BREAKING: #FBNHoldings Declares PBT Of N270Billion For Q3 2023—FBNHoldings Plc has announced the release of its third-quarter financial statements for the period ending 30th September 2023.
The Group’s profit before tax was up 156.3% to N270.3 billion from N105.5 billion posted in 2022, driven by strong growth in interest income.
According to the group’s financial statements for nine months, the company’s profit after tax (PAT) was N236.4 billion, a 159,2% increase from the N91.2 billion recorded in the corresponding period in 2022
This is on the back of increasing inflation which the economy continues to struggle with. Headline inflation increased to 26.72%, representing a 0.92 %-point rise from the previous month’s 25.80%.
The data is from the recently released Consumer Price Index (CPI) report for September 2023 by the National Bureau of Statistics (NBS).
The surge in inflation is primarily attributed to the removal of petrol subsidies and the devaluation of the official exchange rate, both significantly impacting consumer prices.
Food and non-alcoholic beverages accounted for the most significant share at 13.84%, followed by housing water, electricity, gas, and other fuels at 4.47%, and clothing and footwear at 2.04%.
The group reported gross earnings of N922.2 billion, up 80.1% y-o-y from N547.2 billion recorded in 2022.
The company posted a net interest income of N377.0 billion, up 51.4% y-o-y as against N249.5 billion recorded in 2022.
The group’s non-interest income stood at N326.9 billion, up 108% y-o-y from (Sep 2022: N157 billion).
Operating expenses were N352.3 billion, up 33.3% y-o-y (Sep 2022: N264.3 billion).