FIRSTBANK MAINTAINS IMPRESSIVE PERFORMANCE, POSTS N238.53BN PBT IN Q1 2024

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FBN Holdings Plc declared N238.53 billion profit before tax (PBT) in its unaudited first
quarter (Q1) ended March 31, 2024 results, which was about 325.2percent growth from
the N56.1 billion reported in Q1 ended March 31, 2023.

The Q1 2024 results was a reflection of 2023 impressive performance as one of the
oldest banks in Nigeria sustained its fundamentals amid domestic and foreign
challenges.  From its Q1 2024 profit & loss figures, the Group declared N208.1 billion
profit, which was about 315.8 per cent compared with the N50.1 billion reported in Q1
2023.

The group announced N730.3 billion gross earnings in Q1 2024, which was an increase
of 181.4 per cent from N259.5 billion in Q1 2023.

Amid hike in Monetary Policy Rate (MPR), the financial institution declared N455 billion
interest income in Q1 2024, a growth of 153.3 per cent from N179.6 billion in Q1 2023,
while interest expenses closed Q1 2024 at N226.42 billion, representing 234.1per cent
increase from N67.76 billion reported in Q1 2023.

On the backdrop of a double-digit inflation rate, operating expenses moved from N111.2
billion in Q1 2023 to N212.80 billion reported in Q1 2024.

Total assets from the balance sheet position stood at N21.58 trillion as of March 2024,
which was a 27.4 per cent increase from the N16.94 trillion recorded in 2022.

As FBNHoldings declared N8.42 trillion Customer loans & advances (Net) as of March
2024 from N6.36 trillion in 2023, full financial year, its customer deposits stood at
N13.27 trillion as of March 2024, an increase of 24.4 per cent from N10.66 trillion
reported in 2023 financial year.

The Group Managing Director, FBNHoldings, Nnamdi Okonkwo in a statement said,
“FBNHoldings’ strong start to the year reinforces the confidence in achieving targets
and delivering sustained value for our shareholders. “Our commitment to optimising the
Group’s earnings capacity and maximising operational efficiencies has again delivered
outstanding results.

“Underpinned by strong revenue growth and improved operational efficiency, our key
financial metrics have shown significant improvement. Remarkably, gross earnings grew
181.4per cent to N730.3 billion, while profit before tax increased by 325.2per cent to
N238.5 billion while our total assets increased by 27.4per cent in three months to N21.6
trillion.”

He added that the Group remained focused on its strategic initiatives towards further
improving profitability, enhancing excellence in performance and surpassing
stakeholders’ expectations.

However, the shareholding structure of FBNHoldings showed, the Group Chairman, Mr.
Femi Otedola direct and indirect stake in the Group stood at 2,517,282,140 as of March
2024 from 1,999,342,376 March 2023.

The stock price of FBNHoldings closed March 27, 2024 at N21.1 per share on the floor
of the Exchange.

Culled from ThisDay

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