June 06, (THEWILL) – FBN Holdings Plc recorded an impressive result in Q1 2023 according to the unaudited financial statement it filed with the Nigerian Exchange.
The Group posted a profit before tax of N56.105 billion for Q1 2023 a 53.64% growth from N36.518 billion reported in Q1 2022. Profit after tax stood at N50.054 billion as against N32.401 billion in 2021, equally representing 54.48% 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%.
According to the bank in a statement, Net Interest Income rose by 53.64% to N111.847 billion from N72.796 billion in Q1 2022.
This is on the back of increasing inflation which the economy continues to struggle. Nigeria’s annual inflation rate rose for the fourth straight month to 22.22% in April 2023 from 22.04% in the previous month, according to the latest inflation report released on Monday 15th May 2023.
“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,” the bank said in the statement.
The bank had posted a moderate performance in its FY 2022 results which did not indicate a growth in profitability, but revenue surged significantly during the period.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
