E-Banking boosts FBN Holding earnings as investors await Q3 result

As investors of FBN Holding Plc eagerly await the third quarter audited financial result for the period ended September 30, experts in the banking sector have predicted that the banking group will deliver strong earnings going by its previous financial results.

FBNHoldings recently notified the exchange and investing public of the delay in filing its financial results for the period ended September, owing to the audit being carried out.

The bank has pegged November 29, 2021 as the likely date for the financial result to be filed upon approval by shareholders and the apex bank, CBN.

FBN Holdings Plc, in the previous two quarters of the year 2021 recorded strong growth in its loan books issuing out a total of N320.72 billion in six months, over double of what was recorded in the first half of 2020 and more than what was issued in the nine months period of 2020.

The banking group has posted steady income arising from fees and commission, on the back of its e-banking operations.

In the first quarter and second quarter of 2021, FBN Holding witnessed a positive numbers streak as electronic banking revenue constituted the bulk of fees and commission income, generating a total of N28.82 million in the first half of 2021 compared to N21.72 million in the first of 2020.

By the third quarter of 2020, electronic banking revenue accounted for roughly 40 percent of fees and commission income. This strongly suggests that FirstBank, its commercial banking subsidiary has been able to consistently utilise its digital platforms in delivering financial services to its customers.

Electronic banking revenue is generated through various digital transactions utilised by the bank’s customers, which include fees and commissions from apps usage to commission from Automatic Teller Machines (ATM), USSD channels, internet banking, Point of Sale (POS) terminals and agency banking.

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