First Bank Records N137bn Profit in 3 Months, Gives Breakdown of Full-Year Financial Performance
- FBN Holdings has surpassed its full-year profit of 2022 after just two-quarters of financial result
- The latest is the second quarter result which is over N137bn profit in 3 months, a massive jump from the previous quarter
- Analysts who spoke to Legit explained that numbers behind First Bank's good performance
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FBN Holdings the parent company of First Bank of Nigeria has recorded a profit after tax of N137.12 billion in the second quarter (Q2) of 2023.
This represents a massive 468.14% increase when compared to the profit after tax of N24.13 billion recorded in the corresponding period of 2022.
Source: UGC
The second-quarter profit is also a stellar performance when compared to the N50 billion it reported in the first three months of 2023.
FBN Holding disclosed the figures in its second-quarter statement released on Thursday, July 20, 2023, on the Nigerian exchange and obtained by Legit.ng.
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What this means is that in just two quarters
A breakdown of the company's impressive financial results shows that the bank's two-quarters of outstanding performance means a profit after tax of N187.176 billion, which is a 231.10% increase from the N56.53 billion reported in the first half of the previous year.
Already the first half 2023 profit has surpassed the N136.173 profit reported in the full year of 2022(January to December).
Some Key numbers from the FBN holding Q2, 2023
The bank recorded positives across all metrics here are some of the numbers
- Profit before tax- N150.156 billion
- Fee and commission income- N45.98 billion
- Interest income from loans- N203.67 billion
- Customers deposit- N9.04 trillion an increase from N7.12 trillion as at December 2022
- Loans and advances to customers- N5.26 trillion up from N3.78 trillion as at December 2022.
Analysts explains First Bank good performance
Gibert Ayoola a stock market analyst stated that First bank sterling performance was a surprise to market watchers.
Abdulrauf Aremu, team Lead Investment Research Advisory at WSTC Financial Services Limited explained better:
"The banks will post strong results in the first of the year. The momentum is strong thanks to the recent policies of the new administration.
"FBNH Plc's results provides valuable insights into what can be expected from the banking sector as other banks begin to announce their first half numbers. All the banks are likely to ride on momentum."
Oba Otudeko fights back, takes over First Bank from Otedola as largest shareholder
Meanwhile, in another report, Legit.ng revealed that Honeywell Group, owned by Oba Otudeko, notified the Securities and Exchange Commission of acquiring additional equity of almost five billion First Bank of Nigeria shares.
The acquisition notice was also sent to FBN Holdings via a Honeywell Group affiliate, Barbican Capital Limited.
A statement on Honeywell's website said that the company had notified FBN Holdings and regulatory authorities of the acquisition of 4,770,269,843 shares of FBN by its sister company, Barbican Capital Limited.
Source: Legit.ng
