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FBNHoldings profit rises by 128% in 9 months

FBNHoldings Plc has recorded growth at the end of 9 months financial result, posting pre-tax profit of N610.9 billion.

The amount represents a surge of 128 per cent against N267.9 billion achieved in the comparative period of last year.

Profit after tax also increased from N236.4 billion to N533.9 billion, representing 125.8 per cent year on year growth.

An analysis of the company nine month result showed that gross earnings went to N2,252.1 billion, growing by 164.6 per cent year on year from N617.1 billion reported in the same period of 2023.

The company net-interest income stood at  N873.9 billion, up 132.7 per cent y-o-y against  N375.5 billion reported at the end of September 2023 while Non-interest income  of surged by 82.5 per cent  to N584.7 billion from N320.5 billion in the previous year.

It reported operating income  of N1,458.7 billion, up 109.6 per cent y-o-y against N696.0 billion in the comparative period of last year.

Commenting on the result, , the Group Managing Director, FBNHoldings Nnamdi Okonkwo said FBNHoldings delivered a strong performance in the first nine months of 2024, achieving significant growth driven by the effective execution of our strategic priorities. Despite a challenging macroeconomic environment, our focus on operational efficiency, customer-centric innovations, and prudent risk management continues to generate sustainable value for our stakeholders. 

“Gross earnings rose by 134 per cent  to N2.3 trillion, while Profit Before Tax (PBT) increased by 128 per cent to N610.9 billion, showcasing our ability to deepen customer relationships, optimize revenue streams, and deliver strong returns. Cost-to-income ratio continues to improve as we leverage technology to drive earnings at pace that outstrips cost.”