FBN Holdings records 126.8% increase in profit

The FBN Holdings has upheld its top-tier ranking with great performance in the 2023 financial year and the first quarter of 2024, showing massive growth in gross earnings and pre-tax profit of 95.7 percent.

The FBN group recorded N1.6 trillion in gross earnings, about 95.7% above the 2022 figure while the profit before tax increased 126.86% to N350.59billion during the period.

The first quarter of 2024 result indicates even stronger growth performance with gross earning and profit before tax rising 181.43% and 325.15% respectively though headwinds propelled by increasing operating costs and foreign exchange impairments.

According to analysts, the CBN’s payment of Heritage Bank’s debt not only showed a positive outlook for its subsidiary, First Bank, with the reduction of the forbearance balances on FBN Holdings’ books but strengthened its position as a systemically important bank (SIB).

Insiders say that the bank’s performance indicates the strong leadership provided by the Group Managing Director, Dr Adesola Adeduntan-led executive management team, who resigned his position in April after serving a record nine years at the helm.