FBN Holdings Plc declared N238.53bn profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024, results, which was about 325.2% growth from the N56.1% reported in Q1 ended March 31, 2023.
The Q1 2024 results reflected the impressive 2023 performance, as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges. From its Q1 2024 profit and loss figures, the Group declared N208.1bn profit, which was about 315.8% higher than the N50.1bn reported in Q1 2023. The group announced N730.3bn gross earnings in Q1 2024, which was an increase of 181.4% from N259.5bn in Q1 2023.
Amid the hike in the Monetary Policy Rate (MPR), the financial institution declared N455bn interest income in Q1 2024, a growth of 153.3% from N179.6bn in Q1 2023. Interest expenses closed Q1 2024 at N226.42bn, representing a 234.1% increase from N67.76bn reported in Q1 2023. On the backdrop of a double-digit inflation rate, operating expenses moved from N111.2bn in Q1 2023 to N212.80bn reported in Q1 2024.
As of March 2024, total assets from the balance sheet position stood at N21.58trn, a 27.4% increase from the N16.94trn recorded in 2022. FBNHoldings declared N8.42trn Customer loans & advances (Net) as of March 2024, up from N6.36trn in the full financial year 2023. As of March 2024, its customer deposits stood at N13.27trn, an increase of 24.4% from N10.66trn reported in the 2023 financial year.
The Group Managing Director of FBN Holdings, Nnamdi Okonkwo, said that FBNHoldings’ strong start to the year reinforces confidence in achieving targets and delivering sustained value for our shareholders. The commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results.
The key financial metrics have significantly improved, underpinned by strong revenue growth and improved operational efficiency. Remarkably, gross earnings grew 181.4% to N730.3bn, profit before tax increased by 325.2% to N238.5bn, and our total assets increased by 27.4% in three months to N21.6trn.
He added that the Group remained focused on its strategic initiatives to further improve profitability, enhance excellence in performance, and surpass stakeholders’ expectations.
However, FBNHoldings’ shareholding structure showed that the Group Chairman, Mr. Femi Otedola’s direct and indirect stake in the Group stood at 2,517,282,140 as of March 2024, up from 1,999,342,376 in March 2023. The share price of FBNHoldings closed on March 27, 2024, at N21.1 per share on the floor of the Exchange.
