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Home Economy Finance

FBN Impressive H1 2023 Financial Performance Amidst Challenging Times

by Justice Godfrey Okamgba
July 22, 2023
in Finance
0
First Bank
UBA
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FBN Holdings Plc, a prominent financial services holding company, has reported a remarkable financial performance for the first half (H1) of 2023, despite operating in a complex and challenging environment.

TechEconomy understands that the unaudited financial statements revealed significant growth across various key indicators, underscoring the company’s resilience and strategic positioning.

Gross Earnings

One of the standout achievements was the surge in gross earnings, which soared by an impressive 82.8 percent to N656.6 billion in H1 2023 compared to N359.2 billion in the corresponding period in 2022.

This notable growth was mainly driven by a substantial increase of 69.3 percent in interest income, reaching N383.3 billion, up from N226.4 billion in H1 2022. Additionally, non-interest income experienced a surge, amounting to N257.9 billion, reflecting a significant rise from N120.6 billion in the previous year’s H1.

Operating Income

Operating income also demonstrated robust performance, rising by 81.1 percent to N495.3 billion in H1 2023, showcasing the company’s ability to generate substantial revenues despite the challenging operating landscape.

However, impairment charges for losses increased to N57.6 billion in H1 2023, compared to N21.7 billion in H1 2022, indicating the company’s proactive approach to risk management.

Assets

Another area of commendable growth was in total assets, which expanded by 34.0 percent to N14.177 trillion in H1 2023 from N10.578 trillion as of December 31, 2022.

This increase demonstrated FBN Holdings’ ability to effectively manage its asset portfolio and leverage opportunities for growth.

Loans

Customer loans & advances also registered remarkable progress, with a year-to-date growth of 38.9 percent as of June 30, 2023, reaching N5.261 trillion from N3.789 trillion. This growth highlights the company’s efforts to support its customer base with increased lending and financing activities.

Deposits

Moreover, customer deposits displayed a year-to-date growth of 26.9 percent as of June 30, 2023, reaching N9.042 trillion from N7.124 trillion. This growth in customer deposits signifies the confidence of depositors in the company’s financial stability and ability to safeguard their funds.

Profit

FBN Holdings Plc’s profit after tax was a standout figure, reaching an impressive N206.3 billion in H1 2023.

This marked a phenomenal growth rate of 231.1 percent compared to N56.5 billion recorded in H1 2022, indicating the company’s ability to generate higher profits and returns on investments.

Shares

The company’s focus on shareholders’ value was evident in the substantial increase in earnings per share, rising by 234 percent to N5.19 in H1 2023, surpassing N1.55 in 2022. This growth reflects the company’s dedication to rewarding its shareholders through improved earnings and dividends.

FBN Management

FBN Holdings’ management, including Group Managing Director Nnamdi Okonkwo and CEO of FirstBank, Dr. Adesola Adeduntan, emphasized the importance of a strong foundation, risk management practices, and customer-centric innovations as key drivers of the company’s success.

They also highlighted the strategic importance of digital capabilities and advanced banking platforms in ensuring operational efficiency and meeting customer expectations.

Despite the challenges posed by the operating environment, FBN Holdings Plc remains optimistic about its ability to navigate the landscape and deliver sustainable value to its stakeholders.

The company’s resilience, growth, and commitment to innovation position it favorably for continued success in the financial services industry

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  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

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