First Bank Nigeria Holdings (FBNH) Plc has released its half year 2024 financial result, showing that Gross Earnings (GE) grew by 118.40 per cent to settle at N1.4 trillion.
The earnings grew by N759 billion compared to the N641.0 billion recorded in the corresponding period of 2023.
The top-line growth was driven by increases in its Interest Income and non-Interest Income, which grew by 155.4 per cent and 71.0 per cent yoy, respectively.
The company result showed that overall profitability improved as Profit Before Tax (PBT) grew by 100.9 per cent yoy to N412.0 billion and Profit After Tax (PAT) up by
93.7 per cent yoy to N360.3 billion
As a result, the Group’s Earnings per share (EPS) grew 94.7 per cent yoy from N5.19 kobo in in the first half of 2023 to N10.11 kobo at the end of June 2024.
The FBNH’s interest income expanded from N371.1 billion in 2023 to N947.7 billion due to the 182.7 per cent yoy increase in interest earned on investment securities which stood at N307.0 billion in first half of 2024 from N108.6 billion reported the same period 2023, given the elevated interest rate environment in the country.