FBN Holdings' profit up by 17 per cent
FBN Holdings Plc, the parent body of First Bank Nigeria Limited, has released its audited results for the full year ended 2014, grew its profit by 17.3 per cent in the audited result for for the full year 2014 released by the bank.
The holding company also recorded a 12 per cent increase in interest income which rose to N362.579 billion compared to N323.621 billion which was recorded in the comparable period of 2013.
Interest expense rose by 26.9 per cent to N118.72 billion in 2014 as against N93.5 billion interest expense of 2013. The expenses of the holding company impacted on its profitability as the 2014 financials showed a marginal 1.7 per cent rise in profit before tax. The PBT stood at N92.884 billion at the end of the 2014 financial year compared to N91.337 billion PBT of 2013.
Personnel and operating expenses was up by 21.3 and 32.2 per cents during the 2014 financial period. Last year, the holding company spent N79.843 billion on personnel expenses as against N65.82 billion spent in the comparable period of 2013.
Operating expense rose to N143.2 billion in 2014 as against N108.283 billion spent the previous year in running the company. FBN Holdings also saw a 113.7 per cent surge in insurance claims which rose to N1.043 billion as against N488 million recorded in 2013.
The company's total assets rose by 12.2 per cent to N4.34 trillion at the end of the 2014 financial year compared to N3.869 trillion in the 2013 financial year. It's loans and advances to customers during the year under review also rose by 23.1 per cent to N2.178 trillion compared to N1.769 trillion it recorded in 2013.
Customers deposit recorded a marginal increase of 4.1 per cent to N3.05 trillion as against N2.929 trillion deposit of 2013 while total liabilities stood at N3.819 trillion as at December 31, 2014 compared to the 2013 figure of N3.397 trillion.
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