FBN Holdings records N206 billion profit before tax for half year 2023
For the half year ended June 30, 2023, FBN Holdings Plc has declared a profit before tax of N206 billion as reported in its second-quarter report released yesterday on the Nigerian Exchange. The increase in second-quarter income contributed to a 213% increase in half-year profit before tax compared to N65.7 billion in the same period previous year. This is also the best half-year result for the Bank Holding Company since it was listed on the Exchange.
According to a breakdown of the company’s exceptional financial statistics, the bank’s two-quarters of outstanding performance translates into a profit after tax of N187.176 billion, a 231.10% rise over the N56.53 billion reported in the first half of the previous year. The profit for the first half of 2023 has likewise topped the profit for the full year of 2022 (January to December).
While commenting on the results, Group Managing Director Nnamdi Okonkwo stated, “FBNHoldings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management, and execution capabilities.” On the basis of this, and in line with our commitment on driving further improvement in revenue generation and profitability, the Group generated substantial growth in gross profits and profit before tax for the first half of the 2023 fiscal year, resulting in N656.6 billion and N206.3 billion, respectively.”
He stated that the company will continue to focus on client-centric innovations with strong transactional and digital capabilities underpinned by sound risk management practices in order to predict and provide products and services that please the many customer segments that we serve. While acknowledging that the current operating environment is difficult, he insisted that the corporation is confident in its ability to navigate the terrain.
Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank (Commercial Banking Group), commented on the results, saying, “In the first half of 2023, FirstBank Group delivered the strongest financial performance in the nearly 130-year history of the Bank, with solid business momentum, increased revenue, and excellent returns.” The outcome demonstrates our strategy’s ongoing beneficial impact, as well as the incredible success we’ve made in developing and modernizing the Group. The outcome also demonstrates the tenacity of our business strategy, client relationships, and institutional skills.”
