FBN Holdings posts unaudited profit of N309.89bn

FBN Holdings, yesterday, posted its Unaudited Consolidated Financial Statements for the period ended December 31, 2023, recording a profit of N309.89 billion, representing 128% increase from the N136.17 billion reported in FY 2022.

The report submitted to the Nigerian Exchange Group, also revealed that Oba otudeko’s Barbican Capital Limited owned majority shares of 4,886,062,743 units representing 13.61% while billionaire Femi Otedola, who was announced yesterday as the new Chairman of FBN Holdings Plc  owned a total of 2,029,376,358 units (5.65%). 

According to the financial statements, the group also posted a profit before tax of N362.24 billion during the year, marking a 129% growth from the N157.90 billion reported in FY 2022. Its operating profit was N361.81bn from N157.73bn reported in 2022.

The earnings per share was up by 129% from N3.74 in 2022 to N8.56 in 2023.

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It also posted an interest income of N917.71 billion in FY 2023, reflecting a 66% increase from the N551.94 billion posted in FY 2022. The group realized a gain of N251.10 billion attributable to the devaluation of the Naira, primarily arising from exchange differences in the translation of its foreign operations.

In FY 2023, the group’s total assets increased to N16.90 trillion, representing a 60% growth from the N10.58 trillion total assets reported in FY 2022. It recorded a net interest income of N530.03bn as against N363.25 in 2022 while Net interest income after impairment charge for losses was N329.59bn from N294.63bn in the previous year.

Loans and advances to customers and banks in the year was N8.32trn from N5.01trn in 2022.

The commercial banking group, First Bank of Nigeria Limited, generated N1.42 trillion of the group’s total revenue of N1.52 trillion in FY 2023. This represents 93% of the total revenue.

The group’s investment securities in FY 2023 increased by 31% to N3.05 trillion, from N2.32 trillion in FY 2022. While its deposits from customers in FY 2023 increased by 53% to N10.87 trillion from N7.12 trillion in FY 2022.