By Business A.M.
FBN Holdings Plc recorded a 37 per cent increase in revenue as gross earnings rose to N259.51 billion in the first quarter of 2023, up from the N180.55 billion posted in the corresponding period of 2022.
The financial institution in the financial services sector made the disclosure in its Q1 2023 Unaudited Results.
A breakdown of the company’s financials in the reviewed period showed that profit before tax appreciated 53.6 per cent at N56.11 billion against N36.5 billion in Q1 2022.
In a similar trajectory, profit after tax showed strong growth of 54.48 per cent, reaching N50.05 billion, from N32.4 billion in the first quarter of 2022. The profit was boosted largely by interest income of N179.610 billion reported during the period under review as against N109.448 billion posted in 2022, indicating an increase of 64.10 per cent.
Furthermore, the company’s net fee and commission income rose 29.18 per cent year-on-year to N35.297 billion from N27.323 billion in Q1 2022.
The Q1 2023 financials also showed that operating profit grew by 93.54 per cent year-on- year to N56.105 billion from N36.590 billion a year earlier.
However, net interest expenses grew by 40.37 per cent year-on-year to N36.652 billion in 2022 from N25.564 billion in 2021 against an increase of less than 40 per cent in interest income.
Commenting on the company’s financial growth, Nnamdi Okonkwo, the group managing director said FBNHoldings has sustained its positive performance momentum despite the clearly difficult operating environment.
This, he explained, is a testament to the bank’s ability to effectively navigate the challenging business terrain and optimise opportunities. He added that the financials further demonstrates the company’s disciplined risk management and strong execution capabilities resulting in enhanced revenue generation and improved bottom line.
Okonkwo reiterated the company’s commitment to innovating and deepening its value propositions and delivery model while optimising operational efficiencies, using technology, to drive sustainable earnings and returns for its shareholders.
“We are confident that the Q1 performance will be maintained for the rest of the year,” he assured.