FBNH Plc. 9M’ 18- Higher Interest And Operating Expenses Drags PBT

FBNH Plc. 9M’ 18- Higher Interest And Operating Expenses Drags PBT

Dear Client/Reader,

FBNH Plc. for 9M 2018 results showed that Interest income declined by 5% y/y from N356 bn in 9M’2017 to N338 bn due to the 5% and 2% y/y reductions in income from investment securities as well as loans and advances given to customers respectively. Impairment charges reduced by 22% from N97.5 bn in 9M’17 to N76 bn in the current period. The firm also reported a significant growth in trading income which grew remarkably by 75% y/y from N15 bn in 9M’2017 to N26 bn. However, PBT and PAT declined by 7.4% and 2% respectively due to the 7% increase in operating expenses that increased from N172 bn in 9M’17 to N184 bn in 9M’18. Consequently, EPS reduced by 2.4% y/y from N1.25 in 9M’17 to N1.22.

Key Multiples/Ratios

 Book Value Per Share- 19.38

 Net Profit Margin-   10.68%

 Return on Equity –  6.45%

 Return on Asset- 0.84%

 Price to book value- 0.49x

 Year-to-Date Change- 6.82%

 Total Loan to Total Deposit- 67.63%

 Current Shares Outstanding-  35.89 billion

  Price to Book Value- 2.23x

Please find attached FBNH Plc. 9M-2018 result.

Earnings Flash- FBNH Plc. 9M-2018

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