In its recently released H1:2020 results, FBN Holdings Plc. (FBNH) sustained its earnings momentum from the first quarter, albeit as we expected, growth was at a much slower pace. This was off the back of a weak second quarter scorecard, which portrayed the impact of the pandemic on its business. Gross earnings growth slowed to 5.82% YoY (from 14.50% YoY in the first quarter), fueled largely by a QoQ decline (-37.28%) in non-interest income and more weakness in interest income (-2.28% QoQ).
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