FBN Holdings Plc, one of Nigeria’s largest banks released its 2023 second-quarter results showing pre-tax profits rose 5 folds to N150.1 billion (N29.2 billion Q2 2022).
The increase in second-quarter profits helped its half-year profit before tax to rise by 213% to N206.2 billion compared to N65.7 billion same period last year.
This is also the Bank Holding Company’s best half-year performance since it was listed on the Exchange.
Net Interest Income
2023 Q2 – N125.4 billion
2022 Q2 – N80.1 billion
%age Change +56.5%
Impairment Charges
2023 Q2 – N40.7 billion
2022 Q2 – N10.4 billion
%age Change +291%
Fees and Commission
2023 Q2 – N38.4 billion
2022 Q2 – N31.0 billion
%age Change – 23.8%
Operating Profit
2023 Q2 – N149.9 billion
2022 Q2 – N29.2 billion
%age change – 413%
Pre-tax profits
2023 Q2 – N150.1 billion
2022 Q2 – N29.2 billion
%age change – 414%%
Earnings Per Share (YTD)
2023 Q2 – N5.19
2022 Q2 – N1.55
%age change – 234%
Key profit drivers: The key driver of profits for the latest results is the bank’s net gains from financial instruments.
Nairametrics analysis indicates this must have been a result of the bank’s valuation of some of its foreign currency assets which have now been revalued in Naira terms following the unification of the naira.
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