FBN Holdings Plc has reported a growth of 31.7 percent in its profit after tax (PAT) for the nine months ended September 30, 2020, raising the hope of investors for a robust dividend at the end of the financial year.
The financial group posted a PAT of N68.256 billion, up from N51.747 billion in the corresponding period of 2019.
Details of the results showed that FBN Holdings recorded gross earnings of 325.279 billion, up from N324.152 billion, while net interest income stood at N192.737 billion compared with N203.53billion in 2019. Fee and commission income rose from N62.434 billion to N72.988 billion. Impairment charges rose from N28.46 billion to N46.675 billion.
Profit before tax improved from N54.469 billion to N63.280 billion, while PAT grew faster from N51.747 billion to N68.156 billion. Loans and advances expanded by 10.3 percent from N2.607 trillion to N2.869 trillion, while customers’ deposits rose from N4.019 trillion to N4.630 trillion. FBN Holdings ended the period with total assets of N7.243 trillion, up from N6.204 trillion.
The impressive results recorded despite the COVID-19 pandemic did not come as surprise to some stakeholders as the Group Managing Director of FBN Holdings Plc, Mr. UK Eke, had said necessary steps had been put in place to ensure the bank mitigate the impact of the pandemic.
According to him, FBN Holdings continued to assess the impact not only on its income in the immediate but also medium-to-long-term impact on its customers and their ability to meet obligations.
“And in line with the commitment to supporting our customers and providing leadership in the financial services industry, we will continue to provide unfettered access to financial services to our customers and address their needs. We are working in line with the guidance of the regulators including the Central Bank of Nigeria (CBN) in providing access to funding as we seek to kick-start the economy and drive growth,” he said.
He assured stakeholders that overall, “the impact on our business has been broadly in line with our expectations, and our resilience, breadth of offerings, and investment in alternative channels have ensured that the Group is able to cushion the effect and thrive.”
Eke had also said the shares of FBN Holdings had been undervalued because the valuation does not reflect the growing fundamentals as evidenced by the return on equity which has continued to improve quarter-on-quarter.
“More fundamentally, the Group has begun to reap the dividend of its investment in technology that has enhanced the earning capacity of the business and expanded our market reach,” Eke said.
FCMB Asset Management Limited Assigned Credit Rating Of BBB+(IM) By Agusto & Co
FCMB Asset Management Limited, the Asset Management arm of FCMB Group Plc, has been assigned an Investment Manager rating of BBB+(IM) by Agusto & Co., a foremost pan-African rating agency.
FCMB Group Plc is one of Nigeria’s leading financial institutions.
According to Agusto & Co.: “The rating reflects the Manager’s well-established process for generating good quality research, experienced & qualified decision-making committees, member of an established financial services group with an operational track of over 30 years.”
The firm was established in 1997 to provide portfolio management and investment advisory services to individual and institutional investors, globally.
The company is a wholly-owned subsidiary of CSL Stockbrokers Limited, a member of FCMB Group Plc.
Speaking on the firm’s new credit rating, the Chief Executive Officer of FCMBAM, James Ilori, said: “The company rating assigned to FCMBAM by Agusto & Co is another demonstration of our commitment to running a professional and transparent organization. We remain focused on providing international standard fund management solutions that cut across asset classes, markets, and currencies. We thank our stakeholders for trusting us to meet and exceed expectations and restate our commitment to creating value for all.”
FCMB Asset Management Limited currently manages four mutual funds – Legacy Money Market Fund, Legacy Debt Fund, Legacy Equity Fund, and Legacy USD Bond Fund.
In addition to the four collective investment schemes, FCMB Asset Management offers clients discretionary and non-discretionary portfolio services, as well as execution-only mandates.
FCMB Asset Management Limited prioritizes the delivery of international standard investment management services aimed at meeting investors’ investment goals in terms of capital preservation, income-generation, and capital appreciation.
FCMB Reinforces Commitment To Innovation, Customer Satisfaction, Joins Open Banking Nigeria
First City Monument Bank, one of Nigeria’s leading financial institutions, is now a member of the Open Banking Nigeria, an industry-focused non-profit body facilitating the advocacy, development, and adoption of a common standard for open Application Programming Interface within the Nigerian financial ecosystem.
With this development, FCMB has formally joined more than 50 other individual and corporate members across the financial industry, including banks, fintech, financial consultants, global customer service leaders, among other stakeholders as an integral part of Open Banking Nigeria.
Open banking is a concept aimed at enhancing the capability of operators in the financial industry and allied institutions to drive and deepen innovation through access to more customer-authorized information and data.
In Nigeria, it will result in far greater end-user satisfaction, help the various stakeholders thrive, boost collaboration, and inspire more innovation.
In addition, the adoption of the concept would create a new data-sharing infrastructure among financial institutions, which will go a long way towards enriching the range of services and products that would emerge from operators.
Commenting on FCMB’s membership of Open Banking Nigeria, the Divisional Head, Transaction Banking of the Bank, Rolayo Akhigbe, said: “As an institution focused on the attainment of enhanced customer experience and a more productive as well as impactful business environment, our membership of Open Banking Nigeria reinforces our commitment to the delivery of exceptional services.
“We are optimistic that this would also upscale our operations and ultimately enable us to align with the aspirations of our customers.”
Also commenting, the Team Lead, Banking As A Service of FCMB, Isi Nweje, stated: “As always, we are receptive to partnering with the drivers of initiatives that advance the development of Nigeria’s financial services industry to greater heights, while also enabling and fast-tracking growth across other sectors of the economy.”
A Trustee of Open Banking Nigeria, Ope Adeoye, said: “It is a delight to welcome FCMB to the fold. We anticipate working together for a standardized API-led system that would facilitate the growth, accessibility, and viability of numerous cross-industry initiatives which would stem from Nigeria’s financial ecosystem.”
Established in 2017 to define and develop these open and non-partisan APIs, Open Banking Nigeria serves as a platform where industry players jointly champion a progressive cause for the benefit of the country and, by extension, the African continent.
First City Monument Bank is a member of FCMB Group Plc, one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
With a clear understanding of its market and environment, the Bank has successfully transformed into a retail banking and wealth management-led group.
It has also continued to distinguish itself through innovation and the delivery of exceptional services while enhancing the growth and achievement of the personal and business aspirations of customers.
Access Bank Renews Commitment To Customer Education and Satisfaction, Announces Revised Customer Complaint Channels
Driven by its promise to deliver unrivaled customer service to all its customers, Access Bank Plc has announced an extension of its customer education and complaint management activities.
Over the years, Access Bank has strived to reach all audience tiers and communities, communicating and simplifying information on how customer-related bottlenecks can be resolved.
According to Ogor Chukudebelu, the Chief Customer Experience Officer at Access Bank Plc, the institution’s efforts are borne out of the desire to “heighten the public’s consciousness and radically improve awareness of the vast array of resources available to them as we strive to improve their banking experiences.”
“In today’s fast-paced society, there is an increased demand for information. Information that not only helps draw the institution closer to its customers but also makes banking convenient for customers.
As a customer-centric bank, we appreciate feedback from our customers to help us resolve any issues they have. The feedback also serves to improve and enhance their banking experience. Therefore, we have various platforms where customers can lodge their complaints or give suggestions. We will continue to avail all customers within the option of using their preferred complaint lodgment medium,” he added.
All Access Bank customers can henceforth have their complaints lodged and resolved swiftly through the following channels:
- Social media: Facebook (@AccessBankPlc), Twitter (@accessbank_help) and Instagram (@myaccessbank)
- Tamada: tamada.accessbankplc.com
- WhatsApp Banking: 08089019019
- Contact center telephone: 07003000000, 01-2802500, 01-2712005-7
- Ombudsman: [email protected].
Access Bank is committed to giving its customers best-in-class services and providing a seamless banking experience for all its customers across the globe.