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FBNHoldings releases 2023 financial result, grow profits by 128%

FBNHoldings Plc, the parent company of FirstBank, has released its financial result for   the year ended December 2023, posting profit after tax of N310.37 billion.

The amount represents a significant increase of 127.92 per cent compare from the N136.173 billion reported in the same period in 2022. 

Although the company published its interim full-year results in January, the release of the audited accounts was delayed for several weeks due to awaiting regulatory approvals from the Central Bank Nigeria (CBN).

The company result submitted at the Nigerian Exchange yesterday showed a growth trend across various financial metrics for the period. 

The company revenue rose by N778.834 billion or 95.67 per cent to N1.595 trillion from N815.166 billion reported in the preceding year.

Net Interest Income grew to N548.9 billion, rising by 51 per cent  from N363.2 billion in the previous year while the Impairment Charge up by 231 per cent to  N227.4 billion compared to N68.6 billion in 2022. 

Also, Fees and Commissions went up by 64 per cent  to N193.1 billion, against N117.6 billion achieved in the comparable period of last year.

The group’s operating profit increased  by 127 per cent  standing at N358 billion from N157.7 billion reported in the preceding year.

The company deposit grew by 53 per cent, to N12.4 trillion compared to N8.1 trillion in the previous year while Total Assets saw a growth trend of 61 per cent , rising  to N16.9 trillion from N10.5 trillion recorded in the comparative period of 2022. 

The major contributor to the bank’s profit growth was a N680.6 billion gain in Net Gains from financial instruments.

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