FBN Holdings Plc has announced a remarkable 134% increase in gross earnings, reaching ₦2.25 trillion at the end of September 2024, compared to ₦962.4 billion during the same period last year. This significant growth was detailed in the company’s unaudited financial results for the nine months ending September 30, 2024, submitted to the Nigerian Exchange Limited on Wednesday.
The surge in revenue was primarily driven by a 164.6% rise in interest income, which climbed to ₦1.63 trillion from ₦617.1 billion in September 2023. Despite facing rising operational costs, which increased by 94.8% to ₦676.8 billion from ₦347.5 billion, FBN Holdings still managed to report a 128% year-on-year growth in profit before tax, amounting to ₦610.9 billion. Net profit for the period soared by 125.8%, reaching ₦533.9 billion, up from ₦236.4 billion.
The company’s total assets expanded to ₦27.5 trillion, reflecting a 62.3% year-on-year growth. Customer deposits rose significantly, up by 56.8% to ₦16.7 trillion, while loans and advances (net) stood at ₦9.4 trillion.
Nnamdi Okonkwo, Group Managing Director, commented on the results, stating that FBN Holdings had achieved strong performance in the first nine months of 2024, attributing the growth to effective execution of 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,” he said.
Okonkwo highlighted the achievements in gross earnings and profit before tax, underscoring the company’s ability to deepen customer relationships and optimize revenue streams. He also noted improvements in the cost-to-income ratio, thanks to technology-driven earnings growth.
Looking to the future, Okonkwo expressed the company’s commitment to executing its digital transformation strategy, enhancing customer experiences, and driving long-term growth in a competitive landscape.
