FBN Holding announced today an unprecedented surge in its first-quarter profits for 2024, reaching N208 billion, marking the highest year-over-year increase in six years.
This represents a staggering 316% growth compared to the N50 billion recorded in the same period in 2023, according to the company’s unaudited report released Monday.
The dramatic profit increase was largely driven by a significant gain on financial investments, which soared from a N2.04 billion loss to a remarkable N288.9 billion gain during the period.
This substantial gain more than compensated for the company’s foreign exchange loss of N94.79 billion.
The company’s financial performance has fluctuated in recent years, with first-quarter profits of N15.7 billion in 2019, rising to N25.7 billion in 2020 before dropping to N15.6 billion in 2021.
The subsequent years saw a rebound, with N32.4 billion in 2022 and N50 billion in 2023. However, the growth pace from 2023 to 2024 stands out remarkably.
2023 Dividend
Last week, the bank proposed a dividend of 40 kobo per ordinary share of 50 kobo for 2023, with the total dividend pay-out at N14.36 billion.
The lender, one of Nigeria’s biggest, recorded N1.59 trillion as gross revenue last year compared to N815.17 billion in December 2022.
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