Revenue Skyrockets: FBN Holdings Records 181% Growth

Rev Renue Skyrockets: FBN Holdings Records 181% Growth

FBN Holdings saw a significant surge in gross earnings, soaring by 181.4 percent to N730.3 billion in the first quarter of 2024 compared to N259.5 billion in the same period last year, according to its unaudited financial report……… CONTINUE READING

This growth was primarily fueled by a 153.3 percent increase in interest income to N455 billion in Q1 2024 from N179.6 billion in Q1 2023.

However, interest expenses also rose sharply by 234.1 percent to N226.42 billion from N67.76 billion in the previous year.

Despite this, FBN Holdings recorded a profit before tax of N238.53 billion, marking a substantial 325.2 percent rise from the N56.1 billion reported in the corresponding quarter of the previous year.

The company attributed these figures to changes in interest income and expenses influenced by shifts in the Monetary Policy Rate and the broader economic landscape.

Nnamdi Okonkwo, the Group Managing Director, reiterated the company’s dedication to strategic initiatives aimed at enhancing profitability, improving performance, and surpassing stakeholders’ expectations. He emphasized the group’s commitment to maintaining its leadership position in the financial industry to achieve superior results and outcomes.