FBN Holdings showed resilience in its first quarterly profit growth to reach the highest in five years, according to data sourced from the Nigerian Exchange Group.
The financial holding company reached its highest first-quarter profit in 2022, indicating a huge 107 percent increase from the same period of 2021.
Insights from FBN Holding’s financial statement showed, “First Pension Custodian Limited, a subsidiary of FBNHoldings’ flagship subsidiary, First Bank of Nigeria Limited, entered into a definitive agreement with Access Bank Plc for the planned acquisition of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.
“This will further boost our market share in the industry, aid revenue diversification, and support annuity income,” the company noted.
BusinessDay analysed the profit, fee and commission income, net interest income, total equity, and total assets for the first quarter in 5 years.
Profit
FBN Holdings saw a profit after tax of N32.4 billion in March 2022, the highest in 5 years from N15.6 billion in March 2021.
Read also: TAJBank grows pre-tax profit by 433% in 2021
Profit stood at N25.70 billion in the first quarter of 2020, a 63 percent increase from N15.79 billion in the prior year.
The financial holding company’s profit of N14.76 billion in Q1’2018 is the lowest first quarter profit in five years.
Fee and commission income
Fee and commission income,one of the key elements of a bank’s core income, slides by 1 percent to N33.71 billion in Q1 2022, from N34.03 billion in the previous year.
The bank’s Fee and commission income jumped 12 percent to reach N25.81 billion in March 2020 from N23.03 billion in March 2019.
The financial holding company saw its fee and commission income at N19.17 billion in the first quarter of 2018, the least in five years.
Net interest income
FBN Holdings’ net interest income jumped 38 percent to N72.80 billion, coming from N52.79 in the first quarter of 2021.
Net interest income dropped 16 percent to N60.25 in March 2020 from N71.66 in the prior year.
The financial holding company recorded its highest net interest income of N75.75 billion in March 2018.
Total Equity
FBN Holdings’ total equity climbed 3 percent to N907.7 billion in Q1 2022, the highest in 5 years from N879.9 billion in the previous year.
Total Equity stood at N680.3 billion in March 2020, a 3 percent increase from N661.1 billion in March 2019.
The financial holding company saw its total equity at N659.8 billion in the first quarter of 2018.
Total Assets
In March 2022, FBN Holdings recorded its highest total assets in 5 years.
The financial holding company saw a 3 percent increase to N9.21 trillion in March 2022, coming from N8.93 percent in March 2021.
FBN Holdings saw its total assets at N7.02 trillion in March 2020, up 13 percent from N6.20 trillion in the first quarter of 2019.
The financial holding company recorded the least total asset of N5.35 trillion in the first quarter of 2018.
