FBN Holdings declares N136.2bn profit in 2022
FBN Holdings Plc, a leading financial institution, announced impressive financial results for the year ended December 31, 2022.
The company reported a profit of N136.2 billion, showcasing its ability to navigate through a volatile economic landscape.
Furthermore, FBN Holdings demonstrated resilience by expanding its asset base to N10.6 trillion, reflecting the company’s robust growth strategy and commitment to shareholder value.
Analysts said the profit for the year of N136.2 billion highlights FBN Holdings’ strong financial performance, despite facing various headwinds and market challenges.
Compared to the previous year, the company’s profit decreased by 9.6%, primarily due to net reclassification adjustments for realized net gains and changes in fair value of debt instruments.
Other comprehensive income, which includes items that may be subsequently reclassified to profit or loss, showed a loss of N7.7 billion for the year. This loss was primarily driven by net changes in fair value of debt instruments and exchange differences on the translation of foreign operations.
However, FBN Holdings’ comprehensive income remained robust at N128.4 billion, underscoring the company’s ability to generate sustainable earnings and create long-term value for its stakeholders. Comprehensive income attributable to the owners of the parent amounted to N126.7 billion, while non-controlling interests contributed N1.7 billion.
On the liabilities side, FBN Holdings maintained a stable financial position with total liabilities amounting to N9.6 trillion. Deposits from customers remained a significant portion of the liabilities, standing at N7.1 trillion. The company also managed its borrowings effectively, with a total borrowing amount of N675.4 billion.
FBN Holdings’ positive financial performance was driven by its robust operating activities, prudent financial management, and strategic investments.
The company generated a cash flow of N467.8 billion from its operations, reflecting efficient cash management and improved profitability. Additionally, the company made strategic investments in investment securities, property and equipment, and intangible assets to drive future growth.
