FBN Holdings to Downsize To Boost Profitability

FBN Holding PLC, owners of First Bank PLC, plans to reduce staff on its payroll as part of measures to recover from the 2015 82 percent slump in its profits.

The company chief executive officer, Adesola Adeduntan, who made this known to Bloomberg, said fbn did not shy away from taking difficult decisions.

Adeduntan recalled that FBN used to have 8,000 staff on its payroll, but reduced them gradually to 7,000.

He said the company intended to focus less on providing loans to the oil sector and channel more of its loans to the blue chip companies in other industries.

He also said the company would increase its return on equity to between 11 and 14 per cent this year, from three percent in 2014

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