FBN Holdings, Nigeria’s largest financial services group by assets said its profit fell by 14% to NGN13.3 billion in the second quarter compared to NGN15.7 billion recorded same period 2016.
The bank reported NGN117.5 billion interest income in contrast to NGN85.7 billion recorded in the year before while interest expense was NGN34.4 million against NGN20.5 million posted in the year before.
The bank’s net income rise to NGN83.1 billion from NGN62.1 billion in the year 2016 and operating profit fell to NGN15.4 billion from NGN23.8 million in the previous year.
Total assets for the group stood at NGN4.8 trillion assets in q2 2017 in contrast to NGN4.7 trillion in the year before while total liabilities was NGN4.2 trillion against NGN4.1 trillion in the year before.
Impairment charges for the period fell drastically to NGN33.5 billion compared to NGN57.1 billion disclosed same period last year. FBN Holdings has witnessed much pressure after Africa’s largest economy slipped into a recession last year’s second quarter.
The bank took a record impairment loss on its balance sheet after its loan portfolio to the oil sector went sour. FBN Holdings has insurance, commercial, retail and investment banking in its kitty.