FBN holdings reports impressive Q3 2023 results with 61.11% increase in pre-tax profit

FBN Holdings Plc, the parent company of First Bank of Nigeria, has reported impressive financial results for the third quarter of 2023. The company’s pre-tax profit reached N64.1 billion, marking a significant increase of 61.11 percent compared to the same period in 2022.

This strong performance in Q3 2023 has also contributed to the group’s overall pre-tax profit for the nine months ending September 30, 2023, which stands at N270.33 billion. 

This represents a remarkable year-on-year increase of 156.26 percent from the corresponding period in 2022. One notable achievement for FBNH in Q3 2023 is the unexpected foreign exchange income of N1.75 billion. 

This is particularly noteworthy as many Nigerian companies often face losses due to foreign exchange exposures. These impressive financial results demonstrate FBNH’s ability to navigate challenging market conditions and capitalize on opportunities. 

The company’s strong performance is reflected in all key performance indicators, highlighting its resilience and strategic management.FBNH’s success in generating substantial profits showcases its commitment to delivering value to shareholders and maintaining a solid financial position. 

With these positive results, the company is well-positioned to continue its growth trajectory and contribute to Nigeria’s economic development.