FirstBank Achieves Robust Growth, Reports N238.53 Billion PBT in Q1 2024

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FBN Holdings Plc announced an impressive profit before tax (PBT) of N238.53 billion for the first quarter (Q1) ending March 31, 2024, marking a significant 325.2% increase from the N56.1 billion reported in Q1 2023.

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This strong Q1 2024 performance continues the trend of robust financial results seen in 2023, demonstrating the bank’s resilience amid domestic and international challenges.

The group declared a profit of N208.1 billion, a 315.8% increase compared to the N50.1 billion reported in Q1 2023.

FBN Holdings also reported N730.3 billion in gross earnings for Q1 2024, up 181.4% from N259.5 billion in Q1 2023.

The bank’s interest income grew by 153.3% to N455 billion, compared to N179.6 billion in Q1 2023, while interest expenses rose by 234.1% to N226.42 billion from N67.76 billion in the same period last year.

Operating expenses increased to N212.80 billion in Q1 2024 from N111.2 billion in Q1 2023, reflecting the impact of a double-digit inflation rate.

The bank’s total assets surged by 27.4% to N21.58 trillion as of March 2024, up from N16.94 trillion in 2022.

FBN Holdings reported N8.42 trillion in customer loans and advances (net) as of March 2024, an increase from N6.36 trillion in 2023. Customer deposits also grew by 24.4% to N13.27 trillion from N10.66 trillion in the 2023 financial year.

Group Managing Director Nnamdi Okonkwo commented, “FBN Holdings’ strong start to the year reinforces our confidence in achieving targets and delivering sustained value for our shareholders. Our commitment to optimizing the Group’s earnings capacity and maximizing operational efficiencies has again delivered outstanding results.

Gross earnings grew 181.4% to N730.3 billion, while profit before tax increased by 325.2% to N238.5 billion, and our total assets increased by 27.4% in three months to N21.6 trillion.”

Okonkwo emphasized the Group’s focus on strategic initiatives to further improve profitability, enhance performance excellence, and exceed stakeholders’ expectations.

The shareholding structure of FBN Holdings revealed that Group Chairman Femi Otedola’s direct and indirect stake stood at 2,517,282,140 shares as of March 2024, up from 1,999,342,376 shares in March 2023. The stock price closed at N21.1 per share on March 27, 2024.

(Culled from ThisDay)

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