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FBN Holdings Plc profit beat analysts’ estimates for the third quarter as solid earnings supported organic capital generation.
The lender revamped its risk management, which resulted in significantly improving asset quality.
Its profit after tax (PAT) surged by 159.22 percent to N236.41 billion as at September 2023, from N91.20 billion as at September 2022.
Operating profit surged by 155.20 percent to N269.94 billion in the period under review from N105.53 billion as at September 2022.
The growth in profit was largely driven by a foreign exchange revaluation gains of N251.22 billion.
Robust non-interest income revenues was underpinned by increased transaction volume, rapid penetration of digital and transaction banking offerings.
FBN Holdings’ net interest income (NII) spiked by 51.36 percent to N377.69 billion, thanks to a higher interest rate environment buoyed by an aggressive tightening by a central bank that seeks to tame sticky inflation and stabilise a beleaguered economy.
The lenders stock has a year-to-date (YTD) gain of 47.71 percent that outperforms the NGXASI index.
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