FBN Holdings the parent company of First Bank of Nigeria has recorded an underwhelming start to the 2021 financial year as first quarter (Q1) profits fell 32 percent.
This was largely due to a fall in interest income for the period to N78.357 billion from N104.9 billion.
Impairment charges for loan losses also spiked by 35.7 percent to N13.175 billion from N9.7 billion in 2020.
One bright spot was fee and commission income which increased to N34 billion, from N25.8 billion in the earlier period.
FBN Holdings stock is up 57 percent in the past year.