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FBN Holdings Q3 Profit Down 24.8% on Higher Tax, Personnel and Operating Expenses

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FBN Holdings has finally released its third quarter (Q3) 2021 earnings results showing a 24.8 percent slide in profit for the period, largely due to higher taxes and higher personnel and operating expenses, when compared to the earlier period.

Lower net interest income which was down by N12.72 billion or 8.7 percent to N133.34 billion (after impairment charges) for the period was largely offset by higher net fee and commission income which surged by 17.68 percent or N12.91 billion to N85.89 billion.

Personnel and other operating expenses which cost a combined N208.889 billion as at September 2021, rose by 9.25 percent, compared to N191.202 billion as at September 2020.

Taxes for the period at N12.082 billion was also higher by 34.87 percent when compared to the 2020 levels.

This led to a reported profit of N40.85 billion, down from the N54.35 billion recorded in Q3 2020.

The biggest chunk of operating expenses was regulatory cost or AMCON charges which came in 35.9 percent higher at N45.899 billion for the period, compared to N33.77 billion in September 2020.

There was no mention of any single shareholder owning more than 5 percent of the shares of the bank, suggesting that the recent accumulation of shares by major investors had yet to take place as at the end of the third quarter (Q3), September 2021.

FBN Holdings Plc, the holding company of First Bank Nigeria Limited, had confirmed in October, 2021 that Mr Tunde Hassan-Odukale was the single-largest shareholder in the bank.

The bank said with 5.36 per cent equity holding, Hassan-Odukale is its largest single-holder followed by Femi Otedola with a 5.07 per cent stake in the Group.

Both Odukale and Otedola are disclosed as the only two substantial shareholders, who have more than 5% equity interest in FirstBank Holdings Plc, according to a filing made available to The Nigerian Exchange (NGX).

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