FBNH Grows Pre-tax Profit By 325% In Q1

FBN Holdings Plc, has declared a growth of 325 per cent profit before tax in its unaudited financial statements for the first quarter (Q1) of the year ended March 31, 2024.

The Holding Company’s H1 results released on the Nigerian Exchange (NGX) showed profit before tax grew to N238.5 billion from N56.1 billion in Q1, 2023.

Profit after tax rose by 315.8 per cent to N208.1 billion as against N50.1 billion in Q1, 2023, while earnings per share also rose by 319 per cent to N5.76 higher than N1.38 in 2023.

Further analysis revealed that gross earnings up by 181.4 per cent to N730.3 billion from N259.5 billion in Q1, 2022. Interest income appreciated by 153.3 per cent from N455.0 billion compared to N153.3 billion in the corresponding period of 2023, while non-interest income amounted to N265.6 billion as against N72.3 billion.

Operating income for the period under review rose by 168.3 per cent to N494.2 billion compared to N184.2 billion, while impairment charges for losses stood at N42.9 billion from N16.9 billion.

Total assets rose by 27.4 per cent to N21.582 trillion as against N16.938 trillion as at December 31, 2023. Customer loans & advances recorded 32.5 per cent year-to-date as at March 31, 2024 to N8.425 trillion from N6.359 trillion, while customer deposits stood at N13.267 trillion, a year-to-date growth of 24.4 per cent from N10.663 trillion as at December 31, 2023.

Speaking on the performance, the Group managing director of FBNH, 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.”

He stated that “remarkably, gross earnings grew 181.4 per cent Y-o-Y to N730.3 billion, while profit before tax increased by 325.2 per cent Y-o-Y to N238.5 billion. Our total assets increased by 27.4 per cent in 3 months to N21.6 trillion.

“FBNH remains focused on its strategic initiatives towards further improving profitability, enhancing excellence in performance and surpassing stakeholders’ expectations.”