FBN Holdings records 127% surge in profit

By Ibidunni Banjoko
In a financial revelation, First Bank of Nigeria Holdings, under FBN Holdings, declared a substantial 127% increase in profit at the close of 2023, reaching N309.89 billion compared to N136.17 billion in the corresponding period of 2022. The unaudited consolidated financial statements, filed with the Nigerian Exchange Limited on Thursday, disclosed significant growth in interest income, rising by 66.27% to N917.71 billion from N551.94 billion in 2022. Additionally, fee and commission income experienced an uptick to N204.90 billion from N143.98 billion in the previous year.

However, FBNH faced a foreign exchange loss of N350.32 billion at the end of 2023, contrasting with a gain of N22.39 billion in 2022. Over 12 months, the total assets of FBN Holdings witnessed a remarkable growth of 59.73%, closing at N16.89 trillion from N10.58 trillion as of December 2022. The liabilities also saw an increase, reaching N15.19 trillion from N9.58 trillion. In 2023, group entities, including FBN Holdings Plc. and FBNQuest Merchant Bank, incurred penalties totaling N17.26 million for late submission of financial statements and breach of transaction rules.

Interestingly, Barbican Capital, linked to former chairman Oba Otudeko, has been identified as the largest shareholder in FBN Holdings with a 13.61% stake. This revelation emerged a day after billionaire businessman Femi Otedola, holding a 5.65% stake, was appointed as the new chairman. The acquisition of shares by Barbican Capital prompted reactions from capital market stakeholders, leading minority shareholders to call for regulatory probes. The Securities and Exchange Commission confirmed an ongoing investigation but has not disclosed its findings. The Central Bank of Nigeria removed Otudeko as FBNH’s non-executive director/chairman in April 2021 due to non-compliance with regulatory control.


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