FBN Holdings Plc recorded a 138 per cent increase in profit for the 2024 financial year, rising to N738.9bn from N310.4bn reported in 2023.

The group’s financial statement, released on the Nigerian Exchange Limited, showed that profit before tax rose by 142 per cent to N862.4bn, compared to N356.1bn in the previous year.

Interest income surged by 158 per cent to N2.42tn, up from N936.7bn in 2023, reflecting improved earnings from loans and investment securities.

Net interest income also grew significantly by 155 per cent to N1.39tn, compared to N546.3bn in the previous year.

However, impairment charges for credit losses increased by 83 per cent to N410.8bn, up from N224.9bn in 2023, indicating higher provisions for loan losses.

Fee and commission income improved by 37 per cent, reaching N302.9bn from N220.3bn in the prior year, driven by increased transaction volumes and banking activities.

Foreign exchange transactions recorded a loss of N62.6bn, although this was an improvement from the N334.2bn loss recorded in 2023.

Dividend income rose to N27.1bn, while net gains from financial instruments at fair value through profit or loss stood at N641.9bn, down from N678.4bn in the previous year.

Earnings per share for the period increased to N20.40, compared to N8.59 in 2023, reflecting strong profitability and improved returns to shareholders.

Despite the earnings performance, personnel expenses surged to N320.2bn, while other operating expenses rose to N584.8bn, highlighting increased operating costs.

The PUNCH reports that the gross earnings of FBN Holdings Plc rose by 134 per cent to N2.25tn at the end of September 2024, compared to N962.40bn recorded for the corresponding period in the previous year.