FBN Holdings Plc delivers stellar financial performance

First Bank of Nigeria (FBN) Holdings Plc. recorded gross earnings increased by 113% to N3.33tr for the unaudited financial year ended Dec 31, 2024.

This solidifies its position as a leading financial institution in Nigeria delivering an impressive result for the year ended December 31, 2024.

As reflected in its unaudited Group Financial Statements, FBN Holdings recorded a 142% year-on-year (y-o-y) increase in Profit Before Tax (PBT) to N862 billion, while Gross Earnings surged by 113% y-o-y to N3.33 trillion.

Key highlights of the results include:

• Net Interest Income grew by 155% y-o-y to N1.39 trillion.

• Non-Interest income rose by 43.3% to N846.9 billion compared to N255.8bn in 2023

• Loans to customers increased significantly by N2.797 trillion, closing at N9.4 trillion.

• Customer deposits rose by 62%, to N17.29 trillion.

• Total Assets increased to N26.54 trillion, up from N16.94 trillion.

The outstanding financial results showcase significant growth across multiple key metrics. The strong growth recorded on net interest income is a testament to FBN Holdings Plc’s resilience and ability to deliver value in a competitive and evolving market landscape. It is noteworthy that for the impairment charge of N411billion, the PBT would have been N1.3trillion.

The Group also recorded a higher average earnings yield of 16.71% on the back of growth in loan volume and other earning assets for the year compared to 10.69% in 2023 despite the higher cost of funds (5.79% in 2024: 3.36% in 2023).

Net interest margin (NIM) improved from 6.11% in 2023 to 9.61% in 2024. The high-rate environment is reflective of the hike in the CBN Monetary Policy Rate (MPR) over the period from 18.75% as at December 2023 to 27.25% at December 2024.

The non-interest income growth was driven by growth in fee and commission income and Key to this were income on fund transfer, intermediation and fees on digital channels which recorded impressive transaction volumes during the year.

Loans and Advances to customers grew by 42% due to new loans to customers from the Commercial Banking Group and impact of naira depreciation on FCY denominated loans and advances. The Group has continued to maintain its strong risk management stance, ensuring the resilience of its business, especially in the volatile business environment.

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