Friday, July 4, 2025
23.2 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
spot_img

Hot this week

MTN, 9mobile Ink National Infrastructure Partnership Deal

L-R: Abolaji Idowu, Chief Financial Officer, 9mobile; Omotola Ojutayo,...

Stanbic IBTC Holding’s N148bn Rights Issue Oversubscribed by 21.9%, Injects N140bn into Stanbic IBTC Bank

Acting Group CE Statement Commenting on the just concluded rights...

NAICOM Hands over New Licences to SanlamAllianz Life, General Insurance

The National Insurance Commission (NAICOM) today handed over new...

Access Bank Highlights Leadership at Climate Governance Initiative Launch

Access Bank Plc has once again demonstrated its leadership...

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

Henry Asiegbu, Divisional Head, Operations, Fidelity Bank Plc (Left);...

Topics

Heirs Insurance Group Launches “Unwrapping Smiles” Campaign to Bring Hope this Festive Season

Heirs Insurance Group, Nigeria's fastest-growing insurance group, has announced...

Stanbic IBTC Bank to Host Maiden Edition of Home Ownership Summit

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings,...

Danbatta: NIPR Fellowship to Muoka, Ibietan Meritorious

The Executive Vice Chairman of the Nigerian Communications Commission...

Stanbic IBTC Stockbroking Zero Account Opening Campaign Drives Market Participation

Stanbic IBTC Stockbrokers Limited, a subsidiary of Stanbic IBTC...

SMEDAN Plans Microfinance Bank, 25 Institutions in TINEDEP Program in 2022

Mr. Olawale Fasanya Director-General SMEDAN INTERACTIVE SESSION BETWEEN MR. OLAWALE FASANYA (DIRECTOR-GENERAL),...

Heirs Insurance Group Achieves ISO Certification, Commitment to Global Security Standards

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has received the...

Facebook Celebrates African Innovation at TechCrunch Startup Battlefield 2018

In line with its commitment to growing Africa’s technology...

Stanbic IBTC to Empower MSMEs via Capacity Building Programs

Stanbic IBTC Bank Plc, a member of the Stanbic...
spot_img

Related Articles

Popular Categories

spot_imgspot_img