FBNHoldings grows total assets to N7.7trn, as profit hits N89bn in 2020

FBNHoldings Plc has announced a profit of N89.7 billion for the financial year ended Dec. 31, 2020, indicating an increase of 21.8 per cent.

The company disclosed this in its 2020 audited result released by the Nigerian Stock Exchange on Thursday.

The profit was higher when compared with N73.7 billion achieved in the comparative period of 2019.

Also, profit before tax rose by 11.2 per cent to N83.7 billion in contrast with N75.3 billion posted in 2019.

Its operating income stood at N426.3 billion from N417.5 billion in 2019, while gross earnings dropped marginally by 1.9 per cent to N579.4 billion from N590.4 billion in the previous year.

The company’s total assets rose by 23.9 per cent to N7.7 trillion in contrast with N6.2 trillion achieved in the corresponding period of 2019.

Also, customers deposits grew to N4.89 trillion against N4.02 trillion posted in the previous period.

The company said that the decline of 1.9 per cent…

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