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
NIGERIA: SLOWDOWN IN INFLATION FOR MANUFACTURING (STANBIC PMI)
