FBN Holdings Plc’s earnings jumped by 134% to 2.25 trillion Naira by the end of September 2024, compared to about 962 billion Naira in the same period last year.
These numbers came from their financial report for the first nine months of 2024, which was shared with the Nigerian Exchange Limited on Wednesday.
The increase in earnings was mainly due to a significant rise in interest income, which grew by 164.6% to 1.63 trillion Naira, up from 617.1 billion Naira last September.
Even though their operating costs increased by about 94.8% to 676.8 billion Naira, the company’s profit before tax still rose by 128% to 610.9 billion Naira, and their net profit increased by 126% to about 533.9 billion Naira, up from 236.4 billion Naira last year.
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The company’s total assets reached 27.5 trillion Naira, which is a 62.3% increase from the previous year. Customer deposits also grew by 56.8% to 16.7 trillion Naira, and loans and advances totaled 9.4 trillion Naira.
Nnamdi Okonkwo, the Group Managing Director, commented on the results, saying that FBN Holdings performed strongly in the first nine months of 2024, showing significant growth even in a tough economic environment. He noted that their focus on efficiency, customer service, and careful risk management is creating lasting value for their stakeholders.
Okonkwo added that their earnings grew significantly, and they are working to enhance customer experiences while continuing to grow the business. They are also committed to using technology to drive their earnings more effectively.
