Business & Finance

First Bank’s Profit Dropped by 82% In 2015

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First Bank of Nigeria Holdings, a leading Nigerian financial services group, released on Tuesday its financial statement for the 2015 full year ended December 31, 2015.

The company said its after-tax profit fell 82 percent year-on-year to N15.1 billion in 2015 compared with N84 billion recorded in the previous year.

Gross earnings, however, rose 3.9 percent to N492.3 billion in 2015 compared with N473.8 billion in 2014. Total assets declined 4.1 percent to N4.2 trillion in 2015 as against N4.3 trillion recorded in the previous year.

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FBN Holdings said impairment charges on credit losses rose by a whopping 360 percent, from N25.9 billion in 2014 to N119.3 billion in 2015.

In the year under review, FBN Holdings said basic per share earnings fell to 43 kobo as against N2.35 recorded in the previous year.

The company’s stock rose 2.42 percent to N3.39 on the Nigerian Stock Exchange on Tuesday.

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