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FBN Holdings shares fall after 178.8% profit growth

By Nkiruka Nnorom
The shares of FBN Holdings Plc fell by 8.96 percent at the close of trading today despite 178.8 percent growth in its Profit After Tax, PAT, for the year ended December 31, 2018.

L-R- Alhaji Tijani Borodo, Shareholder, FBNQuest Merchant Bank, Mr. Kayode Akinkugbe, MD, FBNQuest Merchant Bank, Mallam Bello Maccido, Chairman, FBNQuest Merchant Bank, Dr. Omobola Johnson, Non- Executive Director FBNQuest Merchant Bank, U.K Eke (MFR), GMD FBN Holdings and Taiwo Okeowo, DMD, FBNQuest Merchant Bank at the FBNQuest Merchant Bank 3rd Annual General Meeting which held in Lagos.

The bank had reported N47.8 billion post tax profit, which up178.8 percent year-on-year, y-o-y, compared to N17.1 billion posted in the same period in 2016.

the gross earnings grew marginally by 2.3 percent to N595.4 billion against N581.8 billion, while the impairment charges for credit losses stood at N150.4 billion, down 33.5 percent from N226 billion in the preceding year.

The bank also proposed 25 kobo dividend for the period.

Despite the impressive numbers, investors massively sold off the shares as the bank led 22 other losers to close at N12.20 from N13.40 per share, while 80.09 million units in 753 deals were traded.

Other top losers during the day include Skye Bank Plc, which depreciated by 5.75 percent to close at N0.82 from N0.87. Oando Plc followed, dropping by 4.92 percent to close at N8.70 from N9.15; Total Nigeria Plc fell by 4.79 percent to close at N222.60 from N233.80, while Courtville Business Solution, CBS, Plc declined by 4.55 percent to close at N0.21 from N0.22 per share.

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