BusinessHighlight

Q1 2024: FBN holdings flaunts impressive performance, posts N238.53bln profit before tax

The group announced N730.3 billion gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.

544

With its impressive performance as one of the oldest banks in Nigeria sustaining its fundamentals amid domestic and foreign challenges, FBN Holdings Plc has declared a N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024 results.

It is about 325.2 percent growth from the N56.1 billion reported in Q1 ended March 31, 2023.

From its Q1 2024 profit & loss figures, the Group declared N208.1 billion profit, which was about 315.8 per cent compared with the N50.1 billion reported in Q1 2023.

The group announced N730.3 billion gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.

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 FBN Holdings also 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 said 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.

 

 

Leave a comment

Related Articles

NMA urges government to check brain drain, save sector from ageing workforce

The Nigerian Medical Association (NMA) has called on the government at all...

I’m no longer interested in investing in Nigeria’s steel industry, says Aliko Dangote

Alhaji Aliko Dangote, the Chairman of Dangote Industries Limited, has halted the...

NDLEA uncovers hard drugs hidden in incense candles, women’s clothing in Lagos

Operatives of the National Drug Law Enforcement Agency (NDLEA) in Lagos have...

Nigerian doctor, Fola David, makes history, breaks world records for largest drawing

Nigerian doctor and visual artist, Fola David, has made history by surpassing...

Dangote Refinery, Lagos, hosts Speaker, other Reps

A delegation of the House of Representatives, led by Speaker Tajudeen Abbas,...

Tinubu meets security chiefs, harps on improved synergy to curb insecurity

President Bola Tinubu has tasked security chiefs with coordinating and synergizing efforts...

Lagos unveils comprehensive plans to enhance waste management

The Lagos State Government has unveiled comprehensive plans to enhance waste management...

My new album represents journey of African music—D’banj

Nigerian music star D’banj has concluded plans to release his highly-anticipated fifth...

Gordons ‘D Berlusconi Misunderestimated’ set to “light up” Lagos in September

Legendary Nigerian comic king and performer, Gordons, is set to bring his...

Sen. Pres. Akpabio’s comment about female Sen. Akpoti-Uduaghan sparks social media outrage

By Shine Alagba Social media are abuzz following the viral video featuring...

Reps set to review N6.2trn FG’s supplementary budget

The Deputy Spokesman for the House of Representatives, Rep. Philip Agbese, has...

Tinubu departs Abuja on Saturday for AU meeting in Ghana

President Bola Tinubu will on Saturday depart Abuja for Accra, Ghana, to...

N423bn probe: Ex-Kaduna Gov El-Rufai accuses judge of bias, petitions FHC CJ

Ex-Kaduna Governor Nasir El-Rufai has filed a petition with the Chief Judge...

With giants campaign, First Bank is truly woven into society’s fabric

The ‘Giant in you’ campaign of the FirstBank has again confirmed the...

Group felicitates Peter Obi as he turns 63

Mr. Peter Obi, the 2023 presidential candidate of the Labour Party, who...

I’m now an ‘informal’ member of APC, says Shaibu, reinstated Edo Deputy Gov.

Mr. Philips Shaibu, the reinstated Deputy Governor of Edo State, disclosed on...

250,000 petrol-powered vehicles to be converted to CNG annually, says Oworu

Starting next year, the Presidential Compressed Natural Gas Initiative will convert 250,000...

NAFDAC shuts down bakery for using unfortified sugar, banned potassium bromate

The National Agency for Food and Drug Administration and Control (NAFDAC) has...

Paris 2024: Team Nigeria’s surpassing previous best Olympic records, the ultimate, says Sports Minister Enoh

The Minister of Sports Development, Sen. John Enoh, has said that his...