FBN Holdings’ quarterly earnings rise to N208bn
The earnings of FBN Holdings, the parent company of Nigeria’s oldest bank, First Bank rose to the highest in at least 13 years in the first quarter of 2024, according to its latest financial statement.
The group’s after-tax profit rose by 315.3 percent to N208.1 billion from N50.1 billion in Q1 last year. Its interest income, which often accounts for the lion’s share of lenders’ revenues, surged by 153 percent growth to N454.9 billion, driven mainly by loans and advances to customers at N261.1 billion, investment securities at N146.6 billion, and loans and advances to banks at N47.3 billion.
FBN Holdings’ net interest income rose to N228.5 billion in the first quarter of 2024, a 104.3 percent increase from N111.8 billion recorded in the first quarter of 2023.
The holding company saw its interest expense grow 234.4 percent to N226.4 billion on the back of N131.8 billion expense on deposits from customers, deposit from banks expense which stood at N66.2 billion, borrowings and others at N28.3 billion in March 2024.
FBN Holdings’ revenue from external customers arrived at N730.3 billion which comprised commercial banking business group (N682.4 billion), merchant banking and asset management business group (N45.4 billion), and others (N2.3 billion) for the period ended March 2024.
Net fee and commission income during the period stood at N63.6 billion in the first quarter of 2024, up 48.6 percent from N42.8 billion in the first quarter of 2023.
However, foreign exchange income increased to 3,035 percent to N94.7 billion from N3.03 billion in the period reviewed.
Net gains on sale of investment securities dropped to N12 billion in the first quarter of 2024 from N33.28 billion in the similar period of 2023.
Dividend income grew 180 percent to N364 million in the first quarter of 2024 from N130 million in the first quarter of 2023
Other operating income increased by 94.7 percent to N5.14 billion in the first quarter of 2024 from N2.64 billion in the first quarter of 2023.
Furthermore, the analysis of the cash flows of the holding company reveals net cash flow generated from operating activities amounted to N2.18 trillion in March 2024, up 34 percent from N365.69 billion in March 2023.
Net cash flow used in investing activities stood at a negative N1.17 trillion from N1.04 trillion in the period reviewed.
Net cash flow used in financing activities stood at a negative N184.8 billion in the first quarter of 2024 from N45.54 billion in the first quarter of 2023.
Cash and cash equivalents rose to N3.46 trillion in the first quarter of 2024, 181 3 percent decline from N1.23 trillion in the first quarter of 2023.
FBN Holding’s basic and diluted earnings per share rose to N5.76 in the first three months of the year from N1.38 in the same period of last year.
