First Bank Head Office, Lagos
FBN Holdings Declares N359bn PBT, N310bn PAT For 2023
Yinka Olajoyetan, Lagos 
FBN Holdings Plc has announced its audited results for the financial year end December 31, 2023 with about N359bn Profit Before Tax (PBT), an increase of 127.3 per cent from N157.7 billion declared in the 2022 financial year.
From the result and accounts posted on the Nigerian Exchange Limited (NGX), the group declared N310.5bn Profit After Tax (PAT) representing an increase of 127.8 per cent from N136.3 billion declared in 2022.
Amid growth in profit after tax, the Board of Directors recommended a dividend of 40 kobo per ordinary share of 50 kobo each, amounting to N14.36 billion in 2023 financial year compared to N17.95 billion paid to shareholders in 2022 financial year.
Gross earnings stood at N1.6 trillion in 2023, about 95.7 per cent from N815.2 billion declared in 2022. The growth in gross earnings was driven by a 74 per cent growth in interest income to N960.3 billion in 2023 from N551.9 billion in 2022, which represents 60.2per cent of gross earnings.The growth in interest income was underpinned by the strong rate environment which resulted in an increase in earning yields to 10.7per cent from 8.8per cent in the prior year. Likewise, net interest margin improved to 6.1per cent from 5.8per cent in 2022..
The Group Managing Director, FBN Holdings, Nnamdi Okonkwo in a statement stated that the Group’s strong performance underscores the resilience and sustainable growth despite the challenging macroeconomic landscape.
He explained further that, “Notably, gross earnings grew 95.7per cent to N1.6 trillion, while profit before tax increased by 127.3per cent to N358.9 billion.
“We are committed to further enhancing revenue and profitability by leveraging technology, strengthening our value proposition, refining our governance model, and maximising operational efficiencies. In the face of the increasingly competitive environment, we maintain a forward-looking approach, with a clear aim to build a sustainable institution.
“Our disciplined execution of strategic initiatives positions the Group for improved profitability, excellence in performance, and surpassing stakeholders’ expectations.”
Meanwhile, the group’s deposit from customers increased to N10.7 trillion, a growth of 49.7per cent from N7.1 trillion declared in 2022
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