FBN Holdings Plc has released its financial statement for the first quarter ended 31 March 2023. This statement shows it has recorded tremendous growth in its Q1 financial performance.

The Group posted a profit before tax of N56.105 billion for Q1 2023 which is a 53.64% growth from N36.518 billion reported in Q1 2022. 

 Profit after tax stood at N50.054 billion as against N32.401 billion in 2021, equally representing 54.48% growth. 

This profit was boosted largely by interest income of N179.610 billion reported during the period under review as against N109.448 billion posted in 2022, making an increase of 64.10%. 

It is important to also note that;

• Net fee and commission income grew by 29.18% y-o-y to N35.297 billion from N27.323 billion in Q1 2022
• Interest expenses grew by 40.37% y-o-y to N36.652 billion in 2022 from N25.564 billion in 2021
• Operating profit grew by 93.54% y-o- y to N56.105 billion from N36.590 billion a year earlier