FBN Holdings Plc, one of the leading financial institutions in Nigeria, grew gross earnings by 6.32% from N757.296 billion recorded in 2021 to 805.128 billion in the 2022 financial year.

Operating expenses rose by 23.35% to N218.481 billion in the period under review from N177.130 billion in 2021.

In the audited financial statement released on the Nigerian Exchange Limited, net interest income expanded by 59.15% to N363.249 billion from N228.242 billion achieved in 2021.

The increase in operating expenses dragged on profit before tax as it dropped by 5.26% from N166.662 billion filed in 2021 to N157.902 billion. While the profit after tax dipped by 9.87% from N151.079 billion in 2021 to N136.173 billion in 2022.

The Board of Directors, pursuant to the powers vested in it by the provisions of Section 426 of the Companies and Allied Matters Act (CAMA) 2020, has recommended a dividend of 50 kobo per ordinary share, amounting to N17,947,646,398 (2021: N12,563,352,477). Withholding tax will be deducted at the time of payment.

In 2022 while commenting on the Group’s performance, the Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo said, “I am very proud to have assumed the role of Group Managing Director of this great organisation in January 2022 and I am excited about building on the momentum of recent positive developments.

“As a Group, we are acutely aware of the macroeconomic challenges facing businesses and remain focussed on carefully navigating the environment through innovation and by putting our customers at the centre of our attention.

“As a financial service holding company, driving synergies remains a critical part of our strategy and has been integrated into every aspect of our delivery model.

“We pride ourselves in the uniqueness of our diversified portfolio and the collaborative ecosystem that we have built around our lines of business, our customers, and the unique value proposition that we deliver. “

“We are also increasingly leveraging technology – artificial intelligence, robotics, and other next-generation technological advancements, to deepen collaboration and further drive operational efficiency across the Group.

“Highlighting revenue and profitability, the Group delivered a stellar performance growing gross revenue by 28.2per cent to N757.3 billion and profit before tax by 99.1per cent to N166.7 billion.

“The 30 per cent growth in loans and advances to N2.9 trillion and 16.2per cent growth in total asset to N8.9 trillion reaffirms our commitment to drive revenue and profitability as we complete the balance sheet clean-up.

He added that, “In 2022, our strategic focus is on revenue generation through digital channels and retail product offerings, further driving our synergy potential as well as continuing to improve our operating model to deliver more efficiencies”.

For the fourth consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance ‘Financial Services’ Africa 2023 by the Ethical Boardroom. The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.

Speaking on the recognition, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance Award as a regional governance champion for the fourth year running. No doubt, the bank’s board has pioneered the exemplary governance culture for which we are now renowned. Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate us to strengthen this culture internally and advocate for good governance at every forum”.

He dedicated the award to the Founder and Group Chairman, Jim Ovia, CFR, for providing the template for an enduring and very successful institution; the Board for their vision and outstanding leadership; the staff for their dedication and commitment; and the bank’s customers for their unwavering loyalty to the brand.

Ethical Boardroom is a trailblazing and leading international magazine that delivers in-depth coverage and critically-astute analysis of global corporate governance issues to help boards stay ahead of the governance curve.

Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Exchange (NGX) hence its listing on the Premium Board of the Exchange. The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.

The bank’s track record of excellent performances has continued to earn it numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said the apex bank has disbursed a total sum of N173.3 billion to various beneficiaries under its 100-for-100 Policy on Production and Productivity since the policy commences.

Emefiele, who made this known in Abuja shortly after the Monetary Policy Committee meeting, said N13.81 billion of the total disbursed amount was for the development of three new projects in the manufacturing sector.

He said, “Under the 100 for 100 Policy on Production and Productivity, the Bank disbursed the sum of N13.81bn to three projects in the manufacturing sector.

“This brings the cumulative disbursement under the facility to N173.31bn, disbursed to 81 projects comprising 45 manufacturing, 23 agriculture, five healthcare, and eight services sector projects with an estimated 23,343 direct jobs created.”

The loan is capped at N5 billion per participant by the central bank, according to the guidelines for the implementation of the initiative.

In the guideline, the apex bank said 100 private sector organisations with projects that could transform the local economy through job creation, improve productivity, reduce imports, increase non-oil exports, and improve foreign exchange generating capacity of the nation will be selected and financed under the 100-for-100 policy.

“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative,” it stated.

Meanwhile, the Nigerian economy grew at a slower pace in the first quarter of 2023 as Africa’s largest economy expanded at 2.31% year on year.

The National Bureau of Statistics (NBS) attributed this decline in growth to the cash crunch caused by the CBN’s decision to change the Naira notes in an effort to curb counterfeit notes and other national challenges.