FOR THE THREE MONTHS ENDED 31 MARCH 2020

FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its unaudited results for the three
months ended 31 March 2020.
Income Statement
• Gross earnings of ₦159.7 billion, up 14.5% year-on-year (y-o-y) (Mar 2019: ₦139.4 billion1
)
• Net-interest income of ₦60.3 billion, down 15.9% y-o-y (Mar 2019: ₦71.7 billion1
)
• Non-interest income of ₦49.7 billion, up 88.9% y-o-y (Mar 2019: ₦26.3 billion1
)
• Operating income of ₦110.0 billion, up 12.2% y-o-y (Mar 2019: ₦ 98.0 billion1
)
• Impairment charge for credit losses of ₦9.7 billion, down 29.9% y-o-y (Mar 2019: ₦13.8 billion)
• Operating expenses of ₦71.6 billion, up 7.9% y-o-y (Mar 2019: ₦66.4 billion1
)
• Profit before tax of ₦28.7 billion, up 61.5% y-o-y (Mar 2019: ₦17.8 billion1
)
• Profit after tax2
of ₦25.7 billion, up 62.7% y-o-y (Mar 2019: ₦15.8 billion1
)
Statement of Financial Position
• Total assets of ₦7.0 trillion, up 13.2% year-to-date (y-t-d) (Dec 2019: ₦6.2 trillion)
• Customer deposits of ₦4.3 trillion, up 6.7% y-t-d (Dec 2019: ₦4.0 trillion)
• Customer loans and advances (net) of ₦2.1 trillion, up 10.7% y-t-d (Dec 2019: ₦1.9 trillion)
Key Ratio
• Post-tax return on average equity 15.3% (Mar 2019: 11.8%)3
• Post-tax return on average assets 1.6% (Mar 2019: 1.1%)3
• Net-interest margin 6.3% (Mar 2019: 7.7%)
• Cost to income ratio 65.1% (Mar 2019: 67.7%1
)
• NPL ratio 9.2% (Dec 2019: 9.9%)
• 30.1% liquidity ratio (FirstBank (Nigeria)) (Dec 2019: 38.2%)
• 15.3% Basel 2 Capital Adequacy Ratio (FirstBank Nigeria: Dec 2019: 15.5%)
• 17.1% Basel 2 CAR (FBNQuest Merchant Bank) (Dec 2019: 17.1%)