FIRSTBANK Q1 PROFIT SOARS! N238.53 BILLION PBT REPORTED

Profit Soars:

  • FBN Holdings reported a staggering 325% year-over-year increase in profit before tax (PBT) for the first quarter (Q1) of 2024, reaching N238.53 billion.
  • This impressive performance builds upon the bank’s strong showing in 2023.

Revenue and Efficiency:

  • Gross earnings skyrocketed by 181.4% to N730.3 billion in Q1 2024 compared to the same period in 2023.
  • This growth reflects the bank’s commitment to optimizing earnings and operational efficiency.

Key Metrics:

  • Net income grew by 315.8% year-over-year to N208.1 billion.
  • Interest income jumped 153.3% to N455 billion.
  • Customer loans and advances increased to N8.42 trillion as of March 2024, reflecting a rise in lending activity.
  • Customer deposits also rose to N13.27 trillion, indicating strong customer confidence.
  • Total assets grew by 27.4% to N21.58 trillion, demonstrating the bank’s financial strength.

Management Outlook:

  • FBN Holdings’ management remains confident in achieving its targets and delivering sustained value to shareholders.
  • The bank is committed to further improving profitability and exceeding stakeholder expectations.

Shareholding Structure:

  • Femi Otedola, the Group Chairman, increased his direct and indirect stake in the company from 1.99 billion shares in March 2023 to 2.52 billion shares in March 2024.

Stock Price:

  • FBN Holdings’ stock price closed at N21.1 per share on March 27, 2024.

Overall:

FBN Holdings’ Q1 2024 results were exceptional, showcasing significant growth in key financial metrics. The bank’s commitment to operational efficiency and strategic initiatives positions it well for continued success.

Source: Techeconomy

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