FBN Holdings Plc, the parent group of First Bank of Nigeria posted a pre-tax profit of N64.1 billion in Q3 2023, representing an increase of 61.11% year-on-year from the corresponding quarter in 2022.
The figure in Q3 2023 pushed the group’s pre-tax profit in the nine months ending September 30, 2023, to N270.33 billion, a year-on-year increase of 156.26% from the figure recorded in the corresponding period in 2022.
Key Highlights Q3 2023 vs Q3 2022
- Interest income: N250.52 billion, +73.96% YoY
- Interest expense: N110.15 billion, +132.43% YoY
- Net interest income: N140.37 billion, +45.28% YoY
- Impairment charge for losses: N24.75 billion, +64.70% YoY
- Net interest income after impairment charge for losses: N115.62 billion, +41.65% YoY
- Fee and commission income: N54.61 billion, +36.03% YoY
- Fee and commission expense: N9.33 billion, +24.12% YoY
- Net fee and commission income: N45.28 billion, +38.77% YoY
- Foreign exchange income: N1.75 billion, +112.19% YoY
- Operating income: N63.86 billion, +61.04% YoY
- Profit before tax: N64.07 billion, +61.11% YoY
- Profit for the period: N49.24 billion, +42.04% YoY
- Total assets: N14.46 trillion, +36.67% YTD
Insights
FBNH displayed a strong financial performance in Q3 2023 and in the nine months ending September 30, 2023. And this is highlighted by the huge growth recorded in all the key performance indices.
In Q3, 2023, the group achieved a foreign exchange income of N1.75 billion, a surprising outcome given that many Nigerian corporates typically face losses from foreign exchange exposures.