FBN Holdings Plc, the owner of First Bank, has declared N238.53 billion profit before tax in its unaudited first quarter of 2024 results.
FBN Holdings said the result was about 325.2 per cent growth from the N56.1 billion reported in the first quarter of 2023 which ended on March 31.
The company said 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 and 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 the first quarter of 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.
FBN Holdings leads as investors gain N811bn at stock market
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 declared N8.42 trillion Customer loans and 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.
Speaking on the development via a statement, the Group Managing Director of FBN Holdings, Nnamdi Okonkwo, said: “FBN Holdings’ 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.”
He added that 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 FBN Holdings showed, the Group Chairman, Femi Otedola, direct and indirect stake in the company stood at 2,517,282,140 as of March 2024 from 1,999,342,376 in March 2023.
The stock price of FBN Holdings closed at N21.1 per share on the floor of the exchange on March 27, 2024.
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