Nigeria oldest {financial} establishment, FBN Holdings launched its 2024 third quarter outcomes displaying a pre-tax revenue of N198.871 billion, representing a 216.50% YoY progress.
The Q3 outcomes, mixed with the primary half of the yr outcomes, introduced the {bank}’s nine-month 2024 pre-tax earnings to N610.861 billion, representing 128% YoY progress.
Regardless of a difficult {economic} atmosphere, the {bank} leveraged robust curiosity earnings and non-interest earnings to drive up earnings considerably, although rising working bills and forex volatility introduced materials headwinds.
Web curiosity earnings remained strong, hitting N359 billion in Q3 (up 156%) and N873.9 billion over 9 months (a 133% rise).
Different earnings highlights
Payment and Fee Revenue rose by 44% year-on-year to N75.4 billion in Q3, reaching N205.3 billion for the 9 months, benefiting from larger transaction volumes amid a digital banking push and an expanded buyer base.
Stability Sheet progress
Buyer deposits grew to N16.7 trillion as of Q3 2024, a considerable enhance from N10.7 trillion on the finish of December 2023. The rise was pushed by progress in domiciliary deposits.
The mortgage portfolio elevated to N9.37 trillion in Q3 2024 from N6.36 trillion in December 2023, with notable drivers on this progress sample
The newest outcomes will come as a lift to FBN Holdings because it embarks on a deliberate N350 billion rights problem.
