FBN Holdings Grows Profit by 316% in Q1-2024

FBN Holdings Grows Profit by 316% in Q1-2024

FBN Holdings grew profit by about 316% year on year in the first quarter of 2024, despite pressure from a huge FX loss. Details from its unaudited financials showed that profit after tax climbed to N208.113 billion from N50.054 billion in the comparable period in 2023.

The financial services earnings performance was driven by improved revenue from core banking activities, which helped raise earnings per share up by 317.39% year on year to N5.76 from N1.39 in Q1-2023.

Its net interest income came up 104.35% year on year to N228.563 billion from N111.847 billion in the related period in 2023. This happened despite the fact that interest expenses (up by 234%) accelerated faster than growth in interest income (up by 153%).

FBN Holdings saw significant jump across operating expenses components. Its personnel expenses grew by more than 107% year on year to N64.935 billion in Q1-2024. Operating expenses rose by about 35% year on year to N134.2 billion, leaving pretax profit at N238.5 billion, representing a year on year growth of 325%.

The results showed the group income tax increased by more than 404% year on year to N30.37 billion, leaving FBN Holdings with N208.113 billion as net profit. #FBN Holdings Grows Profit by 316% in Q1-2024 Naira Suffers Big, CBN Goes Ballistic Against FX Whales