FBN Holdings Plc NGX: FBNH) has released its unaudited consolidated financial statements for the period ended June 30 2021.
Revenue for the period dropped by 1.75%, however, the profit for the period from continuing operations increased by 6.9%.
Income statement
Revenue dipped by 1.75% or N5.19 billion to N291.23 billion in H1 2021 from N296.42 billion in H1 2020.
83.34% or N242.72 billion of the total revenue were realized in Nigeria while the rest were from outside Nigeria.
The drop in revenue was driven by the 22.4% decline in interest income to N161.02 billion in H1 2021 from N207.42 billion in H1 2020.
The decrease in the interest income was offset by the 23.8% increase in fees and commissions income to N69.08 billion; 206.9% rise in Net gains from financial instruments at FVTPL to N22.43 billion; 1,082.4% rise in other operating income to N15.08 billion.
Also, in H1 2021, FBNH registered a Foreign exchange income of N472 million against a loss of N3.57 billion it recorded in H1 2020.
The personnel expenses and operating expenses increased to N51.24 billion and N88.01 billion respectively in H1 2021 from N49.54 billion and N78.00 billion in H1 2020.
The profit before tax increased to N45.24 billion from N41.42 billion in H1 2020.
Income tax of N7.15 billion was paid by FBNH, thus the profit after tax from continuing operations in H1 2021 stood at N38.09 billion. This is an increase of 6.9% from the N35.64 billion reported in H1 2020.
FBN Holdings recorded a loss of N44 million from discontinued operations against a N13.82 billion profit from discontinued operations in H1 2020.
Thus, the profit for the period dropped to N38.06 billion from N49.46 billion in H1 2020.
Earnings per share declined to N1.05 in H1 2021.
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Balance sheet
The total assets of FBN Holdings increased by 4.4% or N334.55 billion to N8.02 trillion from N7.69 trillion as at 31 December 2020.
Major components of the assets
- Loans and advances to customers: N2.54 trillion (N2.22 trillion in 2020)
- Investment securities: N1.78 trillion (N1.55 trillion in 2020)
- Cash and balances with central banks: N1.63 trillion (N1.63 trillion in 2020)
Similarly, total liabilities increased by 4.7% or N327.64 billion to N7.25 trillion as at 30 June 2021 from N6.92 trillion as at 31 December 2020.
Major components of liabilities
- Deposits from customers: N5.08 trillion (N4.89 trillion in 2020)
- Deposits from banks: N1.08 trillion (N1.04 trillion in 2020)
Total equity rose to N772.09 billion in H1 2021 from N765.17 billion in 2020 due to an increase in retained earnings to N155.24 billion from N132.42 billion in 2020.
Cash flow
The net cash flow used in operating activities fell to N17.63 billion from N314.96 billion used in H1 2020.
FBNH also used N683.94 billion in investing activities in H1 2021, in contrast to N272.41 billion generated from the same activities in H1 2020.
N2.04 billion was used in financing activities in H1 2021 compared to N31.41 billion used in H1 2020.
Cash and cash equivalents at end of H1 2021 settled at N1.23 trillion (N1.24 trillion in H1 2020).
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
