TheCable

Oba Otudeko, chairman of the board of directors of FBN Holdings, says the company will work towards improving the value created for shareholders.

At the annual general meeting that held on Monday, April 27, at Oriental Hotel, Lagos, Otudeko said the company is positioned and driven to remain relevant and be involved in the development of the Nigerian economy and its host countries across Africa.

“FBNHoldings deepened its efforts to realise revenue and as a result, a 42% increase in synergy revenue was recorded during the financial year, highlighting the group’s enhanced ability to address customers’ needs through our thriving subsidiaries.

“It is important to highlight that the board of directors and management of FBNHoldings will ensure that all our operating entities have sufficient resources (financial and non-financial) to grow their businesses, deepen market penetration and enhance overall shareholder value.

“In line with current and future trends, we have realigned our vision and strategic priorities across our operating entities. Furthermore, we have identified synergistic opportunities and key services that can be leveraged to further drive efficiency and overall productivity across the group.”

The chairman also said the year 2020 marks the beginning of another three-year strategic planning cycle for the group and “we have extensively engaged internally and mapped our course of action over the next three years”.

In his remarks, UK Eke, the group managing director, said: “The group’s profit before tax of N83.6 billion, a 30.9% growth over the prior year at N63.9 billion, other key metrics such as return on equity, loans and advances, deposits, shareholders’ equity improved during the year at varying rates.

“Return on equity improved by 270 basis points closing the year at 12.4% from 9.7%. Total assets grew by 11.4% from N5.6 trillion to N6.2 trillion over the last one year. Total deposit and shareholders’ equity grew 15.3% and 25%, closing the year at N4.0 trillion and N661.1 billion respectively.”

He assured shareholders that the strategy to reposition the Group is gathering momentum and the key pain points, including the challenging delinquent loan portfolio, have been effectively addressed except for the need to intensify efforts at reducing our cost to serve.