FBNH Plc has recorded profit before tax of N57.5 billion for the nine months ended September 30, 2016 as against N59.6 billion posted in 2015. Gross earnings however, increased by 7.0 per cent y-oy to N417.3 billion from N390.0 billion reported a year earlier.
According to a statement from the Group, “The earnings reflect the strong business fundamentals as we keep the revenue momentum amidst a slow business environment.
However, despite the 56.5 per cent y-o-y increase in non-interest income to N131.0 billion, interest income declined by 7.3 per cent y-o-y to N278.6 billion as against N300.4 billion in September 2015.
“Net-interest income improved by 5.2 per cent y-o-y to N202.9 billion from N192.9 billion in 2015, driven by a 38.4 per cent reduction in interest expense on customers’ deposits to N56.7 billion as against N92.0 billion in September 2015.
“This was partly offset by a 7.3 per cent decline in interest income, largely due to a 4.7 per cent y-o-y drop in loans to customers to N193.0 billion from N202.5 billion in September 2015 due to tightening of our risk acceptance criteria, as well as 12.7 per cent y-o-y decrease in interest on investment securities to N74.1 billion from N85.0 billion.
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