Finance

Nigeria : FBN Holdings posts US$77 mln net profit for Q1-2022

Tuesday, 31 May 2022 05:44
Nigeria : FBN Holdings posts US$77 mln net profit for Q1-2022

(Ecofin Agency) - FBN Holdings started the year 2022 with strong quarterly performance. However, its investors seem to be inclined to taking profits after 12 months of uptrend share performance. 

FBN Holdings, Nigeria's third-largest banking group by market capitalization, recently posted a net profit of US$77 million for Q1-2022. This result -up by more than 106% year-on-year- is the best it recorded since the first quarter of 2019. 

All of the bank’s operating segments contributed to that result. Indeed, during the period under review, its interest and non-interest income increased while its provision to cover non-performing loans dropped slightly. It is worth noting that the performance concealed the significant drop in commission income, which was offset by the rise in incomes from noncredit activities. 

The result confirms the resumption of FBN Holdings' performing momentum after a period of low performance that began well before the coronavirus pandemic. The financial institution has been able to weather the Covid-19 storm and even resumed with acquisitions. On Wednesday, May 18, it reported that it had reached a definitive agreement with Access Bank to take over the latter's pension fund management business. 

Its reserves also increase by US$361 million due to a decrease in expenses and a reduction in the volume of debt service as well as the successful sale of several financial assets.  These performances will be closely monitored by investors since FBN Holdings has over 95% of its shares floated on the Nigeria Stock Exchange. It is also worth noting that despite the strong performance posted, its share value fell by 5.85% in May, marking its worst monthly performance since October 2020. The situation could be due to the fact that some investors are taking profits after the 60.18% rise in the bank's share value in the last 12 months (according to Capital IQ). 



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.