FBN Holdings PLC, Nigeria and West Africa’s largest financial services group by asset base has disclosed that its net profit for the third quarter of the year fell to NGN6,6 Billion.
FBN Holdings PLC through First Bank Nigeria Limited, its flagship company has felt the huge weight of Nigeria’s revenue crisis and recession which has led to a huge default on credit the bank extended to oil majors.
Although, the group gross interest income rose on a year on year basis to NGN109 billion compared to NGN94 billion reported last year. The major hole in the bank’s book is the NGN32 billion impairment charges it booked for the quarter.
The challenges confronting the financial giant is more evident given that its year to date impairment charges has risen to NGN114 billion.
On a positive side, revenue from its insurance unit, FBN Insurance ( a joint partnership with Sanlam Group), also significantly rose to NGN3,6 billion compared to NGN1,8 billion posted last year.
The result was released few hours after FBN Holdings announced the appointment of Oyewale Ariyibi as its new Chief Financial Officer for the group.
The group has grown its asset to NGN5 trillion compared to its total liabilities of NGN4,4 trillion for the quarter.
