FBN Holdings Plc has reported a remarkable increase in gross earnings, rising 134% to N2.25 trillion by the end of September 2024. This marks a significant jump from N962.40 billion recorded during the same period last year, according to the company’s unaudited results for the nine months ending September 30, 2024, filed with the Nigerian Exchange Limited on Wednesday.
The surge in revenue was largely driven by a 164.6% growth in interest income, which soared to N1.63 trillion, up from N617.1 billion in September 2023. However, operating expenses also climbed by 94.8% to N676.8 billion, compared to N347.5 billion in the prior year. Despite this increase, the financial institution’s profit before tax rose by 128% year-on-year to N610.9 billion, while profit for the period surged by 125.8% to N533.9 billion, up from N236.4 billion.
Total assets reached N27.5 trillion, reflecting a year-on-year growth of 62.3%. Customer deposits increased by 56.8% to N16.7 trillion, and net loans and advances stood at N9.4 trillion.
Group Managing Director Nnamdi Okonkwo highlighted the strong performance, attributing it to effective execution of strategic priorities. “FBN Holdings delivered a strong performance in the first nine months of 2024, achieving significant growth driven by the effective execution of our strategic priorities,” Okonkwo stated. He emphasized the institution’s focus on operational efficiency, customer-centric innovations, and prudent risk management to create sustainable value for stakeholders.
He noted that the cost-to-income ratio continues to improve as the company leverages technology to enhance earnings growth. Looking forward, Okonkwo affirmed the company’s commitment to digital transformation and improving customer experience to drive long-term growth.
