FBN Holdings, the parent company of First Bank of Nigeria Limited has reported a profit after tax of N47.8 billion for the financial year ended December 31, 2017, representing a 178.8 per cent growth from the N17.1 billion recorded in 2016.

According to the income statement of the foremost financial services company in Nigeria, earnings increased 2.3 per cent to N595.44 billion from N581.83 billion recorded a year earlier, while interest income grew 16 per cent to N469.59 billion in the reporting period from N405.28 billion recorded in 2016.

Profit before tax rose 147 per cent from N22.95 billion in 2016 to N56.83 billion in 2017. The company recorded a 16.4 per cent increase in its net assets from N582.58 billion to N678.19 billion in the reporting period.

Following the results, the company declared a bonus of 25 kobo for every 50 kobo share held.

UK Eke, the group managing director said the result was made possible by the successful implementation of the company’s digitisation initiatives, which have allowed it serve its customers in a more efficient and effective way.

“As evident by the continually improving set of results, the initiatives we have put in place are producing encouraging results ahead of our projections. It is noteworthy to highlight that this progress has not been detrimental to our commitment to cost containment, illustrated by the 7.7 per cent y-o-y increase in opex, which is significantly below the headline inflation rate of 15.4 per cent.

“It is re-assuring that our dominance in the electronic platform has positioned the Group for a prosperous future and our holding company model is yielding further synergies and increasing cross-selling amongst all the operating companies in the Group,” he said.