FBN Holdings Experiences N350bn FX Loss in 2023

FBN Holdings Experiences N350bn FX Loss in 2023


FBN Holdings Experiences N350bn FX Loss in 2023

FBN Holdings, one of many greatest banks in Nigeria, has reported a international change lack of N350.3 billion final yr in comparison with a achieve of N22.4 billion in 2022, in response to its newest unaudited monetary statements.

International change buying and selling earnings rose to N25.6 billion from N23.3 billion.

Nonetheless, its after-tax revenue surged by 127 p.c to N310 billion from N136.3 billion.

Curiosity earnings additionally noticed a rise of N917.7 billion from N551.9 billion. Charges and fee earnings additionally elevated to N204.9 billion from N143.9 billion.

Different working bills elevated by 49 p.c to N325.8 billion from N218.5 billion. Dividend earnings grew to N6.19 billion from N3.16 billion.

Earnings per share was N8.56, up from N3.74 recorded in 2022. Complete property grew to N16.9 trillion from N10.58 trillion.

Learn Additionally:

Loans and advances to clients elevated to N6.4 trillion from N3.8 trillion. Deposits from clients elevated by 53 p.c to N10.9 trillion.

Internet money move (utilized in)/generated from working actions surged by 165.5 p.c to N1.24 trillion from N467.7 billion.

Internet money move (utilized in)/generated from investing actions recorded a adverse of N769.9 billion from a adverse of N293.2 billion.

Internet money move utilized in financing actions recorded a adverse of N146.7 billion from a optimistic N226.9 billion.

Money and money equivalents on the finish of the interval had been N2.19 trillion, up from N1.86 trillion.

Final week, Femi Otedola, one of many nation’s billionaires, was named the brand new chairman of the board of administrators for the group.

It stated his appointment turned efficient on January 31, 2024, succeeding the earlier chairman, Ahmad Abdullahi.

Otedola joined its board as a non-executive director on August 15, 2023, holding a 5.6 p.c stake.

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