FBN Holdings Grows Profit by 101% to N411.99 Billion in First Half 2024

Kayode Tokede

FBN Holdings Plc yesterday announced N411.99 billion profit before tax (PBT) in its unaudited half year (H1) accounts for the period ended June 30, 2024, which was about 101 per cent increase from the N205.05 billion declared in corresponding half year ended June 30, 2023.

One of the  oldest financial institutions on the Nigerian Exchange Limited (NGX) in its H1 2024 announced N365.3 billion profit after tax, which was about 95 per cent growth from the N187.18 billion reported in H1 2023.

The increase in profitability was driven by the management’s growth in top-line and effective management of cost.

On the backdrop of the hike in Monetary Policy Rate (MPR), the financial institution declared N947.69 billion interest income in H1 2024, a growth of 155 per cent from N371.08 billion in H1 2023, while interest expenses closed H1 2024 at N432.76 billion, representing 218.96 per cent increase from N135.58 billion reported in H1 2023.

Following a double-digit inflation rate, total operating expenses moved from N445.69 billion in H1 2024, from N228.54 billion reported in H1 2023.

From the balance sheet position, the group declared a total assets of N23.44 trillion as of June 2024, which was about 17per cent increase from N16.94 trillion in 2022.

The Group Managing Director, FBN Holdings, Nnamdi Okonkwo in a statement stated, “FBN Holdings has again delivered a strong set of financial results despite the complex macroeconomic and operating environment.

“Our Group’s strong performance over the period is underpinned by our robust institutional capabilities, effective risk management practices and solid business momentum, and it is testament to the resilience of our institution.

“Notably, gross earnings and profit before tax grew 118.8per cent year-on-year and 100.9 per cent year-on-year to N1,402.5 billion and N412 billion respectively for the first half of the financial year, showing a continuous growth trajectory.

“These results reflect our ongoing commitment towards further improving profitability, enhancing performance and delivering sustainable value to our stakeholders.

“Despite the macro-economic headwinds, we remain resolute and confident of successfully navigating the terrain towards surpassing stakeholders’ expectations.”