FBN Holdings Plc declared N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) results ended March 31, 2024, which was about 325.2 percent growth from the N56.1 billion reported in Q1 ended March 31, 2023.
The Q1 2024 results reflected the impressive 2023 performance, as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges. From its Q1 2024 profit and loss figures, the Group declared N208.1 billion profit, which was about 315.8 percent higher than the N50.1 billion reported in Q1 2023.
The group announced N730.3 billion gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.
Amid the hike in the Monetary Policy Rate (MPR), the financial institution declared N455 billion in interest income in Q1 2024, a growth of 153.3 percent from N179.6 billion in Q1 2023. Interest expenses closed Q1 2024 at N226.42 billion, representing a 234.1 percent increase from N67.76 billion reported in Q1 2023.
Despite a double-digit inflation rate, operating expenses moved from N111.2 billion in Q1 2023 to N212.80 billion in Q1 2024.
Total assets from the balance sheet position stood at N21.58 trillion as of March 2024, which was a 27.4 per cent increase from the N16.94 trillion recorded in 2022.
FBNHoldings declared N8.42 trillion in Customer loans and advances (Net) as of March 2024, up from N6.36 trillion in the full financial year 2023. As of March 2024, its customer deposits stood at N13.27 trillion, an increase of 24.4 percent from the N10.66 trillion reported in the 2023 financial year.
The Group Managing Director, FBNHoldings, Nnamdi Okonkwo in a statement said, “FBNHoldings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our 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. Remarkably, gross earnings grew 181.4 per cent to N730.3 billion, while profit before tax increased by 325.2 per cent to N238.5 billion while our total assets increased by 27.4 per cent in three months to N21.6 trillion.”
He added that the Group remained focused on its strategic initiatives to further improve profitability, enhance excellence in performance, and surpass stakeholders’ expectations.
However, the shareholding structure of FBNHoldings showed, the Group Chairman, Mr. Femi Otedola direct and indirect stake in the Group stood at 2,517,282,140 as of March 2024 from 1,999,342,376 March 2023.
The stock price of FBNHoldings closed on March 27, 2024, at N21.1 per share on the floor of the Exchange.
