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.
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)
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.
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