FBN HOLDINGS REVENUE SURGES BY 181%
- FBN Holdings' gross earnings increased by 181.4% to N730.3 billion in the first quarter of 2024, compared to N259.5 billion in the same period last year.
- The growth in revenue was driven by a 153.3% rise in interest income, reaching N455 billion in Q1 2024 from N179.6 billion in Q1 2023.
- However, interest expenses also surged by 234.1%, reaching N226.42 billion from N67.76 billion in the previous year.
- FBN Holdings' profit before tax stood at N238.53 billion, reflecting a remarkable 325.2% increase from the N56.1 billion reported in the same quarter last year.
- The company attributed these figures to shifting dynamics in interest income and expenses, influenced by changes in the Monetary Policy Rate and the broader economic environment.
- The Group Managing Director, Nnamdi Okonkwo, emphasized the commitment to strategic initiatives aimed at enhancing profitability and delivering superior results.
- Gross earnings grew significantly, and profit before tax increased substantially, demonstrating the bank's resilience amid domestic and foreign challenges.
- FBN Holdings' shareholding structure revealed that Chairman Femi Otedola's stake increased from 2 billion in March 2023 to 2.52 billion as of March 2024.
- The stock price closed at N21.1 per share on March 27, 2024.
- FBN Holdings' gross earnings increased by 181.4% to N730.3 billion in the first quarter of 2024, compared to N259.5 billion in the same period last year.
- The growth in revenue was driven by a 153.3% rise in interest income, reaching N455 billion in Q1 2024 from N179.6 billion in Q1 2023.
- However, interest expenses also surged by 234.1%, reaching N226.42 billion from N67.76 billion in the previous year.
- FBN Holdings' profit before tax stood at N238.53 billion, reflecting a remarkable 325.2% increase from the N56.1 billion reported in the same quarter last year.
- The company attributed these figures to shifting dynamics in interest income and expenses, influenced by changes in the Monetary Policy Rate and the broader economic environment.
- The Group Managing Director, Nnamdi Okonkwo, emphasized the commitment to strategic initiatives aimed at enhancing profitability and delivering superior results.
- Gross earnings grew significantly, and profit before tax increased substantially, demonstrating the bank's resilience amid domestic and foreign challenges.
- FBN Holdings' shareholding structure revealed that Chairman Femi Otedola's stake increased from 2 billion in March 2023 to 2.52 billion as of March 2024.
- The stock price closed at N21.1 per share on March 27, 2024.