FBN Holdings’ gross earnings ballooned by 181.4 per cent to N730.3bn in the first quarter of 2024 from N259.5bn in the corresponding period of last year, its unaudited financial statement has shown.
According to a statement from the financial group, the growth in its revenue was driven by a 153.3 per cent rise in interest income to N455bn in Q1 2024 from N179.6bn in Q1 2023.
However, interest expenses grew sharply by 234.1 per cent to N226.42bn from N67.76bn in the previous year.
Also, FBN Holdings’ profit before tax was N238.53bn, reflecting a 325.2 per cent increase from the N56.1bn reported in the same quarter last year.
“FBN Holdings Plc declared N238.53bn profit before tax in its unaudited first quarter (Q1) ended March 31, 2024 results, which was about 325.2 per cent growth from the N56.1bn reported in Q1 ended March 31, 2023,” the bank stated.
The group declared that those figures reflected the shifting dynamics in its interest income and expenses, driven by changes in the Monetary Policy Rate and the broader economic environment.
The Group Managing Director, FBNHoldings, Nnamdi Okonkwo, reaffirmed the company’s commitment to pursuing strategic initiatives aimed at further enhancing profitability, improving performance, and exceeding stakeholders’ expectations.
He added that the group’s determination to maintain its position as a leader in the financial industry would help in delivering superior results and outcomes.
“FBN Holdings’ 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,” he remarked.
He noted that the group remained focused on its strategic initiatives towards further improving profitability, enhancing excellence in performance and surpassing stakeholders’ expectations.
“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 N730.3bn, while profit before tax increased by 325.2 per cent to N238.5bn while our total assets increased by 27.4 per cent in three months to N21.6tn.
“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 N208.1bn profit, which was about 315.8 per cent compared with the N50.1 billion reported in Q1 2023,” he explained.
FBN Holdings’ shareholding structure revealed that the group’s chairman, Femi Otedola, had a direct and indirect stake in the company that increased from 2bn in March 2023 to 2.52bn as of March 2024.
FBN Holdings’ stock closed at N21.1 per share on March 27, 2024.
Credit: punchng.com
