FBN Holdings Plc reports 53.64% growth in PBT for Q1 2023

FBN Holdings Plc has released its unaudited Q1 financial statement for the first quarter ended 31 March 2023. 

The Group posted a profit before tax of N56.105 billion for Q1 2023 a 53.64% growth 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. 

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%. 

Other key highlights of the result

• Net fee and commission income grew by 29.18% y-o-y to N35.297 billion from N27.323 billion in Q1 2022
• Interest expenses grew by 40.37% y-o-y to N36.652 billion in 2022 from N25.564 billion in 2021
• Operating profit grew by 93.54% y-o- y to N56.105 billion from N36.590 billion a year earlier