FBN Holdings Increases Profit By 123% To N91 In 9 Months

FBN Holdings Plc has reported a profit of N91 billion for nine months ended 30th of September, 2022, an increase of 123 per cent when compared to the amount in the same period of 2021.

In spite of the presence of inflation during the period, the report shows that the group improved its interest income massively by 42.3 per cent to stand at N370 billion from N260 billion in the previous year.

This was majorly driven by an increase in investment securities as well as loans and advances to customers during the period.

Similarly, the interest expenses also grew from N97 billion to N121 billion during the period as a result of deposits from customers and deposits from banks while the net interest income stood at N250 billion.

Fees and commission income were up to a value of N111 billion from N103 billion as the bank saw an increase in items such as letters of credit commissions and fees, account maintenance, custodian fees, and others.

Also, fee and commission expense was up to reach N20 billion in the first 9 months of the year from N17 billion in the same period last year, leaving the net fee and commission income at N91 billion.

Notably, Fee and commission expense primarily relates to charges raised by switching platforms on holders of First Bank Limited ATM cards, who make use of the other banks’ machines while transacting business, and SMS alert-related expenses.