FBN Holdings Plc Release Its Unaudited Financial Statements for 2023

FBN Holdings, one of Nigeria's biggest banks, recently released its latest unaudited financial statements for 2023, and it shows that the bank recorded a foreign exchange loss of N350.3 billion last year when compared to the corresponding year, which settled at N22.4 billion in 2022.

FBN Holdings Plc's foreign exchange trading increased to N25.6 billion compared to the corresponding year, which settled at N23.3 billion. The firm also recorded an increase in its after-tax profit as it hit 127%, settling at N310 billion compared to the corresponding year, which settled at N136.3 billion.

FBN Holdings Plc's interest income increased to N917.7 billion from the corresponding year, which settled at N551.9 billion. Also, the firm fees and commission income rose to N204.9 billion compared to the corresponding year, which settled at N143.9 billion.

FBN Holdings Plc's other operating expenses rose by 49% to N325.8 billion when compared to the corresponding year, which settled at N218.5 billion. The firm dividend income rose to N6.19 billion compared to the corresponding year, which settled at N3.16 billion.

FBN Holdings Plc earnings per share rose to N8.56, which was far greater than the corresponding year, which settled at N3.74. The firm's total assets increased by N16.9 trillion compared to the corresponding year, which settled at N10.58 trillion.

FBN Holdings Plc loans and customer advances increased to N6.4 trillion compared to the corresponding year, which settled at N3.8 trillion. Also, the firm's customer deposits grew by 53% to settle at N10.9 trillion.

FBN Holdings Plc's net cash flow (used in)/generated from operating activities increased by 165.5% to N1.24 trillion when compared to the corresponding year, which settled at N467.7 billion.

FBN Holdings Plc's net cash flow (used in)/generated from investing activities increased to N769.9 billion when compared to the corresponding year, which settled at N293.2 billion.

FBN Holdings Plc's net cash flow in financing activities declined to N146.7 billion compared to the corresponding year, which settled at N226.9 billion.

FBN Holdings Plc's cash and cash equivalents increased to N2.19 trillion when compared to the corresponding year, which settled at N1.86 trillion.

Back Story

Last month, FBN Holdings Plc appointed Femi Otedola as the new Chairman of its Board of Directors after the retirement of Ahmad Abdullahi.

This announcement was shared in a corporate notice filed with the Nigerian Exchange Limited. In the notice, the Holding categorically stated that it had appointed billionaire Femi Otedola as the Chairman of FBN Holdings at the board meeting.

Femi Otedola was appointed a Non-Executive Director on August 15, 2023. His appointment was agreed upon by shareholders at its last Annual General Meeting.

According to the firm's unaudited consolidated financial statements for the period that ended September 30, 2023, Femi Otedola was announced as the largest shareholder of First Bank of Nigeria Holdings Plc, even after the additional acquisition of 4.7 billion units of shares by the former Chairman of the group, Oba Otudeko, in July.