FBN Holdings’ half-year profits for 2023 grew by 231 per cent to N187.24bn compared to N56.602bn recorded at the end of June 2022.

The group’s unaudited consolidated financial statements for the period ended June 30, 2023, released on Thursday showed that the growth was on the back of interest income and fee and commission income.

In the reports, the group’s interest income grew by 69 per cent to N383.29bn, while the fee and commission income for the period stood at N88.85bn compared to N70.69bn as of June 2023.

However, the foreign exchange income trended towards the negative for the financial period, as it was N98.42bn in the red.

The total assets of FBN Holdings at the end of June 2023 stood at N14.18tn, a 34 per cent growth when compared to N10.58tn recorded at the end of 2022. Similarly, the total liabilities of the group grew by 34 per cent to N12.79tn.

Commenting on the results, The National Coordinator of the Progressive Shareholders Association, Boniface Okezie, said, “It is a commendable one. That shows that a lot of work has been put in place. Some of the debts that had been written off might have come in. Without that, I don’t think they would have grown their profits by these percentages.

‘The management had assured us at the last AGM that they would recover loans and outstanding debt and ensure that their subsidiaries are making moves to position themselves to grow their earnings and contributions to the group.”

Vice Chairman at Highcap Securities, David Adonri, said, “I think last year and the previous one, FBN was making heavy provisions, so what we are seeing now is a base effect because the profit was quite low last year.

“Then they had not fully provided for their delinquent loans. I believe they have completed the provisioning and are now reporting normal profits.”

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