Economy

FBN Holdings Earnings Hit N627bn, to Pay 38 Kobo Dividend

Published

6 years ago

06/04/2020

By Dipo Olowookere

FBN Holdings Plc, the parent company of First Bank Nigeria Limited, on Monday announced its results for the year ended December 31, 2019.

The financial powerhouse improved its gross earnings to N627.0 billion from N587.4 billion, while the interest income rose to N442.6 billion from N435.6 billion, with the interest expense increasing to N152.3 billion from N150.2 billion, leaving the firm with a net interest income of N290.2 billion in FY19 compared with N285.3 billion in FY18.

FBN Holdings said it had an impairment charge for losses of N51.1 billion in contrast to N87.5 billion the prior year, while the net interest income after impairment charge for losses stood at N239.1 billion as against N197.9 billion a year earlier.

However, there was a drop in the net insurance premium revenue to N12.3 billion from N15.5 billion, while the fee and commission income increased to N104.3 billion from N92.7 billion, with the fee and commission expense jumping to N20.5 billion from N17.3 billion and the foreign exchange income declining to N9.5 billion from N32.9 billion.

In the results, the company said it had N17.2 billion as net gains on sale of investment securities, higher than N5.7 billion in the 2018 fiscal year, while dividend income increased to N4.4 billion from N2.3 billion, with other operating income declining to N2.9 billion from N3.2 billion.

In the year, there was a rise in the personnel expenses (N99.4 billion in FY 2019 versus N93.4 billion in FY 2018), other operating expenses increased to N182.2 billion from N150.3 billion.

According to FBN Holdings, it printed an operating profit of N83.5 billion in the period under review as against N63.9 billion in the previous year.

It was further disclosed that the profit before tax stood at N83.6 billion in FY19 compared with N63.9 billion, while the profit after tax rose to N73.7 billion from N58.2 billion.

In 2019, FBN Holdings grew its total assets to N6.2 trillion from N5.6 trillion, while the total liabilities rose to N5.5 trillion from N5.0 trillion.

A further analysis of the assets side of the balance sheet showed that loans and advances to customers increased to N1.9 trillion from N1.7 trillion, while investment in securities declined to N1.4 trillion from N1.7 trillion.

On the liabilities side, deposits from customers sharply jumped to N4.0 trillion from N3.5 triilion, while borrowings reduced to N250.6 billion from N338.2 billion.

FBN Holdings closed last year with retained earnings of N73.2 billion versus N3.1 billion two years ago.

Meanwhile, the board of FBN Holdings has recommended a dividend of 38 kobo to be paid on Tuesday, April 28, 2020 to shareholders whose names appear in the register of members as at the close of business on Monday, April 20, 2020.

The company said the register would be closed from Tuesday, April 21 to Wednesday, April 22, 2020, while the Annual General Meeting (AGM) of the firm has been scheduled to take place on Monday, April 27, 2020 at Oriental Hotel, Lagos by 10am.

Economy

Tinubu Okays Extension of Ban on Raw Shea Nut Export by One Year

Published

2 hours ago

26/02/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.

A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.

It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.

Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.

The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.

Economy

NASD Bourse Rebounds as Unlisted Security Index Rises 1.27%

Published

2 hours ago

26/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.

This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.

At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.

However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.

At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.

At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.

Economy

Investors Lose N73bn as Bears Tighten Grip on Stock Exchange

Published

3 hours ago

26/02/2026

Dipo Olowookere

By Dipo Olowookere

The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.

At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.

A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.

However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.

Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.

RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.

Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.

Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.

Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.