FirstBank Maintains Strong Performance, Reports N238.53 Billion PBT in Q1 2024

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FBN Holdings Plc has announced an impressive profit before tax (PBT) of N238.53 billion for the first quarter (Q1) ended March 31, 2024. This marks a significant 325.2% increase from the N56.1 billion reported in the same period in 2023.

This Q1 2024 performance builds on the bank’s robust 2023 results, showcasing its resilience amid domestic and international challenges. The group declared a net profit of N208.1 billion, representing a 315.8% rise from the N50.1 billion reported in Q1 2023.

Gross earnings for the quarter surged to N730.3 billion, up 181.4% from N259.5 billion in Q1 2023. Despite the hike in the Monetary Policy Rate (MPR), FirstBank reported N455 billion in interest income, a 153.3% increase from N179.6 billion in the previous year, while interest expenses grew by 234.1% to N226.42 billion, compared to N67.76 billion in Q1 2023.

Operating expenses rose from N111.2 billion in Q1 2023 to N212.80 billion in Q1 2024, reflecting the impact of double-digit inflation. Total assets increased by 27.4%, reaching N21.58 trillion as of March 2024, up from N16.94 trillion in 2022.

Customer loans and advances (net) amounted to N8.42 trillion as of March 2024, rising from N6.36 trillion in 2023. Customer deposits grew by 24.4% to N13.27 trillion, up from N10.66 trillion in 2023.

Nnamdi Okonkwo, Group Managing Director of FBN Holdings, stated, “FBNHoldings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders. Our commitment to optimizing the Group’s earnings capacity and maximizing operational efficiencies has again delivered outstanding results.”

Okonkwo highlighted that gross earnings grew by 181.4% to N730.3 billion, and PBT increased by 325.2% to N238.5 billion. Total assets also saw a significant rise of 27.4% in three months, reaching N21.6 trillion.

The Group remains focused on strategic initiatives aimed at further improving profitability, enhancing performance, and exceeding stakeholders’ expectations.

The shareholding structure as of March 2024 revealed that Group Chairman Femi Otedola held a direct and indirect stake of 2,517,282,140 shares, up from 1,999,342,376 in March 2023. FBN Holdings’ stock closed at N21.1 per share on the Exchange as of March 27, 2024.

This story was culled from ThisDay.

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