FBN Holding Plc, the parent company of FirstBank Limited recently release its first quarter ended March 2020 unaudited result to the public. The result of the tier 1 lender shows a 61 percent rise in Profit Before Tax to N28.68 billion.
Analysis of the FirstBank Q1 2020 result revealed that the growth in first quarter profit of the bank was induced by a 30 percent decline in Impairment Charges on loan losses and a 7 percent growth in Fee and Commission Income. The declines in other bottom line parameters in the period under review notwithstanding.
Here are the highlights of the FirstBank Q1 2020 results
- Net Interest income down by 16% YoY to N60.25 billion from N71.66 billion
- Loan Loss Charges was down by 30% YoY to N9.71 billion from N13.85 billion
- Net Fees and Commission Income up by 7% YoY from N19.44 billion to N20.77 billion
- Foreign Exchange Income down by 11% YonY to N2.63 billion from N2.94 billion
- Other Operating Income down by 30% YoY to N0.47 billion from N0.67 billion
- Staff Cost was up by 4% YonY to N23.96 billion from N22.94 billion
- Operating Expenses up by 4% YoY from N38.85 billion to N41.92 billion in Q1 2020
- Profit Before Tax up by 61% YoY to N28.68 billion from N17.76 billion
- Post Tax Profit also up by 59% YonY to N23.14 billion from N14.52 billion in Q1 2019
- Earnings Per Share was also up by 64% YonY to 69 kobo from 42 kobo same period in 2019
The Balance Sheet size of FBN Holdings Plc had significant 3 months growth for the period ended 31 March 2020.
Total Assets grew 13% to N7.02 trillion in March 2020 from N6.20 trillion in December 2019. Customer Loans and Advances also grew by 11% from N1.85 trillion to N2.05 trillion as at March 2020.
Customer Deposits grew by 7% to N4.29 trillion from N4.02 trillion, while Total Equity dropped by 3% from N661 billion in December 2019 to N680 billion in Q1 2020.