FBN Holdings Plc to downsize

FBN Holdings Plc, the parent company of First bank Limited said it would cut jobs and focus less on providing loans to the oil industry in a bid to reverse last year’s 82 percent slump in profit.
Managing Director/Chief Executive, Mr. Adesola Adeduntan, FirstBank
Limited disclosed this in an interview with Reuters.
He said the bank plans to boost its return on equity, a key measure of profitability, to between 11 per cent and 14 per cent in 2016 from last year’s “really bad” figure of 3 per cent.
The bank is also targeting a cost-to-income ratio of 55 per cent in two years time from 59 percent, he said. “ROE will be much better than last year,” Adeduntan said.