FBN Holdings’ profit falls 39.3%, customer deposits hit N5.09tn

FBN Holdings Plc, the holding company of First Bank of Nigeria Limited, saw its profit after tax decline to N15.60bn in the first quarter of 2021 from N25.70bn in Q1 2020, according to its unaudited financial statements obtained from the Nigerian Exchange Limited.

Its net interest income fell to N52.79bn in the period under review from N60.25bn in Q1 2020, while its net fee and commission income rose to N28.43bn from N20.77bn.

Deposits from customers increased to N5.09tn as of March 31, 2021 from N4.89tn at the end of December last year, while loans and deposits to customers rose to N2.30tn from N2.22tn.

The Central Bank of Nigeria had last Thursday dissolved the boards of FBN Holdings Plc and First Bank of Nigeria Limited and appointed new directors for them.

The apex bank said the decision was taken following the query which it had earlier issued the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.

The CBN Governor, Mr Godwin Emefiele, said the decision was taken in order to preserve the stability of the bank so as to protect minority shareholders and depositors.

The central bank also reinstated Adeduntan as First Bank’s MD/CEO.