In a remarkable display of financial resilience and strategic growth, FBN Holdings Plc, one of Nigeria’s leading financial institutions, has announced a staggering 142% increase in profit, reaching N0.9 trillion for the fiscal year 2024. The group’s gross earnings also surged by 113% to N3.33 trillion, marking a historic milestone in its operational performance.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that the impressive results were driven by a combination of robust revenue growth, efficient cost management, and strategic investments across its banking, insurance, and asset management subsidiaries. According to FBN Holdings’ audited financial statement released on Tuesday, the group’s performance reflects its ability to navigate economic challenges while delivering value to shareholders and customers.
According to Naija247news, the Commercial Banking segment, led by First Bank of Nigeria, contributed significantly to the group’s success, accounting for over 70% of the total revenue. The segment’s growth was fueled by increased lending activities, digital banking adoption, and expanded customer base. “Our focus on innovation and customer-centric solutions has positioned us as a market leader in Nigeria’s financial sector,” said Dr. Adesola Adeduntan, CEO of First Bank.
Naija247news understands that the group’s non-interest income also played a pivotal role in the stellar performance, rising by 98% to N1.2 trillion. This was attributed to growth in transaction fees, foreign exchange earnings, and investment banking activities. Additionally, FBN Holdings’ cost-to-income ratio improved significantly, dropping to 54% from 62% in the previous year, reflecting enhanced operational efficiency.
The insurance and asset management arms of the group also recorded impressive growth, with gross written premiums and assets under management increasing by 85% and 60%, respectively. Naija247news reports that the group’s diversification strategy has proven effective, enabling it to tap into emerging opportunities in Nigeria’s financial services sector.
In response to the results, FBN Holdings’ Group Managing Director, Mr. Nnamdi Okonkwo, attributed the success to the collective efforts of the board, management, and staff. “Our performance is a testament to the resilience of our business model and our unwavering commitment to delivering sustainable growth,” Okonkwo stated.
Shareholders have expressed optimism about the group’s future prospects, with many anticipating higher dividends and continued value creation. Naija247news concludes that FBN Holdings’ record-breaking performance not only reinforces its position as a market leader but also signals a positive outlook for Nigeria’s financial sector in 2024.
