FBN Holdings Declares N166.7bn Pre-Tax Profit In 2021


FBN Holdings has declared a profit before tax of N166.7 billion for the 2021 financial year.

It grew its profit after tax by 99.9 percent to N151.1 billion last year from N75.6 billion in 2020 while gross earnings rose by 28.2 percent to N757.3 billion from N590.7 billion.

The Group Managing Director of FBN Holdings, Nnamdi Okonkwo in a statement said, “Our performance over the course of 2021 is reflective of the resilience of the group and underpins our growth strategy to generate sustainable value for all our stakeholders.

“In 2022, our strategic focus is on revenue generation through digital channels and retail product offerings, further driving our synergy potential as well as continuing to improve our operating model to deliver more efficiencies.”

Also, Adesola Adeduntan, Chief Executive Officer of First Bank Group, said, “Following years of strategic restructuring of the bank’s balance sheet and operations, the commercial banking business is beginning to transition into a sustained growth phase delivering performance commensurate to the size of our business and capabilities of our people.”

In 2021, FBN operated in a challenging operating environment that was pressured by high inflation and currency devaluation, the effect of which increased operating expenses by 14.2 percent to N334.2 billion from N292.5 billion in December 2020, according to FBN Holdings.

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