Table of Contents
Key Points
- FBN Holdings' gross earnings surged to $2.17 billion in 2024, a significant increase from $1.02 billion in 2023.
- Net profit for the year ended Dec. 31, 2024 more than doubled to $567.6 million in 2024, up from $234.3 million in 2023.
- FBN Holdings' total assets grew to $17.46 billion, up from $11.14 billion in 2023, signaling strong financial growth.
First Bank of Nigeria Holdings (FBN Holdings), the financial powerhouse chaired by Nigerian billionaire Femi Otedola, has wrapped up its 2024 fiscal year with impressive results, surpassing expectations. The group’s gross earnings topped $2 billion, further cementing its standing as one of Nigeria’s leading financial institutions.
In its recently released unaudited financial statements for the year ending Dec. 31, 2024, FBN Holdings—parent company to Nigeria’s oldest bank, First Bank of Nigeria Limited—reported a notable jump in gross earnings, rising from N1.56 trillion ($1.02 billion) in 2023 to N3.33 trillion ($2.17 billion) in 2024. The robust earnings stemmed from various income sources, including interest income, fees, commissions, and gains from financial instruments.
Under Femi Otedola, FBN Holdings’ profit more than doubles
Under Otedola’s leadership, FBN Holdings saw its net profit more than double, a clear reflection of the company’s growth trajectory. Since Otedola joined the board in August 2023 and took on the chairman role in January 2024, he has been a driving force behind the company’s surge in both earnings and profitability.
Net profit soared from N356.1 billion ($234.3 million) in 2023 to N862.4 billion ($567.6 million) in 2024, solidifying FBN Holdings’ position as one of Nigeria’s largest lenders and one of the most profitable financial institutions across Africa.
FBN Holdings highlights resilient growth
In a statement commenting on the results, the group said, “The outstanding financial results showcase significant growth across multiple key metrics. The strong growth recorded on net interest income is a testament to FBN Holdings Plc’s resilience and ability to deliver value in a competitive and evolving market landscape. It is noteworthy that but for the impairment charge of N411 billion ($270.7 million), the profit before tax would have reached N1.3 trillion ($856.2 million). The group also recorded a higher average earnings yield of 16.71 percent, driven by an increase in loan volume and other earning assets, despite a higher cost of funds (5.79 percent in 2024 compared to 3.36 percent in 2023).”
The statement continued: “Net interest margin (NIM) improved from 6.11 percent in 2023 to 9.61 percent in 2024. The high-rate environment is reflective of the hike in the CBN Monetary Policy Rate (MPR) over the period from 18.75 percent as at December 2023 to 27.25 percent at December 2024. The non-interest income growth was driven by growth in fee and commission income and Key to this were income on fund transfer, intermediation and fees on digital channels which recorded impressive transaction volumes during the year.”
Otedola’s influence shapes FBN Holdings’ future
With a 130-year legacy, FBN Holdings continues to strengthen its position as one of Nigeria’s most valuable financial firms. Under Femi Otedola, the bank has not only strengthened its position in Nigeria but is also positioning itself for future growth across Africa.
Otedola, holding a 13.16-percent stake in FBN Holdings, has been crucial in navigating the company through various financial and operational advances. His influence stretches beyond banking; as the head of Geregu Power Plc, one of Africa’s fastest-growing power companies, he plays a pivotal role in Nigeria’s broader economic development.
FBN Holdings’ assets surge to $17.46 billion
The strong financial performance also saw FBN Holdings’ total assets climb to $17.46 billion, up from $11.14 billion in December 2023. Total equity increased from N1.72 trillion ($1.13 billion) to N2.54 trillion ($1.67 billion), and retained earnings more than doubled, reaching N1.3 trillion ($855 million), compared to N588.9 billion ($387.4 million) the year before.
These results underscore FBN Holdings’ ongoing expansion under Otedola’s leadership. As the group continues to reinforce its dominance in Nigeria’s banking sector, it is also positioning itself for wider growth across the African continent.
