FBN Holdings Posts Remarkable 139% Profit Growth to N734bn in 2024
Adebowale Oyedeji, Group Managing Director FBN Holdings
FBN Holdings Plc has announced a remarkable 138.86% year-on-year increase in net income, reaching N736.734 billion in 2024, up from N308.433 billion in the previous year.
The significant surge in profitability was driven by a substantial increase in net interest income, which rose by 155% year-on-year to N1.391 trillion. Net fees and commission income also grew by 28% to N239.184 billion.
Operating income improved due to a significant moderation in foreign exchange losses, which declined to N62.598 billion in 2024, down from N334.230 billion in 2023. As a result, operating profit surged by 142.59% to N861.974 billion.
However, the group reported a decline in net gain from financial instruments carried at fair value, dipping by 5.4% year-on-year to N641.87 billion.
Other operating income slowed, while operating expenses increased, driven by an 82% rise in personnel expenses to N320.228 billion.
FBN Holdings’ pretax profit rose by 142% to N862.391 billion in 2024, up from N356.148 billion in the previous year.
The impressive financial performance is expected to boost investor confidence in the banking group.
