National Wire About Nigerians, Nigerian Business and Other Stories
FBN Holdings Plc (FBNH) has announced its unaudited financial statements for the nine months ended September 30, 2024 (9M-24), recording a 125.1% year-on-year (y/y) increase in earnings per share (EPS) to NGN14.72.
Key Highlights:
– Interest income grew 164.6% y/y to NGN1.63 trillion
– Net interest income ex-LLE expanded 138.6% y/y to NGN702.55 billion
– Non-interest income rose 82.4% y/y to NGN585.13 billion
– Operating expenses increased 94.8% y/y to NGN676.82 billion
– Profit after tax (PAT) surged 124.9% y/y to NGN526.28 billion
– Return on average equity (RoAE) hit 32.8% (vs 9M-23: 26.6%)
– Return on average assets (RoAA) settled at 3.2% (vs 9M-23: 2.5%)
Analysis:
According to Cordros Securities, FBNH’s financial performance in 9M-24 was impressive, driven by higher income from core banking and e-banking activities. The company leveraged the prevailing interest rate environment and rising digital payments to grow both income lines.
Outlook:
Looking ahead, Cordros Securities expects FBNH’s earnings growth to be supported by the combined impact of elevated yields, improved risky asset creation, and strong balance sheet management.
