FBN Holdings reported a record pre-tax profit of N177.79 billion for the second quarter of 2024, an 18.9% increase from the previous year.
This performance helped the group achieve a half-year profit of N411.9 billion, more than double the N205 billion reported for the same period in 2023.
The growth in profits was driven by a significant rise in net interest income, which surged to N288 billion.
Despite a net foreign exchange loss of N66.45 billion, gains from fair value instruments helped offset these losses, contributing to the bank’s strong overall performance.
Under the new leadership of Chairman Femi Otedola and Managing Director Olusegun Alebiosu, FBN Holdings has improved its financial standing by streamlining operations and leveraging new technologies.
Despite the positive results, the bank’s share price has fallen 11% year-to-date.