FBN Holdings Reports N350bn FX Loss in 2023

FBN Holdings Reports N350bn FX Loss in 2023

FBN Holdings, one of the biggest banks in Nigeria, has reported a foreign exchange loss of N350.3 billion last year compared to a gain of N22.4 billion in 2022, according to its latest unaudited financial statements.

Foreign exchange trading income rose to N25.6 billion from N23.3 billion.

However, its after-tax profit surged by 127 percent to N310 billion from N136.3 billion.

Interest income also saw an increase of N917.7 billion from N551.9 billion. Fees and commission income also increased to N204.9 billion from N143.9 billion.

Other operating expenses increased by 49 percent to N325.8 billion from N218.5 billion. Dividend income grew to N6.19 billion from N3.16 billion.

Earnings per share was N8.56, up from N3.74 recorded in 2022. Total assets grew to N16.9 trillion from N10.58 trillion.

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Loans and advances to customers increased to N6.4 trillion from N3.8 trillion. Deposits from customers increased by 53 percent to N10.9 trillion.

Net cash flow (used in)/generated from operating activities surged by 165.5 percent to N1.24 trillion from N467.7 billion.

Net cash flow (used in)/generated from investing activities recorded a negative of N769.9 billion from a negative of N293.2 billion.

Net cash flow used in financing activities recorded a negative of N146.7 billion from a positive N226.9 billion.

Cash and cash equivalents at the end of the period were N2.19 trillion, up from N1.86 trillion.

Last week, Femi Otedola, one of the country’s billionaires, was named the new chairman of the board of directors for the group.

It said his appointment became effective on January 31, 2024, succeeding the previous chairman, Ahmad Abdullahi.

Otedola joined its board as a non-executive director on August 15, 2023, holding a 5.6 percent stake.

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