FBN Holdings Plc has reported impressive financial results for the nine months ending September 30, 2024, showcasing a remarkable growth in gross earnings. The company’s earnings surged by 134% to reach N2.25 trillion, a significant leap from the N962.40 billion recorded in the same period a year earlier. This growth can be attributed to a substantial increase in interest income, which grew by an extraordinary 164.6%, climbing to N1.63 trillion from N617.1 billion in September 2023. This turnaround points to the strategic initiatives undertaken by FBN Holdings to bolster its earning capabilities despite the economic challenges posed by the current macroeconomic landscape.
Alongside the revenue surge, the unaudited results revealed an uptick in operating expenses, which increased by 94.8% to N676.8 billion from N347.5 billion in the previous year. However, the company’s profitability remained robust, with profit before tax rising by 128% year-on-year, amounting to N610.9 billion. Similarly, the net profit for the period experienced a remarkable increase, climbing 125.8% to N533.9 billion from N236.4 billion recorded in the prior year. This strong profitability indicates not only effective cost management but also the success of the initiatives in enhancing income-generating activities.
Assets also reflect the financial institution’s growth trajectory, with total assets reaching an impressive N27.5 trillion. This marks a year-on-year growth of 62.3%, showcasing the institution’s solid footing in the marketplace. Customer deposits surged by 56.8% to N16.7 trillion, while loans and advances (net) stood at N9.4 trillion. The increases in these key financial metrics indicate a growing trust among customers and a successfully executed strategy to expand the lending portfolio while maintaining liquidity.
In response to these results, FBN Holdings’ Group Managing Director, Nnamdi Okonkwo, highlighted the entity’s strong performance in navigating a challenging macroeconomic environment. He credited this achievement to the diligent execution of strategic priorities that focus on operational efficiency, customer-centric innovations, and prudent risk management. Okonkwo emphasized the necessity of building deep customer relationships and optimizing revenue streams to facilitate such impressive growth. The continued improvement in the cost-to-income ratio showcases the effectiveness of technological advancements in driving earnings at a rate surpassing expenses, reflecting the company’s commitment to sustainable growth.
Looking towards the future, Okonkwo reaffirmed FBN Holdings’ dedication to advancing its digital transformation strategy. This strategic focus involves enhancing customer experiences and ensuring a framework that allows for continuous long-term growth. As the financial landscape evolves, the institution aims to leverage technology to further streamline operations and engage customers more effectively, following a path that anticipates industry trends and customer needs.
Overall, FBN Holdings Plc’s financial results for the nine months ending in September 2024 reveal a strong performance characterized by substantial revenue growth, improved profitability, and robust asset accumulation. The company’s focus on operational excellence and strategic execution positions it well for ongoing success in a rapidly changing economic environment. With a commitment to innovation and customer orientation, FBN Holdings appears poised to navigate future challenges while continuing to deliver value to its stakeholders.
