FBN Holdings reports N362.24bn unaudited pre-tax profit

Alex Omenye
Alex Omenye

Bisola David

The unaudited condensed financial statements for FY 2023 have been released by FBN Holdings. The company declared a N362.24 billion profit before taxes for the year, a 129% increase over the N157.90 billion it reported for FY 2022.

The Times reported that the company recorded interest income of N917.71 billion for the fiscal year 2023, a 66% increase over the N551.94 billion reported for the same period the previous year. Due to currency disparities in the translation of its overseas operations, the group’s gain of N251.10 billion was principally caused by naira’s depreciation.

The company reported a pre-tax profit of N91.91 billion for the fourth quarter of 2023, a 75% increase from the same period the previous year.

In FY 2023, the group’s total assets increased to N16.90 trillion, representing a 60% growth from the N10.58 trillion total assets reported in FY 2022.

The total assets of the group rose to N16.90 trillion in FY 2023, a 60% rise from the N10.58 trillion total assets reported in FY 2022.

Ninety-three per cent (N1.42 trillion) of the group’s total revenue (N1.52 trillion) in FY 2023 came from the commercial banking group, First Bank of Nigeria Limited.

The group’s investment securities rose from N2.32 trillion in FY 2022 to N3.05 trillion in FY 2023, a 31% increase. While its deposits from customers in FY 2023 increased by 53% to N10.87 trillion from N7.12 trillion in FY 2022.

On Sunday, Femi Otedola was announced as the new Chairman of FBN Holdings Plc, as he holds a most significant individual shareholding of 5.57% in the bank. However, the most substantial shareholder is Barbican Capital Limited with a 13.61% shareholding.

Key Highlights FY 2023 (FY 2022, % Change):

Net interest income: N530.03 billion (N363.25 billion, +46%)
Net interest income after impairment charge for losses: N329.59 billion (N294.63 billion, +12%)
Net fee and commission income: N171.81 billion (N117.97 billion, +46%)
Operating profit: N361.81 billion (N157.73 billion, +129%)
Profit before tax: N362.24 billion (N157.90 billion, +129%)
Profit for the period: N309.89 billion (N136.17 billion, +128%)
Earnings per share: N8.56 (N3.74, +129%)
Total comprehensive income for the period: N721.68 billion (N126.74 billion, +467%)
Loans and advances to customers and banks: N8.32 trillion (N5.01 trillion, +66%)
Total assets: N16.90 trillion (N10.58 trillion, +60%)
Total equity: N1.70 trillion (N995.74 billion, +71%)
Return on equity: 23.00% (14.52% +848 bps)

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