FBN Holdings, which is the parent company of First Bank of Nigeria, recorded an impressive financial performance during Q1 2023, declaring an impressive operating profit of N50.05 billion. A 54.5% increase from the figure recorded in Q1 2022.
According to the unaudited financial statement for Q1 2023, the group announced a net interest income of N111.8 billion, representing a 53% growth from the N72.8 billion recorded in the same quarter of 2022. It also recorded an operating profit of N56.1 billion, representing a 53% increase from the N36.6 billion recorded in Q1 2022. The company recorded a gross earning of N259.5 billion, up by 43.7% year-on-year.
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The statement disclosed that the group’s total assets amount to N11.09 trillion, which includes N2.059 trillion in cash and balances held with central banks in various countries where they operate.
At the end of the market closing on Friday, the 2nd of June, FBN Holding shares traded for N13.75, representing 17.2% growth year-to-date.
FBN Holdings has two major divisions, its commercial banking group, and the Merchant Banking and Asset Management group (MBAM). The group also has other divisions which are the FBN Insurance Brokers Limited and Rainbow Town Development Limited. During the quarter under review, the commercial banking group contributed N245.7 billion to the gross earning of the group, while the MBAM group contributed N13.1 billion in earnings.
The commercial banking group also recorded an operating profit of N48.1 billion, with the MBAM group recording N1.9 billion in operating profit.
Nnamdi Okonkwo, the Group Managing Director of the group commented, he noted,
“FBNHoldings has sustained its positive performance momentum despite the clearly difficult operating environment. This is a testament to our ability to effectively navigate the challenging business terrain and optimise opportunities. It further demonstrates our disciplined risk management and strong execution capabilities resulting in enhanced revenue generation and improved bottom line.
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“Notwithstanding the ongoing progress, we remain focused on innovating and deepening our value propositions and delivery model while optimising operational efficiencies, using technology, to drive sustainable earnings and returns for our shareholders. We are confident that the Q1 performance will be maintained for the rest of the year.”
