FBN Holdings Plc has declared 238.53 billion naira Profit Before Tax, PBT, in its unaudited first quarter (Q1) ended March 31, 2024 results, which was about 325.2percent growth from the 56.1 billion naira reported in Q1 ended 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 208.1 billion naira profit, which was about 315.8 percent compared with the N50.1 billion reported in Q1 2023.
The group announced 730.3 billion naira in gross earnings in Q1 2024, which was an increase of 181.4 percent from 259.5 billion naira in Q1 2023.
Amid a hike in the Monetary Policy Rate, MPR, the financial institution declared 455 billion naira interest income in Q1 2024, a growth of 153.3 percent from 179.6 billion naira in Q1 2023, while interest expenses closed Q1 2024 at 226.42 billion naira, representing 234.1per cent increase from 67.76 billion naira 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 21.58 trillion naira as of March 2024, which was a 27.4 percent increase from the 16.94 trillion naira recorded in 2022.
As FBNHoldings declared 8.42 trillion naira in Customer loans & advances (Net) as of March 2024 from 6.36 trillion naira in 2023, the full financial year, its customer deposits stood at 13.27 trillion naira as of March 2024, an increase of 24.4 percent from 10.66 trillion naira 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 percent to 730.3 billion naira, while profit before tax increased by 325.2 percent to 238.5 billion naira while our total assets increased by 27.4 percent in three months to 21.6 trillion naira.”
He 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 21.1 naira per share on the floor of the Exchange.
Culled from ThisDay