FBN Holdings has posted an unaudited pre-tax profit of N362.24 billion which reflected 129% profit growth.
NewsOnline Nigeria reports that 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.
ALSO: Fidelity Bank Reports N122.15 Billion Pre-Tax Profit In 2023, Reflects 128% Profit Growth
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
NewsOnline Nigeria reports that 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.
