FBN Holdings Reports 142% Profit Before Tax Surge In 2024

FBN Holdings Plc has reported a remarkable 142 percent increase in profit before tax (PBT) for the year ending December 31, 2024, reaching N862 billion.

Gross earnings also surged by 113 percent to N3.33 trillion, highlighting the group’s strong financial performance.

Net interest income grew by 155 percent year-on-year to N1.39 trillion, driven by an increase in loan volumes and other earning assets. Non-interest income rose 43.3 percent, reaching N846.9 billion compared to N255.8 billion in 2023. Loans to customers increased by N2.8 trillion, bringing the total to N9.4 trillion. Customer deposits grew by 62 percent to N17.29 trillion, contributing to a rise in total assets to N26.54 trillion, up from N16.94 trillion in 2023.

The group also recorded an impressive average earnings yield of 16.71 percent, up from 10.69 percent in 2023, despite a higher cost of funds. The net interest margin (NIM) improved from 6.11 percent to 9.61 percent, benefiting from a rise in the Central Bank of Nigeria’s (CBN) Monetary Policy Rate, which increased from 18.75 percent in December 2023 to 27.25 percent by December 2024.

Non-interest income growth was largely driven by higher fee and commission income, particularly from fund transfers, intermediation, and digital channel fees. Loans and advances to customers grew by 42 percent, driven by new loans from the Commercial Banking Group and the effect of naira depreciation on foreign currency-denominated loans.

The group’s risk management approach remained strong, ensuring resilience amid a volatile business environment. Deposit liabilities grew 62 percent, supported by continuous deposit mobilization, digital banking investments, and brand recognition.

FBN Holdings Plc is confident that its strong performance will continue, focusing on enhancing shareholder value, refining governance, and improving operational efficiencies to meet future challenges and surpass stakeholders’ expectations.