FirstBank Holdings’ Interest Income drops by 2.99% Q3 2019

FBN Holdings Plc recorded a 2.99 per cent drop in interest income in its unaudited consolidated financial statements for the 9 months period ended September 30, 2019.

The analysis of its third quarter result release on The Nigerian Stock Exchange on Tuesday shows that its Interest income for the period was N327.5 billion as against N337.6 billion in the same period of 2018.

The bank, however, recorded a 16.92 per cent increase in profit before tax from N51.3 billion in 2018 to N60 billion in 2019.

Profit after tax stood at 51.8 billion in 2019, marking a 15.33 per cent increase from N44.9 billion in Q3 2018.

The bank made N76.8 billion from fees and commissions; N5.6 billion trading forex; and N15.5 billion from insurance premium. These represent 22.58 per cent and 25.90 per cent increase in fees and commissions, and insurance premium from N62.7 billion and N12.4 billion in 2018 respectively.

Revenue from forex trading, however, dipped by 76.58 per cent from N23.9 billion in 2018 even as its Earnings per Share increased to N1.38 in 2019 from N1.22 in 2018.

The stock of FBN Holdings is currently trading at N5.30 per share on the floor of the Nigerian Stock Exchange (NSE).