FBN Holdings pretax profit rises, declares bonus shares

Nigeria’s FBN Holdings 2014 pretax profit rose 1.7 percent to 92.9 billion naira ($467 million) from year ago, the top tier lender said on Wednesday.

The holding company, which has subsidiaries including First Bank Limited, said in a statement gross earnings grew 21.3 percent during the period to 480.6 billion naira.

FBN Holdings proposed a dividend of 0.10 naira and a bonus of one new share for every 10 held, against 1.05 naira dividend it paid in 2013.

In contrast Transnational Corp. of Nigeria, a conglomerate with interest in hotels, power and oil and gas its 2014 pretax profit fell 14 percent to 7.73 billion naira ($39 million) from year ago.

The firm did not give a reason for the drop in profits. It said in a statement revenues more than doubled during the period to 41.3 billion naira.