FBN Holdings has recorded a profit of N411.9 billion for its 2024 half-year, marking its best-ever half-year performance. Its half-year profit of N411.9 billion is more than double the N205 billion pre-tax profit reported for the same period in 2023.
The bank also released its 2024 second-quarter results, showing a pre-tax profit of N177.79 billion, representing an 18.9% year-on-year growth.
The impressive performance will excite the bank shareholders, who will witness the first quarterly results under the leadership of Femi Otedola as Chairman and Olusegun Alebiosu as Managing Director/Chief Executive.
Otedola assumed chairmanship of the bank in January while Alebiosu was appointed acting MD/CEO in April.
FBN Holdings recorded a Net Interest Income of N288 billion compared to N124.3 billion (+132%) recorded in the same 2023.
The bank reported a Net Fee and Commission of N58.4 billion while its Operating Profit was N177.7 billion.
The Pre-tax profit was N156.1 billion while the Earnings per share was 40 kobo. The Loans and advances to customers were at N9 trillion and the Customer deposits stood at N15.1 trillion while Assets stood at N2.2 trillion.
According to FBN Holdings, its performance was driven by growth in interest income, which was 2.5 times more than the N197 billion reported a year earlier.
Interest income earned also surpassed the N446 billion reported in the first quarter of 2024. The major drivers for interest income were loans and advances to customers and income from investment securities.
FBN Holdings also reported a net foreign exchange loss of N66.45 billion, bringing its total half-year losses to N165 billion.
However, the bank also reported N143.3 billion as net gains from instruments at fair value, taking the total for the first half of the year to N433.2 billion.
Regarding the company’s segment performance, the commercial banking group contributed N366.1 billion to total profits, while the Investment Banking and Asset Management group contributed N37.1 billion.