By Dipo Olowookere
The board of FBN Holdings Plc has announced the financial status of the company and the brief analysis done by Business Post showed that the performance of the company in the first half of the year was not impressive.
For instance, the profit after tax dropped to N31.7 billion from N33.5 billion, but the profit before tax increased to N39.9 billion from N38.9 billion same as the operating profit, which grew to N389 billion from N38.9 billion.
In the first half of 2019, the interest income was N221.8 billion against N225.4 billion, while the interest expense was N75.1 billion in H1 2019 versus N75.8 billion in H1 2018, leaving the net interest income at N146.7 billion as at June 30, 2019 compared with N149.6 billion as at June 30, 2018.
According to the results the net gains on investment securities reduced to N3.8 billion from N5.1 billion, while the net gains on foreign exchange decreased to N4.7 billion from N12.9 billion, but the other operating income rising to N1.7 billion from N1.4 billion.
The company recorded N49.5 billion for fee and commission income in H1 2019 in contrast to N41.7 billion, while personnel expenses gulped N48.4 billion in the first six months of this year against N45.1 billion in the first six months of last year, with operating expenses taking away N86.7 billion from the company’s purse versus N64.6 billion in H1 2018.
Adedapo Adesanya