BY PETER EGWUATU

First Bank of Nigeria, FBN, Holdings Plc, has disclosed that it has  recorded a gross earnings of N290 billion  for the nine months ended September 30, 2013, representing an increase of 11.4 per cent  over N260 billion posted in the corresponding period of 2012.

According to the result obtained by Vanguard, FBN recorded an interest income of N172.4 billion up by 0.4 per cent year on year from N171.8 billion recorded in the preceding period of 2012. Its Non-interest revenue stood at N51.6 billion, up by 9.4 per cent from N47.2 billion recorded within the same period in 2012.

Other performance indices showed that the company’s operating income was N224.1 billion, up by 2.3 per cent year on year as against N219 billion recorded in 2012; impairment charge for credit losses stood at N15.7 billion as against N9.8 billion in 2012, while profit before tax dropped to N70.1 billion, from N75.7 billion recorded in the corresponding period of 2012.

On its balance sheet, the company posted total assets of N3.7 trillion, up by eight per cent quarter-on- quarter  by June  as against N3.4 trillion in June 2012 and up by 14.6 per cent year –to-date as against N3.2 trillion in December 2012. Total customer deposits stood at N2.8 trillion, an increase of 9.6 per cent quarter-on-quarter (Jun 2013: N2.6 trillion) and 16.6 per cent year to date (December  2012: N2.4 trillion).

Furthermore, the company’s nine months result shows that  total customer loans and advances (net)  stood at N1.6 trillion, up by 5.8 per cent quarter-on-quarter by June 2013 as against  N1.5 trillion in 2012 .
Commenting on the result, Mallam Bello Maccido, the Chief Executive Officer of FBN Holdings said: “Over the first nine months of 2013, we began to see the impact of recent changes in regulatory policy on our business, in particularly, the increase in the minimum savings deposit rates as well as the removal of the ATM withdrawal fee.”