Shareholders of FBN Holdings Plc yesterday approved total dividend of N35.9 billion for the financial year ended December 31, 2013. The dividend translated into N1.10 for every shares of N0.50 kobo held by investors.
Addressing shareholders at the company’s annual general meeting, the Group Chief Executive Officer of FBN Holdings, Bello Maccido said that the company was committed to its vission of becoming the dominant financial service group in Sub- Sahara Africa. He said that the company posted profit before tax of N91.337 billion from N93.921 billion achieved in the comparative period of 2012.
The company’s gross earnings went up to N395.9 billion, up by 7.0 per cent year-on-year against N370.2 billion achieved in the preceding year while the non-interest income stood at N67.0 billion, dropping by 9.3 per cent year-on-year from N73.9 billion in the previous year.
He said that in spite of the difficult regulatory environment under which commercial banking group operated in 2013, impacting fee-base income as a result of new regulatory policies, it was able to maintain its prior performance.
Specifically, he said that the commercial banking group posted profit before tax of N87.46 billion, compared with N87.14 billion achieved in the preceding year.
He said that the banking group witnessed 8.9 per cent growth in gross earnings from N341.96 billion in 2012 to N372.56 billion within the period under review.
The result showed that commercial banking group contributed 93.7 per cent of the total revenue while investment Banking and Asset management, Insurance and other financial services added 4.9 per cent, 0.9 per cent and 0.5 per cent respectively to the group net revenue.
