FirstBank Maintains Impressive Performance, Posts N238.53bn PBT In Q1 2024

<h4><strong>FirstBank Maintains Impressive Performance<&sol;strong><&sol;h4>&NewLine;<p><strong> <&sol;strong><&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that FBN Holdings Plc declared N238&period;53 billion profit before tax &lpar;PBT&rpar; in its unaudited first quarter &lpar;Q1&rpar; ended March 31&comma; 2024 results&comma; which was about 325&period;2percent growth from the N56&period;1 billion reported in Q1 ended March 31&comma; 2023&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>The Q1 2024 results was a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges&period;  From its Q1 2024 profit &amp&semi; loss figures&comma; the Group declared N208&period;1 billion profit&comma; which was about 315&period;8 per cent compared with the N50&period;1 billion reported in Q1 2023&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>The group announced N730&period;3 billion gross earnings in Q1 2024&comma; which was an increase of 181&period;4 per cent from N259&period;5 billion in Q1 2023&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Amid hike in Monetary Policy Rate &lpar;MPR&rpar;&comma; the financial institution declared N455 billion interest income in Q1 2024&comma; a growth of 153&period;3 per cent from N179&period;6 billion in Q1 2023&comma; while interest expenses closed Q1 2024 at N226&period;42 billion&comma; representing 234&period;1per cent increase from N67&period;76 billion reported in Q1 2023&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>On the backdrop of a double-digit inflation rate&comma; operating expenses moved from N111&period;2 billion in Q1 2023 to N212&period;80 billion reported in Q1 2024&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Total assets from the balance sheet position stood at N21&period;58 trillion as of March 2024&comma; which was a 27&period;4 per cent increase from the N16&period;94 trillion recorded in 2022&period;<&sol;p>&NewLine;<p>As FBNHoldings declared N8&period;42 trillion Customer loans &amp&semi; advances &lpar;Net&rpar; as of March 2024 from N6&period;36 trillion in 2023&comma; full financial year&comma; its customer deposits stood at N13&period;27 trillion as of March 2024&comma; an increase of 24&period;4 per cent from N10&period;66 trillion reported in 2023 financial year&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>The Group Managing Director&comma; FBNHoldings&comma; Nnamdi Okonkwo in a statement said&comma; &OpenCurlyDoubleQuote;FBNHoldings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders&period; &OpenCurlyDoubleQuote;Our commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Underpinned by strong revenue growth and improved operational efficiency&comma; our key financial metrics have shown significant improvement&period; Remarkably&comma; gross earnings grew 181&period;4per cent to N730&period;3 billion&comma; while profit before tax increased by 325&period;2per cent to N238&period;5 billion while our total assets increased by 27&period;4per cent in three months to N21&period;6 trillion&period;”<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>He added that the Group remained focused on its strategic initiatives towards further improving profitability&comma; enhancing excellence in performance and surpassing stakeholders’ expectations&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>However&comma; the shareholding structure of FBNHoldings showed&comma; the Group Chairman&comma; Mr&period; Femi Otedola direct and indirect stake in the Group stood at 2&comma;517&comma;282&comma;140 as of March 2024 from 1&comma;999&comma;342&comma;376 March 2023&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>The stock price of FBNHoldings closed March 27&comma; 2024 at N21&period;1 per share on the floor of the Exchange&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><em>Culled from ThisDay<&sol;em><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;