FBN Holdings records N411.9 billion profit for 2024 H1
By Oluwaseyi Lawal
FBN Holdings has achieved a profit of N411.9 billion for the first half of 2024, marking its most successful half-year performance to date.
This profit more than doubles the N205 billion pre-tax profit reported for the same period in 2023.
The bank’s second-quarter results for 2024 also revealed a pre-tax profit of N177.79 billion, reflecting an 18.9% year-on-year increase. This stellar performance is sure to please shareholders, who are seeing the first quarterly results under the new leadership of Femi Otedola as Chairman and Olusegun Alebiosu as Managing Director/Chief Executive.
Otedola took on the role of Chairman in January, while Alebiosu was appointed acting MD/CEO in April.
FBN Holdings reported a Net Interest Income of N288 billion, a 132% increase compared to the N124.3 billion recorded in the same period in 2023.
The bank posted a Net Fee and Commission income of N58.4 billion and an Operating Profit of N177.7 billion.
Its Pre-tax profit was N156.1 billion, with Earnings per share at 40 kobo. Loans and advances to customers amounted to N9 trillion, Customer deposits reached N15.1 trillion, and total Assets were valued at N2.2 trillion.
FBN Holdings attributed its performance to a significant increase in interest income, which was 2.5 times higher than the N197 billion reported the previous year.
Interest income also exceeded the N446 billion recorded in the first quarter of 2024, primarily driven by loans and advances to customers and income from investment securities.
The bank reported a net foreign exchange loss of N66.45 billion, contributing to total half-year losses of N165 billion.
However, it also recorded net gains of N143.3 billion from instruments at fair value, bringing the total for the first half of the year to N433.2 billion.
In terms of segment performance, the commercial banking group contributed N366.1 billion to total profits, while the Investment Banking and Asset Management group added N37.1 billion.
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