FBN Holdings (FBNH) Plc in its Q3 un-audited accounts ended September 30, 2024 has declared a 134 percent growth in gross earnings.
The Holding Company results released to market operators and on the Nigerian Exchange Group (NGX) showed that gross earnings rose 134 percent to N2.252 trillion from N962.4 billion in 2023, Interest income stood at N1.633 trillion, signifying a 164.6 percent year-on-year growth from N617.1 billion in the same period Q3-2023, while operating income rose by 109.6 percent to N1.459 trillion as compared to N696 billion in 2023.
Profit before tax stood recorded N610.9 billion inQ3-2024, compared to N267.9 billion in Q3-2023. Net profit rose 125.8 percent to N533.9 billion compared to N236.4 billion, while Basic Earnings Per Share (EPS) rose by 125.1 percent to N14.72 from N6.54 in Q3-2023.
Total assets amounted to 27.5 trillion, a 62.3 percent rise to N16.9 trillion as at December 2023. Customer deposits grew 56.8 percent to N16.7 trillion from N10.7 trillion as at December 2023, while customer loans and advances (net) rose by 47.3 percent to N9.4 trillion from N6.4 trillion as of December 2023.
Gross earnings grew made a 133 percent growth to N2.158 trillion from commercial banking activities as Profit after tax stood at N488.1 billion, a 120.7 percent y-o-y growth from N221.1 billion.
Speaking on the results, the Group managing director of FBNH, Nnamdi Okonkwo, 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.”
He noted that gross earnings rose by 134 percent to N2.3 trillion. In comparison, Profit Before Tax (PBT) increased by 128 percent to N610.9 billion, showcasing our ability to deepen customer relationships, optimize revenue streams, and deliver strong returns. Cost-to-income ratio continues to improve as we leverage technology to drive earnings at a pace that outstrips cost.”
Okonkwo said, “We remain focussed on executing our digital transformation strategy, enhancing customer experience, and driving long-term growth.”
FBN Holdings is the most diversified financial services group in Nigeria. The Group was incorporated in Nigeria on October 14, 2010, following the business reorganization of the FirstBank Group into a holding company structure.