FBN Holdings Plc has reported a remarkable profit before tax (PBT) of N238.53 billion in its unaudited first quarter (Q1) results for the period ended March 31, 2024, representing an impressive 325.2% growth from the N56.1 billion reported in Q1 2023.
The strong Q1 2024 performance reflects the continued robustness of one of Nigeria’s oldest banks, which has successfully sustained its fundamentals amid both domestic and international challenges.
The group’s profit stood at N208.1 billion, marking a 315.8% increase from the N50.1 billion recorded in Q1 2023.
Gross earnings for Q1 2024 surged to N730.3 billion, up by 181.4% from N259.5 billion in the same period the previous year. Despite a hike in the Monetary Policy Rate (MPR), the financial institution declared an interest income of N455 billion, growing by 153.3% from N179.6 billion in Q1 2023.
Interest expenses also rose significantly, closing at N226.42 billion in Q1 2024, a 234.1% increase from N67.76 billion reported in Q1 2023.
Operating expenses climbed to N212.80 billion in Q1 2024 from N111.2 billion in Q1 2023, reflecting the impact of double-digit inflation rates.
Total assets as of March 2024 stood at N21.58 trillion, marking a 27.4% increase from N16.94 trillion recorded in 2022.
FBN Holdings also reported customer loans and advances (net) of N8.42 trillion as of March 2024, up from N6.36 trillion in 2023, and customer deposits of N13.27 trillion, a 24.4% increase from N10.66 trillion reported in the previous financial year.
In a statement, Group Managing Director Nnamdi Okonkwo highlighted the bank’s strong start to the year, emphasizing the confidence in achieving targets and delivering sustained value for shareholders.
“Our commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results. Underpinned by strong revenue growth and improved operational efficiency, our key financial metrics have shown significant improvement,” Okonkwo said.
He added that FBN Holdings remains focused on its strategic initiatives to further enhance profitability, improve performance, and exceed stakeholders’ expectations.
The shareholding structure of FBN Holdings indicates that Group Chairman Mr. Femi Otedola’s direct and indirect stake in the group stood at 2,517,282,140 shares as of March 2024, up from 1,999,342,376 shares in March 2023.
The stock price of FBN Holdings closed at N21.1 per share on March 27, 2024, on the floor of the Exchange.
