FBN Holdings Plc has reported N14.18trillion total assets as of June 30, 2023, an increase of 34 per cent from N10.58trillion reported in 2022 full year.
The increase in total assets was driven by N5.26trillion Customer loans & advances (Net) as of June 30, 2023, an increase of 39 per cent from N3.79trillion and N9.04trillion Customer deposits as of June 30, 2023, a growth of about 27 per cent from N7.21trillion reported in 2022FY.
The oldest bank in Nigeria declared N206.3billion profit before tax in its unaudited Half year (H1) ended June 30, 2023, to become a new record high of the oldest financial institution in Nigeria.
This is about 213.8per cent high when compared to N65.7 billion declared in H1 2022.
FBN Holdings in 2022 full year result and accounts declared N157.7billion PBT and in 2021, it announced N166.7billion PBT.
Key factors that contributed to FBN Holdings outstanding increase in profit before tax and profit after tax include: N656.5billion gross earnings reported in H1 2023, an increase of 83 per cent from N359.2billion reported in H1 2022, and N257.9billion non-interest income in H1 2023, a growth of about 113.8 per cent from N120.6billion in H1 2022.
The Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo in a statement said, “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management and execution capabilities.
“On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the Group delivered strong growth in gross earnings and profit before tax resulting in N656.6 billion and N206.3 billion respectively, for the first half of 2023 financial year.”
He added “Across our businesses, we continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practises to anticipate and creatively deliver products and services that delight the different customer segments that we serve. Furthermore, we are committed to leveraging technology via digital platforms to enhance operational efficiency.
“Although the current operating environment remains challenging, we are confident of successfully navigating the terrain in our transformation journey to deliver sustainable value to our stakeholders.”
