FBN Holdings grew its gross earnings by 113 per cent to N3.33tn in the 2024 financial year.

This was indicated in the group’s unaudited financial statement published on Thursday via the platform of the Nigerian Exchange Limited.

FBN Holdings is the parent company of First Bank of Nigeria. There are other subsidiaries in the group.

Also, the group’s profit before tax appreciated. PBT rose by 142 per cent to N862.38bn at the end of the 2024 financial year from N356.15bn in the corresponding period in 2023.

In the period under review, net interest income grew by 155 per cent year-on-year to N1.39tn, while non-interest income rose to N846.9bn compared to N255.8bn in 2023. Loans to customers increased significantly by N2.79tn, to close at N9.4tn. Similarly, customer deposits rose by 62 per cent to N17.29tn, and total assets appreciated to N26.54tn up from N16.94tn.

In a statement on the financial performance, the group said, “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 but for the impairment charge of N411bn, the PBT would have been N1.3tn.

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

https://punchng.com/fbn-holdings-earnings-rise-by-113-to-n3-3tn/