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.