FBN Holdings Plc recorded a 138 per cent increase in profit for the 2024 financial year, rising to ₦738.9bn from ₦310.4bn reported in 2023.
The group’s financial statement, released on the Nigerian Exchange Limited, showed that profit before tax rose by 142 per cent to N862.4bn, compared to N356.1bn in the previous year.
Interest income surged by 158 per cent to ₦2.42tn, up from ₦936.7bn in 2023, reflecting improved earnings from loans and investment securities.
Net interest income also grew significantly by 155 per cent to ₦1.39tn, compared to ₦546.3bn in the previous year.
However, impairment charges for credit losses increased by 83 per cent to N410.8bn, up from ₦224.9bn in 2023, indicating higher provisions for loan losses.
Fee and commission income improved by 37 per cent, reaching N302.9bn from ₦220.3bn in the prior year, driven by increased transaction volumes and banking activities.
Foreign exchange transactions recorded a loss of ₦62.6bn, although this was an improvement from the ₦334.2bn loss recorded in 2023.
Dividend income rose to ₦27.1bn, while net gains from financial instruments at fair value through profit or loss stood at ₦641.9bn, down from ₦678.4bn in the previous year.
Earnings per share for the period increased to ₦20.40, compared to ₦8.59 in 2023, reflecting strong profitability and improved returns to shareholders.
Despite the earnings performance, personnel expenses surged to N320.2bn, while other operating expenses rose to ₦584.8bn, highlighting increased operating costs.
The PUNCH reports that the gross earnings of FBN Holdings Plc rose by 134 per cent to ₦2.25tn at the end of September 2024, compared to ₦962.40bn recorded for the corresponding period in the previous year.
Credit: punchng.com