The gross earnings of FBN Holdings Plc rose 134 percent to N2.25 trillion at the end of September 2024 compared to N962.40 billion recorded for the corresponding period in the previous year.
This was disclosed in its unaudited results for the nine months ended September 30, 2024, filed with the Nigerian Exchange Limited on Wednesday.
The improvement in Holdco’s revenue was propelled by 164.6 percent growth in interest income to N1.63 trillion from N617.1 billion in September 2023.
Although operating expenses rose by 94.8 percent to N676.8 billion from N347.5 billion , the financial institution’s profit before tax grew by 128 percent year-on-year to N610.9 billion and profit for the period surged by 125.8 percent to N533.9 billion from N236.4 billion.
Total assets stood at N27.5 trillion, indicating a 62.3 percent year over year growth, with customer deposits rising by 56.8 percent to N16.7 trillion and loans and advances (net) standing at N9.4 trillion .
Nnamdi Okonkwo, the Group Managing Director, commenting on the results said, “FBNHoldings delivered a strong performance in the first nine months of 2024, achieving significant growth driven by the effective execution of our strategic priorities. Despite a challenging macroeconomic environment, our focus on operational efficiency, customer-centric innovations, and prudent risk management continues to generate sustainable value for our stakeholders.
“Gross earnings rose by 134 percent to N2.3 trillion , while profit before tax increased by 128 percent to N610.9 billion , showcasing our ability to deepen customer relationships, optimise revenue streams, and deliver strong returns. The cost-to-income ratio continues to improve as we leverage technology to drive earnings at a pace that outstrips cost.
“Looking ahead, we remain focused on executing our digital transformation strategy, enhancing customer experience, and driving long-term growth.”
