FBN Holdings Reports N309bn Profit

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FBN Holdings, in its Unaudited Consolidated Financial Statements for the period ended December 31, 2023, announced a substantial profit of N309.89 billion. This represents a remarkable 128% increase compared to the N136.17 billion reported in the previous fiscal year (FY 2022).

According to the report submitted to the Nigerian Exchange Group, Barbican Capital Limited, owned by Oba Otudeko, holds the majority shares with 4,886,062,743 units, representing 13.61% ownership. Meanwhile, billionaire Femi Otedola, recently appointed as the new Chairman of FBN Holdings Plc, owns a total of 2,029,376,358 units, equivalent to a 5.65% stake.

The group’s investment securities saw a notable increase of 31% in FY 2023, rising to N3.05 trillion from N2.32 trillion in FY 2022. Additionally, deposits from customers surged by 53% to N10.87 trillion in FY 2023, compared to N7.12 trillion in FY 2022.

The significant profit surge reflect the company’s strategic initiatives and effective management of resources in navigating the evolving economic landscape

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