FBN Holdings Plc announced a profit before tax (PBT) of N238.53 billion for the first quarter (Q1) ended March 31, 2024, reflecting an impressive 325.2% increase from the N56.1 billion reported in Q1 2023.
This remarkable performance is a continuation of FBN Holdings’ strong 2023 results, showcasing the resilience of one of Nigeria’s oldest banks amid both domestic and international challenges.
The Group’s Q1 2024 profit stood at N208.1 billion, marking a 315.8% increase compared to the N50.1 billion reported in Q1 2023. Gross earnings for the period soared to N730.3 billion, up 181.4% from N259.5 billion in Q1 2023.
Despite a hike in the Monetary Policy Rate (MPR), FBN Holdings reported N455 billion in interest income for Q1 2024, a 153.3% rise from N179.6 billion in Q1 2023. Interest expenses also increased significantly, reaching N226.42 billion, a 234.1% jump from N67.76 billion in Q1 2023.
Operating expenses rose from N111.2 billion in Q1 2023 to N212.80 billion in Q1 2024, driven by double-digit inflation rates. The Group’s total assets grew by 27.4%, reaching N21.58 trillion as of March 2024, up from N16.94 trillion in 2022.
Customer loans and advances (net) increased to N8.42 trillion as of March 2024 from N6.36 trillion in 2023. Customer deposits also grew by 24.4%, totaling N13.27 trillion as of March 2024, compared to N10.66 trillion in the previous year.
Group Managing Director, Nnamdi Okonkwo, commented on the results, stating, “FBN Holdings’ strong start to the year reinforces our confidence in achieving targets and delivering sustained value for our shareholders. Our commitment to optimizing the Group’s earnings capacity and maximizing operational efficiencies has again delivered outstanding results. Underpinned by strong revenue growth and improved operational efficiency, our key financial metrics have shown significant improvement. Remarkably, gross earnings grew 181.4% to N730.3 billion, while profit before tax increased by 325.2% to N238.5 billion, and our total assets increased by 27.4% in three months to N21.6 trillion.”
Okonkwo added that the Group remains focused on strategic initiatives aimed at further improving profitability, enhancing performance, and surpassing stakeholders’ expectations.
As of March 2024, the shareholding structure of FBN Holdings showed that Group Chairman Mr. Femi Otedola’s direct and indirect stake stood at 2,517,282,140, up from 1,999,342,376 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.
