Wednesday, September 3, 2025
28.9 C
Lagos

FBN Holdings: N9Tr Total Assets, N757.3bn Revenue, N167bn Profit in 2021

FBN Holdings Plc recently announced its audited results for the financial year ended 31 December 2021.

Highlighting revenue and profitability, the Group delivered a stellar performance growing gross revenue by 28.2% to ₦757.3 billion and profit before tax by 99.1% to ₦166.7 billion.

The 30.0% growth in loans and advances to ₦2.9 trillion and 16.2% growth in total asset to ₦8.9 trillion reaffirms our commitment to drive revenue and profitability as we complete the balance sheet clean-up.

Commenting on the results, Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank Group said:

“Following years of strategic restructuring of the Bank’s balance sheet and operations, the Commercial Banking business is beginning to transition into a sustained growth phase delivering performance commensurate to the size of our business and capabilities of our people. Profit before tax is up 77.9%, gross earnings 30.3%, total assets 15.9% and customer deposits up 19.5%.

Gross earnings grew by 28.2% to ₦757.3 billion (Dec 2020: ₦590.7 billion). Interest income remained challenged given the moderated interest rate environment negatively impacting yields; as a result, interest income declined 4.1% to ₦369.0 billion (Dec 2020: ₦384.8 billion).

In 2021, FBNH operated in a challenging operating environment that was pressured by high inflation and currency devaluation, the effect of which increased operating expenses by 14.2% to ₦334.2 billion (Dec 2020: ₦292.5 billion). However, this 14.2% is below the inflation level (Dec 2020: 15.6%) whilst regulatory cost also rose during the period, up 23.2% y-o-y.

Despite the inflationary push factors, operating income grew 35.5% to ₦592.8 billion (Dec 2020: ₦437.6 billion), resulting in an improvement in cost to income ratio to 56.4% (Dec 2020: 66.8%).

Going forward, we will sustain our focus towards further improving efficiency by containing cost and increasing revenue.

spot_img
spot_img

Hot this week

Ecobank Nigeria @ 40: Group Unveils N60m in Cash Rewards Program for Customers

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

GOCOP 2025: Conference on Governance Challenges, Prospects Set for October 9

The Guild of Corporate Online Publishers (GOCOP) has announced...

NCC Advances Cybersecurity Framework to Safeguard Nigeria’s Telecom Infrastructure

L-R: President, International Youth Parliament, Hon. Promise Digos; Chief...

Northwest: The Lion’s Share of Tinubu’s Projects

By Tanimu Yakubu Director-General Budget Office of the Federation The Lagos Illusion The...

From Devaluation to Domination: How Tinubu’s Exchange Rate Reforms Turned the Naira into Nigeria’s Export Engine

By Tanimu Yakubu When President Bola Ahmed Tinubu’s administration...

Topics

AFC: ‘Local Impact Champion’ at Africa CEO Forum 2023

Africa Finance Corporation (AFC), the leading infrastructure solutions provider...

NAICOM Confirms Pius Apere as Linkage Assurance CEO

The National Insurance Commission (NAICOM) has confirmed the appointment...

Access Bank to Host Corporate Customers Forum 2024 Sept 19

Nigeria’s top financial organisation with the largest customer base...

NCDMB Retains Top Ranking as Presidential Council Evaluates Efficiency, Transparency of MDAs

The Nigerian Content Development and Monitoring Board (NCDMB) has...

Fidelity Bank Partners WorldRemit on Instant Money Transfer

Mr. Nnamdi Okonkwo Managing Director/CEO Fidelity Bank Plc WorldRemit has gone into...

NNPCL Alleges Co-ordinated Sabotage Campaign Against its Leadership

The Nigerian National Petroleum Company Limited (NNPC Ltd) has...

Allianz Nigeria Delivers on 60 Minutes Motor Claims Settlement

  Allianz Nigeria makes good her promise to settle motor...

NCC: Nigeria Achieves 14% Broadband Penetration

The Nigerian Communications Commission says Nigeria has achieved...
spot_img

Related Articles

Popular Categories

spot_imgspot_img