FirstBank releases 2019 annual report, PBT grew by 13%
FBN Holdings Plc, the parent company of Nigeria’s foremost financial institution and a leading tier 1 lender in the country, First Bank of Nigeria Limited has released its 2019 annual report and financials (Unaudited) to the public. The result was published by the Nigerian Stock Exchange (NSE) recently.
The result revealed that the bank had an impressive 13 per cent growth in Pre-Tax Profit. The profit growth was occasioned by a 52 percent decline in Impairment Charges and a 15 per cent growth in Net Fee and Commission Income.
Here are the highlights of the FirstBank 2019 annual report: Net Interest Income up by 1 per cent from N284.2bn to N286.4bn in Q4 2019. Net Fee and Commission Income up by 15 per cent from N75.4bn in Q4 2018 to N86.7bn. Trading Income down by 72 per cent in Q4 2019 to N9.3bn from N32.6bn in Q4 2019.
Other Income was down by 2 per cent from N3.23bn in 2018 Q4 to N3.16bn in 20019 Q4. Impairment Charges was down by 52 per cent to N41.7bn in Q4 2019 from N86.9bn in 2018 FY. Operating Expenses up by 29 per cent in Q4 2019 from N147.9bn to N190.4bn. Staff Cost up by 6 per cent from N93.4bn in Q4 2018 to N99.3bn in FY 2019. Profit Before Tax up by 13 per cent from N65.3bn in Q4 2018 to N73.8bn in FY 2019. Profit After Tax also up by 4 per cent to N61.9bn in Q4 2019 from N59.7bn in Q4 2018
The Balance Sheet size of FBN Holdings had an impressive double digits growth in 2019 as Customer Deposit grew by 15 per cent from N3.5trn in Q4 2018 to N4trn in Q4 2019.
Asset Base of FBN Holdings grew by 11 per cent in 2019 FY from N5.6trn in 2018 FY to N6.2trn. Customer Loans and Advances also grew by 12 per cent to N1.9trn in Q4 2019 from N1.7trn in Q4 2018.
Shareholder’s Equity also grew by 21 per cent Y-on-Y to N642.6bn in Q4 2019 from N530.6bn, and its Earning Per Share was flat Y-on-Y at 165 kobo per share in Q4 2019.
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