Key Factors
- FBN Holdings’ revenue surged 125% to N526.28 billion ($319.52 million) for 9M 2024, up from N234.05 billion ($142.1 million) in 2023.
- Curiosity revenue soared to N1.63 trillion ($990.3 million), with charges and commissions additionally rising considerably, driving total profitability.
- Whole property grew to N27.49 trillion ($16.65 billion), reflecting robust monetary administration and Otedola’s strategic management at FBN Holdings.
First Financial institution of Nigeria Holdings (FBN Holdings), the Lagos-based monetary providers group chaired by Nigerian billionaire Femi Otedola, reported a outstanding financial performance for the nine months (9M) ending September 30, 2024, considerably boosting its profitability.
The group, which serves because the father or mother firm of First Financial institution of Nigeria, the nation’s first industrial financial institution, greater than doubled its revenue, rising from N234.05 billion ($142.1 million) in the identical interval in 2023 to N526.28 billion ($319.52 million) this yr, marking a 125 % surge.
Robust revenue development fuels revenue surge
The spectacular monetary outcomes are attributed to vital development throughout key revenue streams, together with curiosity revenue, payment, and fee revenue, and honest worth features on monetary devices.
Curiosity revenue grew from N617.06 billion ($374.64 million) to N1.63 trillion ($990.3 million), whereas revenue generated from charges and commissions elevated from N115.05 billion ($69.84 million) to N171.34 billion ($104.1 million).
Internet features on monetary devices at honest worth soared to ₦551.76 billion ($335 million), reflecting robust market circumstances and efficient monetary administration.
Femi Otedola drives development at FBN Holdings
FBN Holdings, with a wealthy 130-year legacy, continues to strengthen its foothold as one in all Nigeria’s most respected monetary establishments. Since Femi Otedola assumed management, the group has skilled a interval of sustained development, bolstered by his strategic route and affect.
Otedola, who holds a 13.16-percent stake within the firm, has been instrumental in steering FBN Holdings via monetary and operational developments, additional cementing his standing as one in all Nigeria’s main enterprise figures.
His management extends past banking; he’s additionally on the helm of one in all Africa’s fastest-growing energy firms, Geregu Energy Plc, amplifying his affect in Nigeria’s financial panorama.
FBN Holdings’ property attain $16.65 billion beneath Femi Otedola
The spectacular efficiency of FBN Holdings this yr has additionally resulted in vital asset development. Whole property surged from N16.94 trillion ($10.26 billion) on the finish of 2023 to N27.49 trillion ($16.65 billion) as of Sept. 30, 2024.
The group’s retained earnings climbed from N588.97 billion ($357.2 million) to N1.11 trillion ($674 million), additional underscoring its robust monetary basis and development trajectory.
Below Otedola’s management, FBN Holdings has navigated financial challenges, sustaining profitability and management in Nigeria’s banking sector. The group is positioned for development, leveraging Otedola’s experience to develop its affect in monetary providers.
