Afrigather Femi Otedola-chaired First Financial institution of Nigeria Holdings (FBN Holdings) might be sharing a complete dividend of N14.36 billion (($9.92 million) for the 2023 fiscal yr.
Because the chairman and major shareholder, Otedola’s affect has been pivotal in driving the group’s profitability.
File Dividend Payout
FBN Holdings declared a total dividend of N14.36 billion ($9.92 million) for the fiscal yr 2023.
This resolution comes on the heels of the corporate’s spectacular revenue report, the place it recorded a revenue of N310.37 billion ($214.06 million), a major leap from N136.17 billion ($93.9 million) in 2022.
The profitability surge can largely be attributed to a rise in curiosity revenue, which soared to N960.33 billion ($662.4 million) from N551.94 billion ($380.7 million) within the prior yr.
Moreover, non-interest revenue noticed a considerable enhance, contributing to the general monetary well being of the corporate.
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Strategic Growth and Asset Development
FBN Holdings operates underneath the umbrella of the First Financial institution of Nigeria Restricted, the nation’s oldest financial institution, with expansions throughout ten international locations.
Femi Otedola’s latest management since buying a 5.65 p.c stake in October 2021 has been marked by strategic choices which have enhanced the group’s market valuation and monetary stability.
The corporate’s whole property witnessed a major rise, ending the yr at N16.94 billion ($11.65 million), in comparison with N10.57 billion ($7.27 million) on the finish of 2022.
This progress in property underscores the effectiveness of the management and strategic route offered by Femi Otedola.
