- Photo caption : First Bank Group Managing Director, Nnamdi Okonkwo
FBN Holdings Plc has reported a Profit Before Tax (PBT) of N238.53 billion in its unaudited first quarter (Q1) results for the period ending March 31, 2024.
This, the bank said, represents a remarkable growth of over 325 per cent from the N56.1 billion recorded in the same period in the previous year.
First Bank stated that the strong showing in Q1 2024 reflects the impressive results achieved in 2023, as one of Nigeria’s oldest banks still maintaining its solid fundamentals despite both domestic and foreign challenges.
Also, the bank’s profit for Q1 2024 stood at N208.1 billion, which represents a 315.8 per cent increase as against the N50.1 billion reported in Q1of 2023.
The group announced a gross earnings of N730.3 billion for Q1 2024, which is a significant increase of 181.4 per cent from the N259.5 billion recorded in the corresponding period of 2023.
The bank reported N455 billion in interest income for Q1 2024, a growth of 153.3 per cent from the N179.6 billion in Q1 2023 despite the rise in the prime lending rate,
Interest expenses also went up to N226.42 billion, up by 234.1 per cent from Q1 2023.
Operating expenses rose from N111.2 billion in Q1 2023 to N212.80 billion in Q1 2024, reflecting the impact of double-digit inflation rates.
The bank’s total assets as at March 2024 stood at N21.58 trillion, a 27.4 per cent increase from the N16.94 trillion recorded in 2023.
Customer loans & advances (Net full financial year) reached N8.42 trillion in March 2024, up from N6.36 trillion in 2023, while customer deposits increased to N13.27 trillion, a 24.4 percent rise from N10.66 trillion in the 2023 financial year.
Speaking on the bank’s performance, the Group Managing Director, Nnamdi Okonkwo, expressed confidence that the financial entity was able to achieve targets and also deliver sustained value for shareholders.
He said that the bank was able to achieve strong revenue growth, improved operational efficiency, and significant financial metrics improvement, including a 181.4 per cent increase in gross earnings and a 325.2 per cent rise in profit before tax.
The group Okonkwo, insisted is committed to enhancing profitability, operational excellence, and exceeding stakeholders’ expectations through strategic initiatives.
On shareholding, the Group Chairman Femi Otedola’s direct and indirect stake in FBN Holdings increased to 2,517,282,140 shares as of March 2024 from 1,999,342,376 shares in March 2023.
About The Author
