FBNHoldings Grows Pre-tax Profit To N206bn In H1

FBN Holdings Plc, has declared N206.3 billion profit after tax in its unaudited financial statements for the first half (H1) of the year ended June 30, 2023.

The Holding Company’s H1 results released on the NGX showed profit before tax grew by 213.8 per cent from N65.7 billion in H1, 2022 to N206.3 billion in H1, 2023. Profit after tax rose by 231.1 per cent to N187.2 billion as against N56.5 billion in H1, 2022, while earnings per share also rose by 234 per cent to N5.19 higher than N1.55 in 2022.

Further analysis revealed that gross earnings up by 82.8 per cent to N656.6 billion from N359.2 billion in H1, 2022. Interest income appreciated by 69.3 per cent from N383.3 billion compared to N226.4 billion in the corresponding period of 2022, while non-interest income amounted to N257.9 billion as against N120.6 billion.

Operating income for the period under review up by 81.1 per cent from N273.5 billion in H1, 2022 to N495.3 billion, while impairment charges for losses stood at N57.6 billion from N21.7 billion.

Total assets rose by 34.0 per cent to N14.177 trillion as against N10.578 trillion as at December 31, 2022. Customer loans & advances recorded 38.9 per cent year-to-date as at June 30, 2023 to N5.261 trillion from N3.789 trillion, while customer deposits stood at N 9.042 trillion, a year-to-date growth of 26.9 per cent from N7.124 trillion.

Speaking on the Group performance, the Group managing director of FBNH, Nnamdi Okonkwo stated that, “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management and execution capabilities.

“On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the Group delivered strong growth in gross earnings and profit before tax resulting in N656.6 billion and N206.3 billion respectively, for the first half of 2023 financial year.

“Across our businesses, we continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practises to anticipate and creatively deliver products and services that delight the different customer segments that we serve. Furthermore, we are committed to leveraging technology via digital platforms to enhance operational efficiency. “

He noted that “although the current operating environment remains challenging, we are confident of successfully navigating the terrain in our transformation journey to deliver sustainable value to our stakeholders.”

Also, chief executive officer of FirstBank, Dr. Adesola Adeduntan said, “in the first half of 2023, FirstBank Group delivered the strongest financial performance in the almost 130 years of the Bank’s history; with solid business momentum, increased revenue, and excellent returns.

“The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing and transforming the Group. The result also highlights the resilience of our business model, customer relationships and institutional capabilities.”

According to Adeduntan, given our extensive and diversified customer base of over 42 million customer accounts, our digital technology-enabled processing capabilities that ensure we process over 12 per cent of industry’s payment volume, our future-proof and cutting-edge digital banking platforms with over 22 million users that enable us to process more than 95 per cent of customer-induced transactions on digital channels, the robustness of our balance sheet, and our institutionalised risk management culture and capabilities, we see a resilient franchise today and into the future.