By Chinwendu Obienyi
FBN Holdings Plc has announced that its profit before tax (PBT) for the first quarter (Q1) of 2023, grew to N56.105 billion from N36.518 billion reported in 2022. This represents a 53.64 per cent increase.
According to its unaudited Q1 financial statement for the first quarter ended 31 March 2023, Profit after tax (PAT) stood at N50.054 billion as against N32.401 billion in 2021, equally representing 54.48 per cent growth.
The profit was boosted largely by interest income of N179.610 billion reported during the period under review as against N109.448 billion posted in 2022, which is an increase of 64.10 per cent.
The group’s gross earnings also rose by N748.6 billion from N716.8 billion, representing a 4.4 per cent increase.
Commenting on the results, Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank (Commercial Banking Group) said that the Commercial Banking Group continued the strong performance trajectory from the 2021 results posting another set of robust results for FY 2022 with gross earnings up 4.4 per cent year-on-year to N748.6 billion and profit before tax of N147 billion, recording a growth of 12.4 per cent year-on-year.
He noted that total assets grew by 18.1 per cent year-on-year to N10.1 trillion despite the unprecedented macro-economic challenges and dynamic regulatory environment.
“The impressive growth in PBT was driven by a 58.3 per cent year-on-year growth in interest income from N255.7 billion to N357.2 billion arising from business growth and improved optimisation of our balance sheet. This is in keeping with our Quantum Profitability Leap agenda.
As a Group, we continue to reap the benefits of our investments in technology, transaction and digital banking capabilities which enable us to offer better customer experiences to our numerous clients.
This was further reflected in the impressive 22.4 per cent and 28.5 per cent year-on-year growth in customers’ deposits and loans respectively, demonstrating customers’ confidence in our service delivery and value proposition.
In the face of the increasingly competitive landscape, we are continually looking into the future to build an enduring and sustainable institution”, he said.
According to Adeduntan, the group remains focused on the disciplined execution of our strategic initiatives aimed at positioning the Group for improved profitability, facilitating performance excellence, and exceeding the expectations of all our stakeholders.