FBN Holdings reports 13% increase in PBT

FBN Holdings Plc on Thursday announced about 13 per cent increase in its Profit Before Tax (PBT) in the unaudited financial statement for full year ended December 31, 2019.

The unaudited results to the Nigerian Stock Exchange (NSE) revealed PBT moving to N73.6billion in 2019 from N65.3billion reported in 2018 while Profit After Tax (PAT) closed the year under review at N62.09billion from N59.74billion reported in the prior year.

With a significant increase of about 108 per cent to N11.5billion in income tax last year as against N5.54billion reported in the prior year, the Holdings has proven to be a sustained financial institution that delivers on profits.

However, the Holdings in its unaudited fourth-quarter results reported 2.6 per cent decline in PBT to N13.59 billion as against N13.95billion reported in the fourth quarter of 2018 while PBT dropped significantly by 31 per cent to N10.26billion in Q4 2019 from N14.80 billion reported in Q4 2018.

The lender in a statement to NSE said, “In line with section 60-65 of the investments and Securities Act (ISA) 2007 and Rules 39 and 41 of the Securities and Exchange Commission (SEC) rules and regulations, FBN Holdings has elected to file Q4 Unaudited Financial Statements (UFS) within 30 days after the quarter and the audited financial statements (AFS) within 90 days from the year ended and after obtaining the approval of the Central Bank of Nigeria (CBN).”