Connect with us

society

2023 HALF YEAR RESULT: FBN HOLDINGS POST N206BN PRE-TAX PROFIT

Published

on

2023 HALF YEAR RESULT: FBN HOLDINGS POST N206BN PRE-TAX PROFIT

 

FBN Holdings Plc, has reported a profit before tax of N206 billion for the half year ended June 30, 2023.

 

 

 

 

FBNHoldings disclosed the figures in its second-quarter statement released yesterday on the Nigerian Exchange.

 

 

 

The increase in second-quarter profits helped its half-year profit before tax to rise by 213% compared to N65.7 billion in the same period last year.

 

 

 

This is also the Bank Holding Company’s best half-year performance since it was listed on the Exchange.

 

2023 HALF YEAR RESULT: FBNHOLDINGS POST N206BN PRE-TAX PROFIT

 

A breakdown of the company’s impressive financial results shows that the bank’s two-quarters of outstanding performance means a profit after tax of N174.9 billion, which is a 228.3% increase from the N53.3 billion reported in the first half of the previous year.

 

The first half 2023 profit has also surpassed the N136.173 profit reported in the full year of 2022 (January to December).

The Group’s gross earning of N656.6bn represents a growth of 82.8% from the N359.2bn reported in the first half of the previous year. Al impressive records are Net interest income of N232.6bn, up 52.1% y-o-y (Jun 2022: N152.9bn); Non-interest income of N229bn, up 112.0% y-o-y (Jun 2022: N108.1bn); Operating expenses of N222bn, up 24.7% y-o-y (Jun 2022: N178bn).

Profit before tax of N188.8bn, up 214.6% y-o-y (Jun 2022: N60bn); Profit after tax of N174.9bn, up 228.3% y-o-y (Jun 2022: N53.3bn)

Total assets grew by 34.8% y-t-d to hit N13.6 trillion, Customers’ loans and advances (net) of N5.2trn, up 39.9% y-t-d (Dec 2022: N3.7 trn); and Customers’ deposits of N8.8trn, up 26.9% y-t-d (Dec 2022: N6.9trn)

The Group Managing Director, FBNHoldings, Nnamdi Okonkwo, while commenting on the results stated that: “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management and execution capabilities. On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the Group delivered strong growth in gross earnings and profit before tax resulting in N656.6 billion and N206.3 billion respectively, for the first half of 2023 financial year”.

He noted that the company will continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practises to anticipate and creatively deliver products and services that delight the different customer segments that we serve.

While noting that the current operating environment remains challenging, he maintained that the company is confident of successfully navigating the terrain.

Commenting on the results, Chief Executive Officer of FirstBank (Commercial Banking Group), Dr. Adesola Adeduntan, added: “In the first half of 2023, FirstBank Group delivered the strongest financial performance in the almost 130 years of the Bank’s history; with solid business momentum, increased revenue, and excellent returns. The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing and transforming the Group. The result also highlights the resilience of our business model, customer relationships and institutional capabilities”

society

NAWOJ: SEKINAT, CHARITY GETS VOTE OF CONFIDENCE 

Published

on

NAWOJ: SEKINAT, CHARITY GETS VOTE OF CONFIDENCE 

 

The Nigeria Association of Women Journalists,(NAWOJ), Ogun State Chapter Executives has unanimously passed a vote of confidence on Chairman NAWOJ SEKINAT Salam and the Financial Secretary, Charity James, saying that, their leadership reflect the ideal and objectives of NAWOJ.

 

This was revealed in a communique issued at an Emergency meeting of the Executive held at the NUJ State Council, Iwe-Iroyin in Abeokuta.

 

The vote of confidence on the Leadership of NAWOJ was unanimously signed by all the five executive members that attended the meeting with the vice chairperson taking apology for official engagement outside the state capital.

 

According to the communique ” Consequently, NAWOJ Ogun State Chapter, reaffirms it’s unwavering support and confidence in the Chairperson and the Financial Secretary, Sekinat Salam and Charity James respectively, Urge them to continue in their commitment to purposeful leadership in the best interest of the association and the society at large”.

 

Speaking briefly with Journalists after the emergency Executive meeting, the Chairperson, Nigeria Association of Woman Journalists (NAWOJ), Com. Sekinat Salam, said the meeting was necessary as the news of her suspension was laughable and insulting because it is like a pot calling a kettle black in this case, saying that the Leadership of the State Council, Com. Wale Olanrewaju has no local standing to suspend her or any executive member, even he cannot be a judge in his own case.

 

According to her” The Leadership of the Nigeria Union of Journalists, Ogun State led by Wale Olanrewaju has always been misusing power without recourse to the constitution of this noble Union, hence has no local standing to suspend me or any executive member “.

 

She said only the Central Working Committee (CWC) has the constitutional rights to sanction or suspend any members found wanting after due process has been followed.

 

While calling on members to stay calm, Com. Sekinat Salam assured members of positive representation of NAWOJ at both the State and National level, adding the success recorded under her administration cannot be overemphasized.

 

She therefore called on the National leadership of NUJ to critically look into the matter, either by setting up independent committee to investigate the issues and resolve the matter as quickly as possible.

Continue Reading

society

Adron Homes Chairman Congratulates Oyo State on 50 Years of Progress

Published

on

Adron Homes Chairman Congratulates Oyo State on 50 Years of Progress

The Chairman and Chief Executive Officer of Adron Homes and Properties Limited, Aare Adetola Emmanuelking, has congratulated the Government and people of Oyo State as the state marks its 50th anniversary, describing the occasion as a celebration of resilience, cultural pride, and sustained progress.

He noted that since its creation, Oyo State has remained a strong contributor to Nigeria’s socio-economic and cultural development, emerging as a hub of commerce, education, and innovation.

According to him, the Golden Jubilee offers a moment for reflection and renewed commitment by government, private sector players, traditional institutions, and citizens toward building a more inclusive and prosperous state.

Aare Emmanuelking commended the state’s ongoing transformation through investments in infrastructure, economic expansion, and human capital development, adding that sustainable growth is deliberate and must remain purpose-driven.

He also praised the leadership of the current administration while acknowledging the contributions of past leaders whose efforts laid the foundation for today’s Oyo State.

Reaffirming Adron Homes’ commitment to national development, he described Oyo State as a land of opportunity. He wished the state continued peace and prosperity, expressing confidence that the next fifty years will bring even greater achievements for the Pace Setter State and its people.

Continue Reading

society

TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

Published

on

TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

 

In a profound expression of sorrow, the TY Buratai Humanity Care Foundation has extended its heartfelt condolences to the families of the victims and the entire people of Biu Emirate, Borno State, following the recent tragic attack attributed to Boko Haram. This devastating assault, which occurred at a work site in northeastern Nigeria, claimed the lives of dozens, including brave soldiers committed to protecting the nation.

In a statement released to the press and signed by the Chairman of the foundation, Ibrahim Dahiru Danfulani Sadaukin Garkuwan Keffi/Betara Biu, the Grand Patron of the Foundation, His Excellency Amb. Lt. Gen. Tukur Yusufu Buratai CFR (Rtd), former Chief of Army Staff, described the incident as “one too many senseless, barbaric, and ruthless displays of inhumanity.” His Excellency emphasized the heartbreaking impact of such attacks on innocent, hardworking citizens striving to make a positive difference in their communities.

The Grand Patron praised the swift and decisive response of military personnel during this critical time, underscoring their brave commitment to safeguarding the nation. He called upon them to maintain this momentum, commending their courage and sacrifice in the face of adversity. “May Almighty Allah forgive their souls and grant them Aljannah Firdouse,” he remarked, encouraging the nation to honor their spirit of sacrifice as they rally together to rebuild and restore hope across the region.

In his statement, Gen. Buratai highlighted the importance of collective action in overcoming the challenges posed by insecurity, urging concerned citizens to increase their efforts in fostering a virile community that future generations can cherish. “Together, we can surmount these troubles,” he asserted, calling on all patriotic leaders and citizens to unite in the fight against violence and insecurity.

TY BURATAI HUMANITY CARE FOUNDATION CONDOLES WITH BIU EMIRATE OVER TRAGIC ATTACK

The TY Buratai Humanity Care Foundation remains committed to supporting initiatives that promote peace, security, unity, and prosperity. As the foundation extends its condolences to the bereaved, it also calls upon all segments of society to collaborate in creating a better and safer future. May Allah guide and protect the nation and lead it toward enduring peace. Amen.

Continue Reading

Cover Of The Week

Trending