FBNH: Nigeria’s Oldest Bank posts net profits of N677 billion in 2024
First Holdco reported N3.213 trillion in gross earnings for 2024
Quick overview
- First Holdco reported gross earnings of N3.213 trillion for 2024, a 105.7% increase from the previous year.
- Operating profit rose by 124% to N795.932 billion, while net interest income surged by 156.59% to N1.401 trillion.
- Customer deposits increased by 62% to N17.171 trillion, and loans to customers reached N8.768 trillion, reflecting the bank's commitment to economic support.
- The company issued a rights issue of 5.983 billion shares to raise N149.56 billion for business expansion and compliance with capital requirements.
First Holdco reported N3.213 trillion in gross earnings for 2024.
The Nigerian Financial Holding Company’s impressive performance in its core banking operations drove strong growth across key financial metrics in its audited results published on the Nigerian Exchange.
Gross earnings increased by 105.7%, from N1.562 trillion to N3.213 trillion for 2024.
Operating profit rose by 124% from N355.328 billion in 2023 to N795.932 billion in 2024, while net interest income surged by 156.59% year over year to N1.401 trillion from N546.288 billion in 2023.
The group’s net profit for the year ended 2024 was N677.005 billion, N310.37 billion more than the 2023 profit before income tax, which increased to N781.883 billion from N347.866 billion last year. N1,869 was earned per share, compared to N859 in 2023.
While customer deposits increased by 62% to N17.171 trillion in the year under review from N10.663 trillion in 2023, strengthening the bank’s lower-cost funding base, loans and advances to customers reached N8.768 trillion in 2024 compared to N6.359 trillion in 2023, indicating its continued commitment to supporting economic activity despite the challenging macroeconomic environment. A dividend of N25.127 billion, or 60 kobo per ordinary share
First HoldCo issued a rights issue of 5.983 billion ordinary shares for N25 each in December 2024 to support its business expansion and comply with new international bank capital requirements. This amounted to N149.56 billion. The initiative aims to satisfy the Central Bank of Nigeria’s capital requirements.
The funds are anticipated to boost First Bank of Nigeria Limited, FBNH’s flagship subsidiary, competitiveness in the Nigerian market by improving liquidity and supporting sustained growth amid the CBN’s regulatory compliance.
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