FBN Holdings Posts 142% PBT Rise to NGN 862 Billion in FY2024 as Gross Earnings Double

FBN Holdings, the parent company of First Bank of Nigeria — the country's oldest bank with more than 130 years of history — reported fiscal year 2024 profit before tax of NGN 862.39 billion, up 142% year on year, and profit after tax of NGN 738.86 billion. The unaudited results were reported on 31 January 2025.

Gross earnings reached NGN 3.33 trillion, more than double the prior year's figure, representing a 113% increase year on year.

NET INTEREST INCOME AND MARGINS

Net interest income grew 155% year on year to NGN 1.39 trillion. Net interest margin improved to 9.61% from 6.11% a year earlier — a 350-basis-point widening. The average earnings yield rose to 16.71% from 10.69%.

Total assets expanded 56.6% year on year to NGN 26.54 trillion. Customer deposits grew 62% to NGN 17.29 trillion.