FBN Holdings’ profit up 21.79%, customer deposits hit N4.89trn

FBN Holdings Plc, the holding company of First Bank of Nigeria Limited, has reported an increase of 21.79 percent in its profit for the 2020 financial year, compared to the previous year.

The financial holding company said its after-tax profit rose to N89.73 billion last year from N73.67 billion in 2019.

Its profit before tax increased to N83.70 billion from N75.29 billion while gross earnings fell to N579.43 billion from N590.39 billion, according to its audited financial statements released on Wednesday.

The Board of Directors recommended a dividend of 45 kobo per ordinary share of 50 kobo each, amounting to N16,152,881,755.95 (2019: N13,640,211,261.00).

Loans and advances to customers rose to N2.22 trillion in 2020 from N1.85 trillion a year earlier while deposits from customers grew to N4.89 trillion from N4.02 trillion.