Billionaire Femi Otedola Leads Fbn Holdings To Record Gross Earnings Of More Than 2 Billion

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 groups gross earnings topped 2 billion, further cementing its standing as one of Nigerias leading financial institutions.

In its recently released unaudited financial statements for the year ending Dec. 31, 2024 , FBN Holdingsparent company to Nigerias oldest bank, First Bank of Nigeria Limitedreported 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 Otedolas leadership, FBN Holdings saw its net profit more than double, a clear reflection of the companys 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 companys 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 Nigerias largest lenders and one of the most profitable financial institutions across Africa.

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 Plcs 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.