FBN Holdings Plc recorded a significant financial performance in 2024, with Profit Before Tax (PBT) rising by 142% year-over-year to N862 billion. Gross earnings also saw substantial growth, increasing by 113% to N3.33 trillion for the year ended December 31, 2024.

Key Financial Highlights (2024 vs. 2023)

• Net Interest Income: N1.39 trillion (+155% YoY)
• Non-Interest Income: N846.9 billion (+43.3% YoY)
• Total Loans to Customers: N9.4 trillion (+42% YoY)
• Customer Deposits: N17.29 trillion (+62% YoY)
• Total Assets: N26.54 trillion (up from N16.94 trillion)

Without the impairment charge of N411 billion, PBT would have reached N1.3 trillion. The group also achieved a higher average earnings yield of 16.71%, compared to 10.69% in 2023, driven by loan volume growth and other earning assets, despite a rise in funding costs.

Strong Growth in Interest and Non-Interest Income

The group's net interest margin (NIM) improved to 9.61% in 2024, up from 6.11% in 2023, reflecting the impact of the Central Bank of Nigeria’s Monetary Policy Rate (MPR) hikes, which increased from 18.75% to 27.25% over the period.

Non-interest income growth was fueled by higher transaction volumes in digital banking, fund transfers, and intermediation services. Additionally, customer loans and advances rose by 42%, supported by new disbursements from the Commercial Banking Group and the naira depreciation's effect on foreign currency (FCY) loans.

Deposits and Risk Management Strategy

Deposit liabilities grew by 62%, driven by increased digital banking adoption, strong brand recognition, and the impact of naira depreciation on FCY deposits. FBN Holdings emphasized its commitment to robust risk management, ensuring resilience amid a volatile business environment.

Outlook and Commitment to Shareholders

FBN Holdings Plc expressed confidence in sustaining its strong financial performance, reinforcing its governance structure, and improving operational efficiency to enhance shareholder value.

“The Group remains focused on building a sustainable institution and exceeding stakeholder expectations in an increasingly competitive environment. Our outstanding financial results demonstrate our resilience and ability to deliver value in a dynamic market,” the company stated.

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