In an extraordinary feat, FBN Holdings Plc, the parent company of First Bank, has reported an astounding N206.3 billion profit before tax (PBT) in its unaudited half-year (H1) account, ending June 30, 2023. This unprecedented achievement marks a new record high for Nigeria’s oldest financial institution, highlighting the resolute impact of its strategic growth and transformation endeavors.
Compared to the N65.7 billion PBT declared in the first half of 2022, the current result reflects an exceptional 213.8 percent increase. The stellar financial performance underscores the firm’s sustained progress and dedication to enhancing the Group’s overall prospects.
A key contributing factor to the remarkable surge in FBN Holdings’ PBT and profit after tax figures lies in the remarkable growth seen across various aspects of the business. The first half of 2023 saw a substantial increase in gross earnings, soaring to N656.5 billion, a remarkable 83 percent rise from N359.2 billion recorded in H1 2022. Additionally, non-interest income saw an impressive surge, reaching N257.9 billion, reflecting a staggering growth of 113.8 percent from N120.6 billion in H1 2022.
FBN Holdings’ balance sheet exhibited a significant improvement, crossing the N14 trillion mark as of June 30, 2023. The total assets reached N14.18 trillion, reflecting a substantial 34 percent increase from the N10.58 trillion reported in the full-year 2022.
The Group Managing Director, Mr. Nnamdi Okonkwo, attributed the outstanding financial performance to the strong foundation, market understanding, risk management, and execution capabilities of the organization. In a statement, he emphasized the commitment to customer-centric innovations, leveraging digital capabilities, and maintaining sound risk management practices to navigate the challenging operating environment effectively.
Furthermore, the financial performance extends to First Bank of Nigeria Limited, the commercial bank subsidiary of FBN Holdings, which declared a profit before tax of N188.8 billion in H1 2023, a remarkable 214.6 percent surge from N60 billion in H1 2022. Profit after tax also experienced significant growth, reaching N174.9 billion, a remarkable 228.3 percent increase from N53.3 billion in H1 2022.
Dr. Adesola Adeduntan, the Chief Executive Officer of First Bank, lauded the exceptional financial performance, citing solid business momentum, increased revenue, and outstanding returns. He highlighted the resilience of the business model, customer relationships, and institutional capabilities, expressing confidence in the bank’s future outlook and its ability to provide unwavering support to customers while creating sustainable value for shareholders.
As uncertainties persist in the macroeconomic and operating environment, both FBN Holdings and First Bank remain focused on their purpose-driven strategies, leveraging digital banking platforms, and maintaining robust risk management practices to safeguard the franchise’s resilience and prosperity in the face of challenges.
The remarkable financial results reflect the dedication of FBN Holdings and First Bank to delivering unparalleled value to stakeholders while remaining agile and adaptive to dynamic market conditions.