FBN Holdings Grows Profit by 139% to N734bn in 2024
FBN Holdings Plc doubled down on profitability in the financial year 2024 with strong performance across core and non-core banking operations. Its net income increased by 138.86% year on year to N736.734 billion at the end of 2024, from N308.433 billion 12 months before.
The significant surge in bottom line was supported by higher revenue due to a strong increase in net interest income. In 2024, FBN Holdings grew net interest income to N1.391 trillion, up by 155% year on year from N546.288 billion posted in 2023.
Net fees and commission income grew by about 28% year on year, settling at N239.184 billion at the end of 2024 from N187.072 billion. Operating income improved as FX losses moderated significantly in 2024. Its unaudited financial statement revealed that operating profit surged by 142.59% to N861.974 billion in 2024, from N355.323 billion in the comparable year in 2023.
FBN Holdings FX loss declined to N62.598 billion in 12 months from N334.230 billion in 2023. The financial services group reported more than N40 billion in losses as the fair value of its investment securities declined.
Its results revealed that the group’s net gain from financial instruments carried at fair value though profit or loss dipped by about 5.4% year on year from N678.432 billion to N641.87 billion at the end of 2024.
The group’s other operating income slowed while operating expenses spiked year on year amidst Nigeria’s weak macroeconomic indicators. FBN Holdings personnel expenses printed at N320.228 billion, translating to 82% year-on-year increase when compared with N175.901 billion in payroll spending in 2023.
The banking group pretax profit printed at N862.391 billion in 2024, 142% higher than N356.148 billion reported 12 months earlier. #FBN Holdings Grows Profit by 139% to N734bn in 2024 Investors Portfolio Value Increased by N347bn in Equities Market
