FBN Holdings Plc has reported a profit before tax (PBT) of N238.53 billion for the first quarter (Q1) ended March 31, 2024, marking a remarkable 325.2% increase from the N56.1 billion recorded in the same period last year.
This outstanding performance reflects the bank’s sustained financial strength despite facing domestic and international challenges. The group’s Q1 2024 profit & loss statement revealed a net profit of N208.1 billion, a substantial rise of 315.8% compared to N50.1 billion in Q1 2023.
FBN Holdings also posted gross earnings of N730.3 billion in Q1 2024, a significant 181.4% increase from N259.5 billion in the previous year’s first quarter. Despite the hike in the Monetary Policy Rate (MPR), the bank reported N455 billion in interest income, a growth of 153.3% from N179.6 billion in Q1 2023. Interest expenses surged by 234.1% to N226.42 billion, up from N67.76 billion in the same period last year.
Operating expenses, impacted by double-digit inflation, increased to N212.80 billion in Q1 2024 from N111.2 billion in Q1 2023. The bank’s total assets grew to N21.58 trillion as of March 2024, a 27.4% rise from N16.94 trillion recorded in 2022.
Customer loans and advances (net) increased to N8.42 trillion in March 2024 from N6.36 trillion in 2023, while customer deposits grew by 24.4% to N13.27 trillion from N10.66 trillion in the same period.
Group Managing Director, Nnamdi Okonkwo, expressed confidence in the bank’s performance, stating, “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.”
Okonkwo highlighted the significant improvements across key financial metrics, noting the impressive growth in gross earnings by 181.4% to N730.3 billion, and a 325.2% increase in PBT to N238.5 billion. The total assets saw a 27.4% increase within three months, reaching N21.6 trillion.
He reiterated the Group’s focus on strategic initiatives aimed at further enhancing profitability, operational excellence, and surpassing stakeholders’ expectations.
In terms of shareholding, Group Chairman Femi Otedola’s direct and indirect stake in FBNHoldings increased to 2,517,282,140 shares as of March 2024, up from 1,999,342,376 shares in March 2023.
FBNHoldings’ stock price closed at N21.1 per share on March 27, 2024, on the Nigerian Stock Exchange.