cutefergiee:
Ok. Nice one tho.. Gross earning 595, PAT 47? Majority of dose expenses na Dem directors chop am.. Anyways it is their profit. What do I knw..
Its gonna be a great day.first topic first to comment.. Wish � all nairalanders a great day ahead.Big blessings ova d hustle today.
God bless us all

Pls I am interested in this aspect...How can you Gross 595BN and then declare PAT 47? Its not adding up

HigherEd:
Which kind reporting be this. You never defined what FBN meant. Is it First bank of Nigeria or what

FBN means first bank of Nigeria bro!

You no go see traffic for this kain thread... no female readers either. Fvck... lazy ass girls... all they care abt is bbn and running after made-men. Damn!

lionshare:


Pls I am interested in this aspect...How can you Gross 595BN and then declare PAT 47? Its not adding up

Me sef tire.. It shows u how much has gone into admin expenses.overheads.finance costs.paying of interests.salaries and wages.directors fees etc.. Na dia dose ogas dey hide perpetrate fraud. Send demselves plenty abroad trips on coys money.all dia children school fees.wifes allow an.domestic staff.private cars.private yatch etc..na dose cost fit do dat kain magic whr 595 go bcom 47

Why won't dey report profits?? Dem Comot N53 from my account monthly for card maintenance, Den send double alerts on each transaction, debit N10 for alerts for deposit or withdrawal

yeyerolling:
loans are available bt there are stringent conditions and the rates make no sense. 22-27% imagine. When in saner climes u can get loan of 3-5%. Bt in times past nigerians too have scammed them alot. The society is just messed up. We have see where farmers used bank loans to marry more wives, some used d loans to port abroad, even the collateral pple use for loans u can get injunction to prevent its takeover. So we cant blame the banks o. They prefer to give otedolar ,adenuga or dangote cos if gobe happen amcon is there

It's all a revolver. When you give loans at so ridiculously high interest rate, how do you expect repayment to be easy? We need a system of credit reporting that identifies credit worthiness of loan seekers. Measures can be put in place by the bank and the govt to prevent misuse of loans. We are just too laid back and complacent at doing anything.

inoki247:
Buhari thank u our FBN reserve az grown. we no nid loan again b dt. abi wetin b d meaning of FBN.. FEDERAL BANK OF NIGERIA?

First bank Nigeria holding. It comprises First bank Nigeria, first bank insurance, first bank quest, first bank capital etc

cutefergiee:

Me sef tire.. It shows u how much has gone into admin expenses.overheads.finance costs.paying of interests.salaries and wages.directors fees etc.. Na dia dose ogas dey hide perpetrate fraud. Send demselves plenty abroad trips on coys money.all dia children school fees.wifes allow an.domestic staff.private cars.private yatch etc..na dose cost fit do dat kain magic whr 595 go bcom 47

This is really crazy o. To me they have made no profit. So on a bad year and with this kain expenses, they are bound to record loss

BandAid:
Our banking sector keeps declaring huge profits without giving back to the society that grows it. I wonder what the CBN is doing. These banks just collect money from the public and trade with it without giving any form of assistance to the teeming businesses and entrepreneurs who are supposedly growers of every economy.

The banks decline to give loans on merit. How do you grow the economy when all banks do is collect from the public and refuse to give back? The banks would rather fund political campaigns and churches who contributes nothing to the real sector of the economy. Imagine!

i wouldn't want to entirely say its the banks fault, the CBN has a major role to play, FirstBank got its hands really burnt last year when many companies were unable to repay loans advanced to them. This was evidenced by the large loan loss provisioning made previous year. CBN as the apex bank should play a more role in giving out good credit to genuine users at a very low interest rate even though they already started this through BOI. Banks are being overly careful to minimise bad loans and ensure its going concern potential is intact

nams77:

This is really crazy o. To me they have made no profit. So on a bad year and with this kain expenses, they are bound to record loss

Yes.. That is y even wen u see s face of d account, u wont c d breakdown.wat u c is d global figure eg Admin expenses,overhead cost because dey knw dat breaking it down go open many can of fraud.
Directors fee alone don swallow all profit. If u knw hw much dose pot bellied pythons appropriate for demselves yet pay cashiers Wey dey face offa robber 50k, u go fear.. Some annual director fees dey reach 150m each.. Imogen d nos of directors.. Na d bank dey fund all dia lifestyle reach dia dogs. Its strange Bt dats d fact.. Dats y gross can b 595 and profit Afta tax be 47..

juddexy2:
i wouldn't want to entirely say its the banks fault, the CBN has a major role to play, FirstBank got its hands really burnt last year when many companies were unable to repay loans advanced to them. This was evidenced by the large loan loss provisioning made previous year. CBN as the apex bank should play a more role in giving out good credit to genuine users at a very low interest rate even though they already started this through BOI. Banks are being overly careful to minimise bad loans and ensure its going concern potential is intact

On dat loans side. Me fink its always d banks fault. Dey can give loans to big man Wtout collateral but go ask poor man to bring d head of john d Baptist hence wen d loan go bad, its always calamitous..
And Dey giv d loans to dia cronies wt dia own cut intact.. Example Na mama Cecilia and intercontinental guy.. Dem jus dry share bank money to padipadi Wtout collateral. Now u c whr d issue dey. Eat dia cake and Av it.. U giv unsecured loans and make provision for it in d acct.. Dats witchcraft and wickedness..

Ideyontop:
One of the worse things that has happened to Nigeria is her banking sector. They do not help businesses, they CANNOT give loans to their customers (they loan to only the government meanwhile customers bring the money), nothing to help their customers with their businesses. ALL THEY DO IS SAVE YOUR MONEY. They are glorified piggy banks. God please save Nigeria.

If you run away with the loan . how will they locate you .
First we have to developed our security system ..a and government need to know where people live .
Tell your senators to make such laws
It pays bank more to give loan than holding on to money

There are still genuine business men in Nigeria. I don't know if you have any around you. If banks want to give loans (to genuine businesses), there are still legitimate businesses worthy of such loans. But some banks rather give the money to themselves through the back door. Will a business man leave his established business (worth more than the loan) and run away? I don't know how some people think sha.

lakesider:

If you run away with the loan . how will they locate you .
First we have to developed our security system ..a and government need to know where people live .
Tell your senators to make such laws
It pays bank more to give loan than holding on to money

juddexy2:
FBN Holdings today released its financial statements for the year ended December 2017.

Here are the key highlights of the results;

Revenue

The bank reported Gross Earnings of ₦595 billion for the year ended December 2017 compared to ₦581 billion reported for the period ended December 2016. This represents a 2.4% increase year on year.



Profit Before Tax



Profit before tax for the company was ₦56.8 billion for the year ended December 2017, a 148% increase from the ₦22.9 billion reported a year earlier.

Profit After tax

The Group’s profit after tax for the year ended December 2017 was ₦47.7 billion compared to ₦17.1 billion reported a year earlier. This represented a 178% increase year on year.

Earnings Per Share

FBN Holding also reported earnings per share of N1.21 for the year compared to the 39 kobo reported as at the year ended December 2016. This represents a 210% increase year on year.

Dividend declared

The Company declared a dividend of 25 kobo per share for the year.

https://nairametrics.com/first-bank-2017-fy-results/

Access bank 80 billion in 2017. Zenith bank 47 billion in the first quarter of 2018

. Gtb 44 billion for first quarter of 2018 . First bank makes 56 billion for the whole of 2017......... hmmmmmm.

blank:
It would be good to know what costs were removed/reduced to cause the giant leap. Maybe a fine? It definitely wasn't due to increased revenue even though that increased as well.

It's mainly due to impairment of loans