FBN Holdings gross earnings hit N2.25tn

The gross earnings of FBN Holdings Plc rose 134 per cent to N2.25tn at the end of September 2024 compared to N962.40bn recorded for the corresponding period in the previous year.

This was disclosed in its unaudited results for the nine months ended September 30, 2024, filed with the Nigerian Exchange Limited on Wednesday.

The improvement in Holdco’s revenue was propelled by 164.6 per cent growth in interest income to N1.63tn from N617.1bn in Sep 2023.

Although operating expenses rose by 94.8 per cent to N676.8bn from N347.5bn, the financial institution’s profit before tax grew by 128 per cent year-on-year to N610.9bn and profit for the period surged by 125.8 per cent to  N533.9bn from N236.4bn.
Total assets stood at N27.5tn, indicating a 62.3 per cent y-o-y growth, with customer deposits rising by 56.8 per cent to N16.7tn and loans and advances (net) standing at N9.4tn.

The Group Managing Director, Nnamdi Okonkwo, in comments on the results in a statement made available to The PUNCH on Thursday, said, “FBNHoldings delivered a strong performance in the first nine months of 2024, achieving significant growth driven by the effective execution of our strategic priorities. Despite a challenging macroeconomic environment, our focus on operational efficiency, customer-centric innovations, and prudent risk management continues to generate sustainable value for our stakeholders.

“Gross earnings rose by 134 per cent to N2.3tn, while profit before tax increased by 128 per cent to N610.9bn, showcasing our ability to deepen customer relationships, optimise revenue streams, and deliver strong returns. The cost-to-income ratio continues to improve as we leverage technology to drive earnings at a pace that outstrips cost.
“Looking ahead, we remain focused on executing our digital transformation strategy, enhancing customer experience, and driving long-term growth.”