First Bank of Nigeria Holdings (FBN Holdings), a leading financial services business owned by Nigerian billionaire Femi Otedola, announced a large increase in profit for the first half of 2024, consolidating its position as one of Africa’s most profitable financial services providers.
FBN Holdings’ profit increased by 93.7 percent to N360.27 billion ($217 million) in the period ended June 30, 2024, compared to N186.02 billion ($112.2 million) the previous year, according to unaudited financial statements.
The remarkable results were underpinned by strong performance across all operating segments, with the flagship banking unit, First Bank of Nigeria Limited, taking the lead.
Interest income for the period climbed from N371.1 billion ($23.6 million) to N947.7 billion ($571 million), while fee and commission income increased from N87.1 billion ($52.4 million) to N129.9 billion ($78.2 million).
FBN Holdings, one of Nigeria’s most valuable financial services groups, has a long history and a 130-year track record of providing development services. Under Femi Otedola’s strategic direction, the group has increased its influence while maintaining its position as one of Nigeria’s most valued banking groups.
Otedola, the chairman and largest shareholder with an 11.67 percent interest, has led FBN Holdings to remarkable performance, solidifying his position as one of the richest investors on the Nigerian exchange.
The group’s strong financial performance were also fueled by fair value net profits from financial instruments of N432.2 billion ($260.3 million), which helped offset a foreign exchange revaluation loss of N192.6 billion ($116 million).
As a result, retained earnings increased from N588.9 billion ($354.7 million) to N945.95 billion ($570 million), while total assets increased from N16.9 trillion ($10.2 billion) to N23.4 trillion ($14.1 billion), firmly establishing FBN Holdings’ status as one of the country’s largest lenders.
