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FBN Holdings’ nine-month profit tumble 40% as earnings shrink

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The bank's gross earnings came to N427 billion, 2.8 per cent lower than what it reported a year earlier.

FBN Holdings Plc, the parent company of Nigeria’s oldest bank FirstBank, recorded a slump of as much as two-fifths for the first nine months of this year, according to its audited earnings report obtained from the Nigerian Exchange on Tuesday.

made a provision of N46.7 billion for that purpose in the first nine months of the year of the pandemic, relative to the N29.6 billion it assigned to impairment charges for losses in the corresponding period of 2020.That largely resulted from a depressed interest income, which standing at N260.1 billion compares with the N297.7 billion it posted in the same period of last year.

Profit before tax stood at N52.9 billion, 16.4 per cent weaker, while post-tax profit fell to N40.8 billion from N54.4 billion.

 

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