FBN Holdings, one of Nigeria’s foremost financial institutions, has announced a remarkable surge in profits for the fiscal year 2023.
According to its unaudited consolidated financial statements filed with the Nigerian Exchange Limited, the conglomerate reported a profit of N309.89 billion, representing a 127% increase from N136.17 billion recorded during the same period in 2022.
The surge in profits is attributed to several factors, notably a significant rise in interest income and fee and commission income.
Interest income rose by 66.27% to N917.71 billion from N551.94 billion in the previous fiscal year.
Similarly, fee and commission income saw a notable appreciation, reaching N204.90 billion compared to N143.98 billion in the preceding year.
However, amidst the impressive financial gains, FBN Holdings encountered challenges in the foreign exchange market, recording a loss of N350.32 billion in foreign exchange transactions in 2023, a stark contrast to the gain of N22.39 billion filed in the previous fiscal year.
The conglomerate’s total assets witnessed a remarkable growth of 59.73%, soaring to N16.89 trillion from N10.58 trillion in December 2022.
Alongside this, liabilities also surged to N15.19 trillion from N9.58 trillion during the same period, reflecting a substantial expansion in the company’s financial footprint.
Furthermore, FBN Holdings faced regulatory penalties during the year, including fines paid for late submission of financial statements and breaches of transaction rules.
Despite these challenges, the conglomerate remains a pivotal player in Nigeria’s financial landscape, with its recent financial performance underscoring its resilience and strategic positioning in the market.
