FBNHoldings, the parent company of Nigeria’s premier financial institution, has reported profit before tax of N270 billion in the nine months ended September 30, 2023.
The commercial banking unit posted N922.2 billion gross earnings, which represents 79.8 per cent increase from N512.9 billion it achieved during same period of last year.
Its net interest income of N371 billion, represents 49.3 per cent increase from N248.5 billion recorded in 2022. The profit before tax of N248.5 billion, up 157.9 per cent compared with N96.4 billion achieved in September, last year while profit after tax of N221.1 billion, represents 158.2 per cent rise from N85.7 billion recorded same period of last year.
The total assets of N13.8 trillion, represents 37.2 per cent growth as against N10.1 trillion it achieved in December 2022. Customers’ loans and advances (net) of N5.3 trillion, up 40.1 per cent year-to-date as against N3.7 trillion in December 2022. Customers’ deposits of stood at N8.9 trillion, up 29.2 per cent year-t-date as against N6.9 trillion it achieved in December 2022,” it said.
The Merchant Banking and Asset Management (MBAM)/FBNQuest recorded gross earnings of N60.6 billion, up 68.7 per cent compared with N35.9 billion it achieved in September, last year while profit before tax stood at N21.0 billion, up 83 per cent as against N11.5 billion it achieved in September, last year.
Group Managing Director, FBN Holdings, Nnamdi Okonkwo, said: “Over the period, we have delivered a strong performance and growth enabled by focused execution of our strategic plans. Gross earnings were up by 80.1 per cent, while our profit before tax grew by 156 per cent year-on-year.
“At the same time, our credit risk portfolio remains healthy, with an non-performing loan ratio of 4.6 per cent and a coverage of 85.4 per cent. Cost-to-income ratio improved to 50 per cent from 65 per cent in 2022 on the back of enhanced revenue generation as well as effective cost containment initiatives despite the high inflationary environment.”
“We remain committed to leveraging technology, automation and our brand strength to enhance our value proposition, increase revenues and improve the overall operational efficiency of the Group. We are confident in our continuous progress in generating sustainable value for our shareholders.”
Chief Executive Officer, FirstBank of Nigeria Limited (Commercial Banking Group), Dr. Adesola Adeduntan, stated: ”In the nine months ended September 30, 2023, FirstBank Group reported impressive financial results, reflecting sustained growth and resilience of the franchise.
“Our gross earnings at the end of the quarter were N922.2 billion, marking a remarkable increase of 79.8 per cent year-on-year. The substantial increase of 49.3 per cent y-o-y in net interest income reflects our commitment to managing interest rate dynamics effectively and optimising our interest-earning assets, while the impressive growth of 111.6 per cent y-o-y in non-interest income underscores our success in diversifying the bank’s revenue streams and providing value-added services to our customers. Growth of 157.9 per cent and 158.2 per y-o-y in Profit Before Tax and Profit After Tax respectively reflect our commitment to delivering exceptional value to our shareholders and stakeholders.”
He said the performance is a testament to the dedication and hard work of our entire team, and it reaffirms FirstBank’s position as one of the leading players in the commercial banking industry.
“As we continue to face dynamic market conditions, our agility, risk management capabilities and strategic approach will remain pivotal in sustaining this impressive growth trajectory. Looking ahead, we are committed to sustaining this momentum, exploring new growth opportunities through innovation and upholding our core value of customer centricity,” he added.
