Business News

FBN Holdings posts 325% profit growth in first quarter of 2024 

FBN Holdings Plc has released its unaudited financial results for the first quarter of 2024, posting a pre-tax profit of N238.5 billion, which marks 325% year-on-year growth from the N56.1 billion posted in the same quarter of 2023.  

The group during the quarter posted a net income of N208.2 billion, which represents a 316% increase from the N50.1 billion net income posted in Q1 2023.

The growth in profit was driven by a 153% year on year growth in interest income to N455 billion during the quarter from N180 billion recorded in Q1 2023.  

The group posted an FX revaluation loss of N108.2 billion during the quarter as it posted an FX trading income of N13.4 billion, resulting in an FX loss of N94.8 billion. 

Customer deposits significantly contributed to the group’s asset growth, with customers’ deposits increasing by 24% during the quarter, rising from N10.7 trillion at the end of 2023 to N13.3 trillion. 

The group’s loan portfolio also grew by 41% during the quarter, as the total loans and advances to customers and banks hit N11.9 trillion, up from N8.4 trillion as of FYE 2023. 

At the end of trading on May 27, 2024, FBNH’s share price closed at N21.10, reflecting a 3.18% improvement as investors display confidence in the bank’s shares.