FBN Holdings Achieves Record N3.3 Trillion Revenue, Profit Soars to N739 Billion

 FBN Holdings Achieves Record N3.3 Trillion Revenue, Profit Soars to N739 Billion

In a remarkable financial performance for the fiscal year ending December 31, 2024, FBN Holdings Plc has reported a substantial increase in both revenue and profit. The company's gross earnings surged by 113% year-on-year, reaching N3.33 trillion, while profit before tax (PBT) escalated by 142% to N862 billion. Net profit also saw a significant rise, climbing to N738.9 billion from N310.4 billion in the previous year. 



Key Financial Highlights:

  • Net Interest Income: There was a 155% year-on-year growth, amounting to N1.39 trillion. This increase was primarily driven by higher interest income from customer loans and investment securities.

  • Fees and Commissions: The bank's fees and other commissions increased to N302.9 billion from N220.3 billion in the prior year, indicating a robust growth in non-interest income streams. 

  • Operating Profit: Operating profit surged by 142.59% to N861.974 billion in 2024, up from N355.323 billion in 2023. 

Strategic Initiatives and Future Outlook:

FBN Holdings' commercial banking arm, First Bank, is actively seeking to bolster its capital base to at least N500 billion ahead of a March 2026 deadline set by the Central Bank of Nigeria. This move aims to strengthen the bank's financial position and support its growth objectives. 

The impressive financial results underscore FBN Holdings' strategic focus on enhancing core banking operations, diversifying income streams, and maintaining operational efficiency. The significant growth in both interest and non-interest income reflects the bank's commitment to delivering value to its stakeholders.







FBN Holdings Plc's stellar financial performance in 2024 highlights its resilience and strategic acumen in navigating the complex financial landscape. The substantial increases in revenue and profit demonstrate the effectiveness of the company's growth strategies and its dedication to maintaining a strong financial foundation. As the bank continues to implement its strategic initiatives, it is well-positioned to achieve sustained growth and profitability in the coming years.

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