FBN Holdings Records 113% Revenue Growth, Profit Soars by 142%

FBN Holdings Plc has reported a remarkable financial performance for the 2024 fiscal year, with gross earnings rising by 113% to N3.3 trillion. The company also recorded a 142% surge in pre-tax profit, reaching N862 billion, highlighting significant growth across its financial operations.

According to the financial report, FBN Holdings’ revenue increase was driven by strong interest income, improved asset quality, and effective cost management. The banking group’s profit after tax also witnessed a sharp rise, reinforcing its profitability and operational efficiency.

The company’s financial breakdown reveals that gross earnings surged from N1.55 trillion in 2023 to N3.3 trillion in 2024. Pre-tax profit climbed from N357 billion to N862 billion, reflecting a 142% year-on-year growth. These figures position FBN Holdings as one of Nigeria’s most profitable financial institutions.

Management attributed the performance to robust deposit growth, increased lending activities, and higher non-interest income. Additionally, the bank successfully reduced its non-performing loan ratio, further strengthening its financial stability.

Despite macroeconomic challenges such as inflation and exchange rate volatility, FBN Holdings has demonstrated resilience. Analysts believe that the group’s strong earnings reflect its strategic business model and capacity to generate consistent revenue growth.

The latest financial results are expected to boost investor confidence and enhance shareholder value, as the company continues to reinforce its position as a key player in Nigeria’s banking sector.