FBN Holdings posts unaudited pre-tax profit of N362.24 billion, reflects 129% profit growth

FBN Holdings posts unaudited pre-tax profit of N362.24 billion, reflects 129% profit growth

FBN Holdings has posted its unaudited condensed financial statements for FY 2023. The group posted a profit before tax of N362.24 billion during the year, marking a 129% growth from the N157.90 billion reported in FY 2022.

The group posted an interest income of N917.71 billion in FY 2023, reflecting a 66% increase from the N551.94 billion posted in FY 2022. The group realized a gain of N251.10 billion attributable to the devaluation of the Naira, primarily arising from exchange differences in the translation of its foreign operations.

In Q4 2023, the group posted a pre-tax profit of N91.91 billion, representing a year-on-year growth of 75% from Q4 2022.

In FY 2023, the group’s total assets increased to N16.90 trillion, representing a 60% growth from the N10.58 trillion total assets reported in FY 2022.

Key Highlights FY 2023 (FY 2022, % Change)

Net interest income: N530.03 billion (N363.25 billion, +46%)
Net interest income after impairment charge for losses: N329.59 billion (N294.63 billion, +12%)
Net fee and commission income: N171.81 billion (N117.97 billion, +46%)
Operating profit: N361.81 billion (N157.73 billion, +129%)
Profit before tax: N362.24 billion (N157.90 billion, +129%)
Profit for the period: N309.89 billion (N136.17 billion, +128%)
Earnings per share: N8.56 (N3.74, +129%)
Total comprehensive income for the period: N721.68 billion (N126.74 billion, +467%)
Loans and advances to customers and banks: N8.32 trillion (N5.01 trillion, +66%)
Total assets: N16.90 trillion (N10.58 trillion, +60%)
Total equity: N1.70 trillion (N995.74 billion, +71%)
Return on equity: 23.00% (14.52% +848 bps)

What you should know

The commercial banking group, FIrst Bank of Nigeria Limited, generated 93% (N1.42 trillion) of the group’s total revenue (N1.52 trillion) in FY 2023.

The group’s investment securities in FY 2023 increased by 31% to N3.05 trillion, from N2.32 trillion in FY 2022. While its deposits from customers in FY 2023 increased by 53% to N10.87 trillion from N7.12 trillion in FY 2022.

Yesterday, Femi Otedola was announced as the new Chairman of FBN Holdings Plc, as he holds a most significant individual shareholding of 5.57% in the bank. However, the most substantial shareholder is Barbican Capital Limited with a 13.61% shareholding.


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Full Story: https://nairametrics.com/2024/02/01/fbn-holdings-posts-unaudited-pre-tax-profit-of-n362-24-billion-reflects-129-profit-growth/
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