FBN Holdings Plc has reported a profit before tax (PBT) of N238.53 billion in its unaudited first quarter (Q1) results for the period ending March 31, 2024.
This represents a remarkable growth of over 325 percent from the N56.1 billion recorded in the same period in 2023.
The strong performance in Q1 2024 reflects the impressive results achieved in 2023, as one of Nigeria’s oldest banks maintained its solid fundamentals despite both domestic and foreign challenges.
The Group’s profit for Q1 2024 was N208.1 billion, marking a 315.8 percent increase compared to the N50.1 billion reported in Q1 2023.
In terms of gross earnings, the group announced N730.3 billion for Q1 2024, which is a significant increase of 181.4 percent from the N259.5 billion recorded in the corresponding period of 2023.
Despite the rise in the prime lending rate, the financial institution reported N455 billion in interest income for Q1 2024, a growth of 153.3 percent from the N179.6 billion in Q1 2023. Interest expenses also increased to N226.42 billion, up by 234.1 percent from Q1 2023.
Operating expenses rose from N111.2 billion in Q1 2023 to N212.80 billion in Q1 2024, reflecting the impact of double-digit inflation rates. Total assets as of March 2024 stood at N21.58 trillion, a 27.4 percent increase from the N16.94 trillion recorded in 2023.
Customer loans & advances (Net full financial year) reached N8.42 trillion in March 2024, up from N6.36 trillion in 2023, while customer deposits increased to N13.27 trillion, a 24.4 percent rise from N10.66 trillion in the 2023 financial year.
The Group Managing Director, Nnamdi Okonkwo, expressed confidence in achieving targets and delivering sustained value for shareholders.
He highlighted the strong revenue growth, improved operational efficiency, and significant financial metrics improvement, including a 181.4 percent increase in gross earnings and a 325.2 percent rise in profit before tax.
Okonkwo emphasized the Group’s commitment to enhancing profitability, operational excellence, and exceeding stakeholders’ expectations through strategic initiatives.
In terms of shareholding, Group Chairman Femi Otedola’s direct and indirect stake in FBNHoldings increased to 2,517,282,140 shares as of March 2024 from 1,999,342,376 shares in March 2023. The stock price of FBNHoldings closed at N21.1 per share on March 27, 2024.
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