FBN Holdings Plc Records N151.079 Billion Profit

For the financial year ended December 31, 2021, a profit after tax of N151.079 billion has been recorded by FBN Holdings Plc, which indicates a 99.86% growth over N89.730 billion reported in 2020.

As against the N83.703 recorded in 2020, profit before tax stood at N166.662 billion equally representing a 99.11% increase

Other operating income of N149.416 billion reported during the year as against N14.865 billion posted in 2020, accounting for an increase of 905.15% boosted the profit.

The other operating income includes other income of N8.467 billion largely comprised of income made by the group from private banking services and gain on disposal of repossessed collateral.

Recoveries during the year is a recovery of N141.028 billion by the Bank on the Atlantic Energy Ltd loan, which was previously written off.

The amount recognised is net of expenses incurred in relation to the recovery.

A 28% growth in gross earnings to N757.296 billion from N590.663 billion reported in 2020 was also recorded by the company.

Total assets also rose to N8.932 trillion in 2021 from N7.689 trillion in 2020, which reflects a 16.16% increase.