Q2 2022: FBN Holdings Plc Reports 45% Increase In Profit

FBN Holdings Plc has disclosed its financial results for the half year ended June 30, 2022, which shows a profit before tax of N66 billion, representing a 45 per cent increase.

The Group Managing Director, Nnamdi Okonkwo, said,  “For the half year 2022, gross earnings and profit before tax grew by 22 per cent y-o-y and 45 per cent y-o-y to N359.2 billion and N65.7 billion respectively.

"Furthermore, we continue to see good progress across our performance metrics, which align with our focus on driving sustainable growth.

“The Group remains committed in its transformation drive, resulting in a stronger balance sheet and better asset quality with non-performing loans closing at 5.4 per cent at H1 2022.

"Similarly, risk management capacity remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion.

“During the period, the cost to income ratio remained flat y-o-y despite the inflationary and currency pressure, as we continue to focus on optimising overall efficiency."