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FBN Holdings Q3 profit up YOY as impairments drop

Nigeria-based FBN Holdings PLC reported third-quarter unaudited consolidated profit attributable to owners of the parent of 19.36 billion naira, up from 11.12 billion naira a year earlier.

EPS for the quarter stood at 1.38 naira, compared to the year-ago 1.22 naira.

Third-quarter net interest income came in at 64.72 billion naira, down on a yearly basis from 71.89 billion naira, while fee and commission income rose over the same period to 27.33 billion naira from 21.01 billion naira.

Net gains on foreign exchange fell to 890 million naira from 10.91 billion naira a year ago. The bank booked net gains from financial instruments at fair value through profit or loss of 1.06 billion naira, compared to net losses of 1.07 billion naira in the third quarter of 2018.

Impairment charge for losses narrowed year over year to 6.35 billion naira in the quarter from 23.38 billion naira.

For the nine months ended Sept. 30, the bank's attributable profit came in at 49.59 billion naira, up year over year from 43.63 billion naira.

As of Oct. 21, US$1 was equivalent to 361.50 Nigerian naira.