FBN Holding post lower earnings for third quarter 2016.


FBN Holding Plc, earnings performance for the third quarter ended September 30, 2016 took a different dimension as the company key financial indicators was on the lower side.

The company reported 15.3 percent drop in profit after tax to N42,517 billion which is below N50,217 billion that was posted in 2015. Profit before tax was down by 3.5 percent to N57,455 billion against N59,563 billion in 2015.

Gross earnings dropped by 6.4 percent to N406, 101 billion which is below N381,787 billion that was reported same period in 2015. The group earnings per share, dropped by 0.4 percent to N1.17 from N1.38 in 2015. Deposits for the period went up marginally by 14.6 percent N3,673,939 billion which is above N3,205,934 billion in 2015.

Cost to Income Ratio was also down by 13.1 percent, Net interest income increased by 5.2 percent as the improvement in funding costs which drove interest expense down by 29.3 percent overshadowed a decline in asset yield which drove interest income lower by 7.3 percent. However at the close of transaction the company share price stood N3, an indication that investors may start dumping the shares.

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