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FBN Holdings Plc Reports Third Quarter 2020 Profit of N21.9 Billion

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Access Bank Nigeria Plc posted an improved after-tax profit (PAT) of 102.3 billion naira for the period ended September 30, 2020, according to its latest financial sent to the Nigerian Stock Exchange on Thursday.

The latest PAT figures show a gain of + 15.7% over the figures recorded during the corresponding period last year.

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Highlights of its 9M 2020 results

  • Profit after tax rose to 102.3 billion naira in the 9 months of 2020, up + 15.7% year-on-year.
  • Profit before tax also increased to 116.6 billion naira in the 9 months of 2020, indicating a gain of + 15.7% year-on-year.
  • Interest income calculated using the effective interest rate declined slightly to 317.7 billion naira, down -9.02% year-on-year.
  • Interest expense fell to 179.01 billion naira, down -8.1% year-on-year.
  • Net interest income declined to 196.3 billion naira, indicating a -6.6% year-over-year slide.
  • Net commission and fee income increased to 71.8 billion naira, up + 28.3% year-on-year.
  • Personnel costs rose to 57.1 billion naira, up + 4.4% year-on-year.
  • Other operating expenses increased to 163.8 billion naira, up + 34.0% year-on-year.
  • Earnings per share (basic) increased to N290, indicating a gain of + 7% year-on-year.
  • Loans and advances to customers increased to 3.09 trillion naira, indicating a gain of + 6.04% between December 2019 and September 2020.
  • Total assets also increased to reach N7.9 trillion between December 2019 and September 2020, indicating an increase of + 10.9%.

READ: Aviation: Nigerian ground handling companies account for lost revenue due to pandemic-induced drop

GTBank 728 x 90

Conclusion

Compared to the corresponding figures of last year, the significantly improved performance of income generating components such as net commission and commission income, net gains on financial instruments and net foreign exchange gains explain the increase in profit on an annual basis. .

The increase in total assets year over year is attributable to components of current and non-current assets such as gains on derivative financial assets, loans and advances to customers and investment securities, among others. .


Coronation announcements

READ: STANBIC IBTC reports after-tax profit of N45.2 billion in first half of 2020

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