FBN Holdings Plc has announced a remarkable N238.53 billion profit before tax (PBT) in its unaudited first-quarter (Q1) results for the period ending March 31, 2024. This figure represents an impressive 325.2 per cent increase from the N56.1 billion reported in Q1 2023, highlighting the bank’s robust performance amidst challenging economic conditions.
Reflecting its strong fundamentals, FBN Holdings sustained its growth trajectory with a Q1 2024 profit of N208.1 billion, marking a 315.8 per cent rise compared to the N50.1 billion recorded in the same period last year. The group’s gross earnings surged to N730.3 billion in Q1 2024, up 181.4 per cent from N259.5 billion in Q1 2023, demonstrating significant revenue growth.
Amid hike in Monetary Policy Rate (MPR), the financial institution declared N455 billion interest income 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.
On 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 FBNHoldings declared N8.42 trillion Customer loans & advances (Net) as of March 2024 from N6.36 trillion in 2023, 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.
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 181.4per cent to N730.3 billion, while profit before tax increased by 325.2per cent to N238.5 billion while our total assets increased by 27.4per 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 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 March 27, 2024 at N21.1 per share on the floor of the Exchange.