In the news:
- FBNHoldings Plc reported a remarkable financial performance in Q1 2024, declaring a profit before tax (PBT) of N238.53 billion, which represents a growth of 325.2% from N56.1 billion in Q1 2023.
- Operating expenses increased from N111.2 billion in Q1 2023 to N212.80 billion in Q1 2024, reflecting the impact of a double-digit inflation rate.
- Shareholding structure revealed that Group Chairman Femi Otedola’s stake increased to 2,517,282,140 shares as of March 2024 from 1,999,342,376 shares in March 2023.
FBNHoldings Plc declared a N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024, results, which was about 325.2 per cent growth from the N56.1 billion reported in Q1 ending March 31, 2023.
The Q1 2024 results were a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges.
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 in gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.
Amid a hike in the Monetary Policy Rate (MPR), the financial institution declared N455 billion in interest income in Q1 2024, a growth of 153.3 per cent from N179.6 billion in Q1 2023.
Interest expenses closed Q1 2024 at N226.42 billion, representing a 234.1 per cent increase from N67.76 billion reported in Q1 2023.
Against 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 in Customer loans & advances (Net) as of March 2024 from N6.36 trillion in 2023, the 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 181.4 per cent to N730.3 billion, while profit before tax increased by 325.2 per cent to N238.5 billion while our total assets increased by 27.4 per cent in three months to N21.6 trillion.”
Okonkwo added that the Group remained focused on its strategic initiatives towards further improving profitability, enhancing performance excellence, 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 on March 27, 2024, at N21.1 per share on the floor of the Exchange.
