Article summary
- FBN Holdings Plc recorded significant growth in its Q1 financial performance, with a 53.64% increase in profit before tax, reaching N56.105 billion.
- Profit after tax also showed strong growth of 54.48%, reaching N50.054 billion.
- The company’s net fee and commission income experienced a notable growth of 29.18% year-on-year, reaching N35.297 billion.
FBN Holdings Plc has released its unaudited Q1 financial statement for the first quarter ended 31 March 2023.
The Group posted a profit before tax of N56.105 billion for Q1 2023 a 53.64% growth from N36.518 billion reported in Q1 2022.
Profit after tax stood at N50.054 billion as against N32.401 billion in 2021, equally representing 54.48% growth.
The profit was boosted largely by interest income of N179.610 billion reported during the period under review as against N109.448 billion posted in 2022, which is an increase of 64.10%.
Other key highlights of the result
- Net fee and commission income grew by 29.18% y-o-y to N35.297 billion from N27.323 billion in Q1 2022
- Interest expenses grew by 40.37% y-o-y to N36.652 billion in 2022 from N25.564 billion in 2021
- Operating profit grew by 93.54% y-o- y to N56.105 billion from N36.590 billion a year earlier
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