FBN Holdings Plc has reported a N238.53 billion profit before tax (PBT) in its unaudited financial results for the first quarter (Q1) ended March 31, 2024. This is a 325.2-cent growth from the N56.1 billion reported in the same quarter of 2023.
According to the bank, the Q1 2024 results were a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges.
From its Q1 2024 profit & loss figures, the Group declared N208.1 billion in profits, which was about 315.8 per cent compared with the N50.1 billion reported in Q1 2023.
FBN Holdings also 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 a hike in the Monetary Policy Rate (MPR), the financial institution declared N455 billion in interest incomes in Q1 2024, a growth of 153.3 per cent from N179.6 billion in Q1 2023, while interest expenses closed Q1 2024 at N226.42 billion, representing 234.1per cent increase from N67.76 billion reported in Q1 2023.
Against the backdrop of a double-digit inflation rate, operating expenses moved from N111.2 billion in Q1 2023 to N212.80 billion reported 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.
As FBN Holdings declared N8.42 trillion in Customer loans & advances (Net) as of March 2024 from N6.36 trillion in 2023, the full financial year, its customer deposits stood at N13.27 trillion as of March 2024, an increase of 24.4 per cent from N10.66 trillion reported in 2023 financial year.
Commenting on the Q1 financial results, Nnamdi Okonkwo, the Group Managing Director at FBN Holdings, said, “FBN Holdings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders.
In his words, “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 cents 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 towards further improving profitability, enhancing excellence in performance and surpassing stakeholders’ expectations.
However, the shareholding structure of FBN Holdings 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 FBN Holdings closed on March 27, 2024, at N21.1 per share on the floor of the Exchange.