while profit after tax stood at N221.1 billion against N85.7 billion in the preceding year, indicating 158.2 per cent growth year on year. Commenting on the financial result, the Group Managing Director, FBNHoldings, Nnamdi Okonkwo said “over the period we have delivered a strong performance and growth enabled by focused execution of our strategic plan. Gross earnings were up by 80.1 per cent while our profit before tax grew by 156 per cent year on year. At the same time, our credit risk portfolio remains healthy with an NPL ratio of 46 per cent and a coverage of 85.4 per cent. Cost of income ratio improved to N 50 per cent from 65 per cent in 2022 on the back of enhanced revenue generation as well as effective cost containment initiatives. “Despite the high inflationary environment we remain committed to leveraging technology, automation and our brand strength to enhance our value proposition, increase revenues and improve the overall operational efficiency of the group. We are confident in our continuous progress in generating sustainable value for our shareholders.” Also the Chief executive officer First Bank of Nigeria Limited, Commercial banking group) Dr Adesola Adeduntun said “in the nine months ended September 30, 2023, First Bank group reported impressive financial results, reflecting sustained growth and resilience of the franchise. “Our gross earnings at the end of the quarter were N922.2 billion, making a remarkable increase of 79.8 per cent y-o-y. The substantial increase of 49.3 per cent yoy in net interest income reflects our commitment to managing interest rate dynamics effectively and optimising our interest-earning assets, while the impressive growth of 111.6 per cent y-o-y in non-interest income underscores our success in diversifying the bank’s revenue streams and providing value added services to our customer. “Growth of 157.9 per cent and 158.2 per cent y-o- y in the profit before tax and profit after tax respectively reflect our commitment to delivering exceptional value to our shareholders and stakeholders. “This performance is a testament to the dedication and hard work of our entire team, and it reaffirms First Bank’s position as one of the leading players in the commercial banking industry. As we continue to face dynamic market conditions, our agility, risk management capabilities and strategic approach will remain pivotal in sustaining this impressive growth trajectory. Looking ahead, we are committed to sustaining this momentum exploring new growth opportunities through innovation and upholding our core value of customer centricity.”

CBN Approval Delaying Release of H1 2023 Statements -Access Holdings

The board of Access Holdings Plc has announced that it is awaiting approval from CBN to release its Half-Year (HY) financial results for the period ended 30th June 2023 after completion of the audit of its subsidiaries. In a statement signed at the Nigerian Exchange Limited by the Company Secretary, Sunday Ekwochi, the results would be filed on or before September 30, 2023. “Access Holdings Plc (the Company) wishes to notify the investing public and the Nigerian Exchange Limited (NGX) of a potential delay in the publication of the Company’s Audited Interim Financial Statements for the Half Year ended June 30, 2023 (the Results’). The Company had, on August 14, 2023, requested and obtained the approval of NGX for the Results to be filed on or before September 15, 2023, subject to the approval of the Central Bank of Nigeria (CBN’), due to post-audit completion matters. In line with NGX’s approval, the Company had submitted the Results to the CBN for its approval. However, given the time estimated for the CBN to review the submitted Results, it is envisaged that the Company may be unable to meet the September 15, 2023 timeline for publication of the Results. Based on the foregoing, the Company has sought and obtained an extension of time to file the Results on or before September 30, 2023, subject to CBN’s approval of the Results. In mid-July, Access Holdings completed its acquisition of a majority stake in Finibanco Angola after receiving necessary regulatory approvals from CBN and Angola’s apex bank. The group noted that the bank had signed necessary agreements with minority shareholders of Finibanco Angola S.A. who expressed interest in selling their shares. With the completion of the acquisition, Access Holdings now owns more than 51 per cent stake in Finibanco Angola S.A. Also, Access Bank Plc (flagship subsidiary of Access Holdings) reached an agreement to acquire the sub-saharan subsidiaries of Standard Chartered Bank. In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania. Recall that the Access Holdings’ initial delay in releasing its results was due to ongoing audit activities of the newly acquired sub-subsidiaries of the banking group. Following the completion of its audit activities, it is now seeking final approval from the apex bank before publishing its results to the investing public.