FirstBank Reports Impressive Q1 2024 Results, Posts N238.53bn Profit Before Tax

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FBN Holdings Plc has reported a great profit before tax (PBT) of N238.53 billion for the first quarter ended March 31, 2024, representing an impressive 325.2% increase from the N56.1 billion recorded in the same period of 2023. This surge reflects the company’s strong performance and resilience amid both domestic and international challenges.

The unaudited Q1 2024 financial results reveal a robust growth trajectory, bolstered by the group’s strategic initiatives and operational efficiencies. The Group declared a profit of N208.1 billion for Q1 2024, marking a 315.8% rise from the N50.1 billion reported in Q1 2023.

Gross earnings for the quarter reached N730.3 billion, an increase of 181.4% from the N259.5 billion reported in Q1 2023. This growth in earnings is attributed to the financial institution’s ability to navigate the challenging economic environment, including the hike in the Monetary Policy Rate (MPR).

Interest income for Q1 2024 stood at N455 billion, up 153.3% from N179.6 billion in Q1 2023. However, interest expenses also surged, closing at N226.42 billion, a 234.1% increase from N67.76 billion in the previous year. Operating expenses rose to N212.80 billion from N111.2 billion in Q1 2023, reflecting the impact of the double-digit inflation rate.

FBN Holdings’ total assets grew by 27.4%, reaching N21.58 trillion as of March 2024, compared to N16.94 trillion in 2022. Customer loans and advances (Net) increased to N8.42 trillion from N6.36 trillion in 2023, while customer deposits rose by 24.4% to N13.27 trillion from N10.66 trillion in the previous financial year.

Group Managing Director, Nnamdi Okonkwo, expressed confidence in the company’s performance and future outlook. “FBN Holdings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders. Our commitment to optimizing the Group’s earnings capacity and maximizing operational efficiencies has again delivered outstanding results,” Okonkwo stated.

He highlighted the significant improvement in key financial metrics, with gross earnings growing by 181.4% to N730.3 billion, PBT increasing by 325.2% to N238.5 billion, and total assets rising by 27.4% to N21.6 trillion in just three months.

Okonkwo reiterated the Group’s focus on strategic initiatives aimed at enhancing profitability, performance excellence, and surpassing stakeholders’ expectations.

In terms of shareholding structure, Group Chairman Femi Otedola’s direct and indirect stake in FBN Holdings stood at 2,517,282,140 shares as of March 2024, up from 1,999,342,376 shares in March 2023.

As of March 27, 2024, FBN Holdings’ stock price closed at N21.1 per share on the Nigerian Exchange, reflecting investor confidence in the Group’s strong financial performance and strategic direction.

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