FBN Holdings Reports 53 Per Cent Increase In Profit

For the first quarter of 2023 which ended March 31, FBN Holdings Plc has recorded a 53 per cent increase in profit.

The Group posted a profit before tax of N56.105 billion for Q1 2023 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. 

According to the company, 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%. 

Net fee and commission income grew by 29.18% year-on-yesr to N35.297 billion from N27.323 billion in Q1 2022.

Interest expenses grew by 40.37 to N36.652 billion in 2022 from N25.564 billion in 2021.