FBNHoldings records N206bn profit, assets hit N13.6trn in 6 months

First Bank of Nigeria (FBN) Holdings Plc. has made a profit before tax of N206 billion for the half year ended June 30, 2023.

The increase in second-quarter profits helped its half-year profit before tax to rise by 213% compared to N65.7 billion in the same period last year.

FBNHoldings disclosed the figures in its second quarter statement released on Thursday, July 20, on the Nigerian Exchange.

This is the holdco’s best half-year performance since it was listed on the Exchange.

A breakdown of the company’s impressive financial results shows that the bank’s two-quarters of outstanding performance means a profit after tax of N174.9 billion, which is a 228.3% increase from the N53.3 billion reported in the first half of the previous year.

The first half 2023 profit has also surpassed the N136.173 profit reported in the full year of 2022 (January to December).

The Group’s gross earning of N656.6 billion represents a growth of 82.8% from the N359.2 billion reported in the first half of the previous year.

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All impressive records are Net interest income of N232.6 billion, up 52.1% y-o-y (Jun 2022: N152.9 billion); Non-interest income of N229 billion, up 112.0% y-o-y (Jun 2022: N108.1 billion); Operating expenses of N222 billion, up 24.7% y-o-y (Jun 2022: N178 billion).

Profit before tax of N188.8 billion, up 214.6% y-o-y (Jun 2022: N60 billion); Profit after tax of N174.9 billion, up 228.3% y-o-y (Jun 2022: N53.3 billion).

Total assets grew by 34.8% y-t-d to hit N13.6 trillion, Customers’ loans and advances (net) of N5.2 trillion, up 39.9% y-t-d (Dec 2022: N3.7 trillion); and Customers’ deposits of N8.8 trillion, up 26.9% y-t-d (Dec 2022: N6.9trn).

Commenting on the results, the Group Managing Director, FBNHoldings, Nnamdi Okonkwo, stated that: “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management and execution capabilities. On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the Group delivered strong growth in gross earnings and profit before tax resulting in N656.6 billion and N206.3 billion respectively, for the first half of 2023 financial year.”

He noted that the company will continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practises to anticipate and creatively deliver products and services that delight the different customer segments that we serve.

While noting that the current operating environment remains challenging, he maintained that the company is confident of successfully navigating the terrain.

On his part, Chief Executive Officer of FirstBank (Commercial Banking Group), Dr. Adesola Adeduntan, added: “In the first half of 2023, FirstBank Group delivered the strongest financial performance in the almost 130 years of the bank’s history; with solid business momentum, increased revenue, and excellent returns.

“The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing and transforming the Group. The result also highlights the resilience of our business model, customer relationships and institutional capabilities.”

The Star