FBNH Declares 134% Growth In Gross Earnings In 9 Months

FBN Holdings (FBNH) Plc has declared 134 per cent growth in gross earnings in its unaudited results for the nine months ended September 30, 2024.

The Holding Company results released on the Nigerian Exchange showed that gross earnings rose by 134 per cent to N2.252 trillion from N962.4 billion in 2023.

Interest income stood at N1.633 trillion, up by 164.6 per cent year-on-year from N617.1 billion in 2023; while operating income rose by 109.6 per cent to N1.459 trillion as against N696 billion in 2023.

Profit before tax stood at N610.9 billion compared to N267.9 billion. Net profit rose by 125.8 per cent to N533.9 billion compared to N236.4 billion, while Basic Earnings Per Share (EPS) rose by 125.1 per cent to N14.72 from N6.54 in 2023.

Total assets amounted to 27.5 trillion, up 62.3 per cent to N16.9 trillion as at December 2023. Customer deposits grew by 56.8 per cent to N16.7 trillion from N10.7 trillion as at December 2023; while customer loans and advances (net) rose by 47.3 per cent to N9.4 trillion from N6.4 trillion as at December 2023.

On its commercial banking, gross earnings grew by 133 per cent to N2.158 trillion. Profit after tax stood at N488.1 billion, up 120.7 per cent y-o-y from N221.1 billion.

Investment Banking & Asset Management (IBAM)/FBNQuest recorded gross earnings amounted to N135.1 billion, up 122.4 per cent y-o-y from N60.8 billion in 2023.

Speaking on the results, the Group managing director of FBNH, Nnamdi Okonkwo said that “FBNHoldings delivered a strong performance in the first nine months of 2024, achieving significant growth driven by the effective execution of our strategic priorities.

Despite a challenging macroeconomic environment, our focus on operational efficiency, customer-centric innovations, and prudent risk management continues to generate sustainable value for our stakeholders.”

He noted that gross earnings rose by 134 per cent to N2.3 trillion, while Profit Before Tax (PBT) increased by 128 per cent to N610.9 billion, showcasing our ability to deepen customer relationships, optimise revenue streams, and deliver strong returns. Cost-to-income ratio continues to improve as we leverage technology to drive earnings at a pace that outstrips cost.”

Looking ahead, Okonkwo said, “we remain focussed on executing our digital transformation strategy, enhancing customer experience, and driving long-term growth.”

FBN Holdings is the most diversified financial services group in Nigeria. The Group was incorporated in Nigeria on October 14, 2010, following the business reorganisation of the FirstBank Group into a holding company structure.

The Company was listed on the Nigerian Exchange on November 26, 2012 and now has in issue and fully paid-up share capital of 35.895 billion ordinary shares of 50 kobo each. The subsidiaries of FBNHoldings offer a broad range of products and services across Commercial banking in 10 countries.