With N206.3bn Half Year Result, FBN Posts New Record in PBT Kayode Tokede FBN Holdings Plc, yesterday on the Nigerian Exchange Limited (NGX), declared N206.3billion profit before tax (PBT) in its unaudited half year (H1) account ended June 30, 2023, which was a new record high for the oldest financial institution in
Nigeria. The PBT recorded was about 213.8 per cent higher, when compared with the N65.7 billion declared by the parent company of First Bank in the first half of 2022. FBN Holdings in 2022 full year result and accounts declared N157.7billion PBT and in 2021, it
announced N166.7billion PBT. Key factors that contributed to the outstanding increase in the FBN Holdings PBT and profit after tax figures included: N656.5billion gross earnings reported in H1 2023, an increase of 83 per cent from N359.2billion reported in H1 2022, and N257.9billion
non-interest income in H1 2023, a growth of about 113.8 per cent from N120.6billion in H1 2022. The group’s balance sheet position improved significantly, as total assets crossed the N14trillion mark as of June 30, 2023. FBN Holdings declared N14.18 trillion total assets as of June 30,
2023, an increase of 34 per cent, from the N10.58 trillion reported in 2022 full year. The increase in total assets was driven by N5.26 trillion customer loans and advances (Net) as of June 30, 2023, an increase of 39 per cent from N3.79trillion and N9.04 trillion customer deposits as of June 30,
2023, a growth of about 27 per cent from N7.21trillion reported in 2022FY. Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo, said in a statement, “FBN Holdings has continued to deliver a strong Continued on page 5
NECA to FG: Rising Cost of Living Driving Organised Businesses, Nigerians into Hopelessness... Page 12 Friday 21 July, 2023 Vol 28. No 10327. Price: N250
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PSC Approves Appointment of Two DIGs, 14, 052 Inspectors, Confirms 9,016 ASPs... Page 17
Subsidy Removal: KPMG Calls for Tax Cuts,TransportVouchers Says transparency critical in managing gains
Emmanuel Addeh in Abuja KPMG a global audit, tax and advisory services firm has called for the deployment of alternatives
to money in cushioning the severe impact of the recent petrol subsidy removal. In a report it titled: “ Removing Nigeria’s PMS Fuel Subsidy: We
Can’t Have Our Cake & Still Eat it”, the organisation stated that to minimise the negative impacts of subsidy removal, there was a need for a set of coordinated actions that
considers the inflationary impact, potential social unrest, and the need for compensating measures to cushion the poor. It stated that the $800 million
World Bank proposed “Compact with the People” was therefore a step in the right direction, but noted that communication was also key in ensuring that stakeholders are
properly informed and engaged in the decision-making process. The renowned accounting and Continued on page 5
Tinubu Approves Infrastructure Support Fund for 36 States to Cushion Effects of Subsidy Removal FAAC shares N907bn among FG, states, LGs for June N1.9tn generated, N790bn to be saved, balance for statutory deductions NEC rejects Buhari’s national social register over integrity concerns Endorses deployment of CNG vehicles for public transportation FG to distribute 252,000 tonnes of grains to states FIRS to increase annual revenue generation from N10tn in 2022 to N25tn in 2024 See story on page 5
JONATHAN IN BANGKOK ENROUTE TO CAMBODIA... L-R: Nigeria's Ambassador to Thailand, Amb Oma Djebah and former President Goodluck Jonathan at the Executive VIP Lounge of the Suvarnabhumi International Airport, Bangkok as the former President transits to Cambodia as Head of the election Observation Mission to Cambodia...yesterday
ANOTHER FIRST IN NIGERIA.... Managing Director of UTM Offshore Limited, Mr. Julius Rone,OFR (left), and Group Chief Executive Officer of Nigeria National Petroleum Company Limited, Mr. Mele Kyari, after the signing of Heads of Terms (HoT) agreement by the two companies for the construction of 1.5 million tonnes per annum (MTPA) FLNG (Floating LNG project) in which NNPC is taking 20% stake in Abuja...yesterday