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FBN Holdings Plc, one of Nigeria’s largest banks released its 2023 second-quarter results showing pre-tax profits rose 5 folds to N150.1 billion (N29.2 billion Q2 2022).
The increase in second-quarter profits helped its half-year profit before tax to rise by 213% to N206.2 billion compared to N65.7 billion same period last year.
This is also the Bank Holding Company’s best half-year performance since it was listed on the Exchange.
Key Results Highlights (second quarter ended)
Net Interest Income
Other News
2023 Q2 – N125.4 billion
2022 Q2 – N80.1 billion
%age Change +56.5%
Impairment Charges
2023 Q2 – N40.7 billion
2022 Q2 – N10.4 billion
%age Change +291%
Fees and Commission
2023 Q2 – N38.4 billion
2022 Q2 – N31.0 billion
%age Change – 23.8%
Operating Profit
2023 Q2 – N149.9 billion
2022 Q2 – N29.2 billion
%age change – 413%
Pre-tax profits
2023 Q2 – N150.1 billion
2022 Q2 – N29.2 billion
%age change – 414%%
Earnings Per Share (YTD)
2023 Q2 – N5.19
2022 Q2 – N1.55
%age change – 234%
Key profit drivers: The key driver of profits for the latest results is the bank’s net gains from financial instruments.
- This item went from a loss of N3.5 billion in the second quarter of 2022 to N231.7 billion in the second quarter only.
Nairametrics analysis indicates this must have been a result of the bank’s valuation of some of its foreign currency assets which have now been revalued in Naira terms following the unification of the naira.
- The unification of the naira led to a depreciation of the naira from N460 to about N765/$1.
- This means any dollar asset held by the bank will rise when classified in Naira terms.
- For example, the value of its financial assets held at fair value rose from N278.4 billion to N681.3 billion
- A further insight also reveals the bank’s derivative assets were the specific assets that recorded the growth.
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How much dividend accrued to shareholders??
Very impressive. Keep it up.
They are still paying thier contract staff peanut with all the huge profit made. Too bad
Good job well done
Successful profit
Very good performance
Otudeko will be cursing Ecobank right now. This is profit to be cornered.
With this huge profit they pay their retired staff 15000 a month and yearly medical expenses 30000
First Bank Plc should maintain it leadership as number one bank in Nigeria. The momentum should continue unabated by endeavoring to lead always. The enthusiasm should continue and maintain. Remember the shareholders by rewarding them with lofty dividends.
Very impressive performance, FBN for life.
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