FBN Holdings Plc delivered a stellar financial performance in 2024, with its net income soaring by 138.86% year-on-year to N736.734 billion, up from N308.433 billion in 2023. This remarkable growth was driven by robust revenue increases, particularly in net interest income, which rose by 155% to N1.391 trillion from N546.288 billion the previous year.
The group’s net fees and commission income also saw significant growth, climbing 28% to N239.184 billion in 2024, compared to N187.072 billion in 2023. Operating income improved as foreign exchange (FX) losses moderated substantially, dropping to N62.598 billion from N334.230 billion in 2023.
FBN Holdings’ unaudited financial statement revealed a 142.59% surge in operating profit, which reached N861.974 billion in 2024, up from N355.323 billion in the prior year. However, the group faced challenges, including a 5.4% decline in net gains from financial instruments carried at fair value, which fell to N641.87 billion from N678.432 billion.
The financial services group also reported over N40 billion in losses due to a decline in the fair value of its investment securities. Additionally, operating expenses rose significantly, with personnel expenses increasing by 82% to N320.228 billion from N175.901 billion in 2023.
Despite these challenges, FBN Holdings’ pretax profit surged by 142% to N862.391 billion in 2024, up from N356.148 billion in 2023. The group’s strong performance underscores its resilience and ability to navigate Nigeria’s challenging macroeconomic environment.
"The significant surge in bottom line was supported by higher revenue due to a strong increase in net interest income," the report stated. "Operating income improved as FX losses moderated significantly in 2024."
FBN Holdings’ results highlight its strategic focus on core and non-core banking operations, positioning the group for sustained growth in the coming years.
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