First Bank Plc released its full-year 2020 interim results showing a profit boost from sales of its insurance business.
- Net Interest Income after adjusting for loan losses was N205.8 billion vs N239 billion, (-22.1% YoY)
- Net fees and commissions of N103 billion vs N83.8 billion, (+25.1% YoY).
- Operating income for the group was N373.8 billion vs N398.1 billion (-17.6% YoY)
- Profit after tax without discontinued operations N65.9 billion vs N73.8 billion, (-21.5% YoY)
- Profit from discontinued operations (sale of its stake in FBN Insurance) N13.3 billion
- PAT with discontinued operations is N79.71 billion in 2020 compared to N73.67 billion a year earlier. +8.20% YoY
- Earnings per share for the period under review is N2.18 from N1.95. +11.79%YoY
- No dividend announcement was made in their press release.
- The company share price of N7.35 as of when the result was released. It is down 6.37% year to date.
Bottom Line: Company’s result was worse than expected, however, it received a major boost from its sale of FBN Insurance in 2020.
See link to results