FBN Holding Half Year Profit After Tax Drops By 10.50 Percent

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FBN Holding, the parent company of First Bank Limited and other businesses in the financial services industry has reported a drop in its profit after tax for the period ended June 30, 2016.

According to the half year financial statement, profit after tax went down by 10.50 percent to N35,855 billion when compared with N40,061 billion that was recorded same period in 2015.

The group gross earnings also drop by 1.24 percent from N271,265 billion in 2015 to N267,914 billion in 2016. Earnings per shares was down by 10.76 percent to 0.98 against 1.10 that was posted same period in 2015.

However, in its unaudited results for the first quarter ended March 31, 2016, FBN Holdings posted gross earnings of N107.5 billion, compared with N126.8 billion in 2015.

Profit after tax stood at N20.7 billion, as against N22.6 billion in 2015. The company reported a dip of 82 per cent in profit after tax for the year ended December 31, 2015, falling to N15.1 billion, from N84 billion in 2014. The bank was among those that had sent profit warnings to the stock market community during the first of this year.

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