FBN Holdings Plc reported earnings results for the third quarter and nine months of 2013. The company's gross earnings grew 11% year-on-year to NGN 290.8 billion, largely from interest income on loans and advances. There was a year-on-year increase of 11.9% in interest income as well as a 9.4% rise in non-interest revenue. It said its net revenue growth was muted by impact of an 11.9% growth in interest income, tempered by faster growth in interest expense in third quarter 2013 due to the tightening of regulatory policies. Profit before tax, which closed at NGN 70.1 billion, was supported by growth in interest income but muted by higher interest expense, credit impairment charges, and marginal growth in operating expenses.

The group's Commercial Banking nine months 2013 overview revealed a 7.9% year-on-year increase in gross earnings to NGN 272.7 billion from NGN 252.7 billion in 2012; driven on the back of a 7% increase in interest income. Pre-tax profit was NGN 67.7.8 billion compared to NGN 75.7 billion in 2012 due to an 11% growth in interest income from loans and advances to customers.