FBN HOLDINGS RELEASES 2023 AUDITED ACCOUNTS, PROFITS SURGE BY 128%
FBN Holdings Plc, the parent company of FirstBank, reported a profit after tax of N310.4 billion for the year ended December 2023, up from N136.3 billion in 2022, marking its highest profit ever. This increase follows a delay in releasing the audited accounts due to awaiting regulatory approvals from the Central Bank.
Key financial metrics showed significant growth:
- Net Interest Income increased by 51% to N548.9 billion.
- Impairment Charge surged by 231% to N227.4 billion.
- Fees and Commissions rose by 64% to N193.1 billion.
- Operating Profit grew by 127% to N358 billion.
- Profit After Tax increased by 128% to N310.4 billion.
- Earnings Per Share more than doubled to N8.59.
- Loans and Advances nearly doubled, increasing by 108% to N8.3 trillion.
- Deposits grew by 53% to N12.4 trillion.
- Total Assets increased by 61% to N16.9 trillion.
A major contributor to the profit was a N680.6 billion gain from financial instruments due to the surge in foreign currency balances and financial instruments following the unification and depreciation of the naira. The group's foreign currency translation reserve increased by over 500% to N338.9 billion.
The bank's loan portfolio grew by 69% to N6.63 trillion, with corporate loans making up 94% of the total. However, this growth also led to a 231% increase in impairment charges to N227.4 billion.
Barbican Capital now holds 8.67% of FBN Holdings' shares, while billionaire investor Femi Otedola owns 5.65%. These shareholdings have been verified by the Central Bank. In July 2023, Barbican Capital acquired 13.3% of FBN Holdings, establishing itself as the majority shareholder, a move resisted by other shareholders.
This comprehensive financial performance reflects the bank's robust growth across various segments and its strategic adjustments in the evolving financial landscape.
FBN Holdings Plc, the parent company of FirstBank, reported a profit after tax of N310.4 billion for the year ended December 2023, up from N136.3 billion in 2022, marking its highest profit ever. This increase follows a delay in releasing the audited accounts due to awaiting regulatory approvals from the Central Bank.
Key financial metrics showed significant growth:
- Net Interest Income increased by 51% to N548.9 billion.
- Impairment Charge surged by 231% to N227.4 billion.
- Fees and Commissions rose by 64% to N193.1 billion.
- Operating Profit grew by 127% to N358 billion.
- Profit After Tax increased by 128% to N310.4 billion.
- Earnings Per Share more than doubled to N8.59.
- Loans and Advances nearly doubled, increasing by 108% to N8.3 trillion.
- Deposits grew by 53% to N12.4 trillion.
- Total Assets increased by 61% to N16.9 trillion.
A major contributor to the profit was a N680.6 billion gain from financial instruments due to the surge in foreign currency balances and financial instruments following the unification and depreciation of the naira. The group's foreign currency translation reserve increased by over 500% to N338.9 billion.
The bank's loan portfolio grew by 69% to N6.63 trillion, with corporate loans making up 94% of the total. However, this growth also led to a 231% increase in impairment charges to N227.4 billion.
Barbican Capital now holds 8.67% of FBN Holdings' shares, while billionaire investor Femi Otedola owns 5.65%. These shareholdings have been verified by the Central Bank. In July 2023, Barbican Capital acquired 13.3% of FBN Holdings, establishing itself as the majority shareholder, a move resisted by other shareholders.
This comprehensive financial performance reflects the bank's robust growth across various segments and its strategic adjustments in the evolving financial landscape.