FBN Holdings reported a significant 181.43% increase in gross earnings to N1.60 trillion for Q1 2024. Interest income contributed 60% of total earnings, while non-interest income surged by 153.67% to N601.70 billion.
The group’s profit before tax rose by 25.15% to N350.59 billion in Q1 2024. Analysts credited the performance to strong leadership from former Managing Director Adesola Adeduntan, who served for nine years until April. Customer deposits increased by 49.68% to N10.66 trillion, and shareholders’ funds grew by 75.45% to N1.75 trillion.
FBN Holdings also saw a 20.41% increase in digital banking income, reaching N66.34 billion. The group plans to raise N300 billion in new capital to meet regulatory requirements, with analysts optimistic about its continued growth and strategic initiatives.
