First Bank of Nigeria (FBN Holdings Plc) kicked off 2024 with a bang, reporting impressive financial results for the first quarter (Q1) ending March 31, 2024.

Key Highlights:

  • Profit Soars: Profit before tax (PBT) jumped a staggering 325.2% to N238.53 billion compared to N56.1 billion in Q1 2023.
  • Strong Revenue Growth: Gross earnings surged 181.4% to N730.3 billion from N259.5 billion in the same period last year.
  • Customer Deposits Up: Customer deposits grew 24.4% to N13.27 trillion as of March 2024, compared to N10.66 trillion in 2023.
  • Loan Growth: Customer loans and advances increased to N8.42 trillion as of March 2024, up from N6.36 trillion for the full year 2023.
  • Total Assets Rise: Total assets reached N21.58 trillion in March 2024, reflecting a 27.4% increase from N16.94 trillion in 2022.

FBN Holdings Attributes Success To:

  • Commitment to optimizing earnings and operational efficiency.
  • Strong revenue growth.
  • Improved operational efficiency.

Looking Ahead:

FBN Holdings remains focused on its strategic goals to:

  • Further, improves profitability.
  • Enhance operational excellence.
  • Exceed stakeholder expectations.

Additional Notes:

  • FBN Holdings Chairman, Femi Otedola, increased his direct and indirect stake in the group between March 2023 and March 2024.
  • The company’s stock price closed at N21.1 per share on March 27, 2024.

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