FBN holdings plc grows profit before tax to N206 billion for the half year ended June 30, 2023.
Its gross earnings of N607.7 billion, up 82.4% y-o-y (Jun 2022: N333.2 billion), according to the results filed at the stock exchange.
Its Net interest income of N232.6 billion, was up 52.1% y-o-y (Jun 2022: N152.9 billion), while its non-interest income of N229.0 billion, up 112.0% y-o-y (Jun 2022: N108.1 billion).
Its operating expenses of N222.0 billion, was up 24.7% y-o-y (Jun 2022: N178.0 billion).
The Profit before tax of N188.8 billion, was up 214.6% y-o-y (Jun 2022: N60.0 billion), while the Profit after tax of N174.9 billion, up 228.3% y-o-y (Jun 2022: N53.3 billion).
Its total assets of N13.6 trillion, was up 34.8% y-t-d (Dec 2022: N10.1 trillion)
Its Customers’ loans and advances (net) of N5.2 trillion, up 39.9% y-t-d (Dec 2022: N3.7 trillion).
Its Customers’ deposits of N8.8 trillion, up 26.9% y-t-d (Dec 2022: N6.9 trillion)
Nnamdi Okonkwo, the Group Managing Director while commenting on the results 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.
“Across our businesses, we 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 dAelight the different customer segments that we serve. Furthermore, we are committed to leveraging technology via digital platforms to enhance operational efficiency. Although the current operating environment remains challenging, we are confident of successfully navigating the terrain in our transformation journey to deliver sustainable value to our stakeholders.”
Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank (Commercial Banking Group), while commenting on the results, said: “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.