Article Summary
- Net Interest Income rose by 59.15% to N363.249 billion from N228.242 billion in 2021
- Profit After Tax was down 9.87% to N136.173 billion from N151.079 billion in 2021.
- Operating Expenses grew by 23.35% to N218.481 billion from N177.130 billion in 2021.
FBN Holdings Plc has announced the release of its audited financial statements for the year ending 31st December 2022.
The Group’s Gross Earnings were up 6.32% to N805.128 billion from N757.296 billion posted in 2021, driven by strong growth in interest income.
Profit before Tax dropped by 5.26% to N157.902 billion as against N166.662 billion posted in 2021.
According to the bank in a statement, Net Interest Income rose by 59.15% to N363.249 billion from N228.242 billion in 2021.
This is on the back of increasing inflation, for which the economy continues to struggle.
Nigeria’s annual inflation rate rose for the fourth straight month to 22.22% in April 2023 from 22.04% in the previous month, according to the latest inflation report released on Monday.
The report published by the National Bureau of Statistics (NBS) said the food inflation rate quickened to 24.61% in April from 24.46% in the previous month.
- “Looking at the movement, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate,” it said.
The NBS said similarly, on a year-on-year basis, the headline inflation rate was 5.40% points higher compared to the rate recorded in April 2022, which was 16.82%.
FBN Holdings’ Operating Expenses grew by 23.35% to N218.481 billion from N177.130 billion in 2021.
The Board of Directors, under the provisions of Section 426 of the Companies and Allied Matters Act (CAMA) 2020, recommended a dividend of 50 kobos per ordinary share, amounting to N17,947,646,398 (2021: N12,563,352,477). Withholding tax will be deducted at the time of payment.
Gross earnings
- 2022 FY: N805.128 billion
- 2021 FY: N757.296 billion
- Change: +6.32%
Net interest income
- 2022 FY: N363.249 billion
- 2021 FY: N228.242 billion
- Change: +59.15%
Operating Expenses
- 2022 FY: N218.481 billion
- 2021 FY: N177.130 billion
- Change: +23.35%
Pre-tax profit
- 2022 FY: N157.902 billion
- 2021 FY: N166.662 billion
- Change: -5.26%
Net Profit after tax
- 2022 FY: N136.173 billion
- 2021 FY: N151.079 billion
- Change: -9.87%
Bottom line: The slight drop in pre-tax profits was due to the decrease in other operating income.