First Bank of Nigeria Holdings (FBN Holdings), a leading financial services group led by Nigerian billionaire Femi Otedola, has reported a significant surge in profit for the first half of 2024, cementing its position among Africa's most profitable financial services providers.
FBN Holdings profit jumps 93.7 percentAccording to unaudited financial statements for the period ended June 30, 2024 , FBN Holdings' profit soared by 93.7 percent to N360.27 billion ($217 million), up from N186.02 billion ($112.2 million) in the same period last year.
The impressive results were driven by robust performance across all operating segments, with the flagship banking unit, First Bank of Nigeria Limited, leading the charge.
Interest income for the period increased from N371.1 billion ($23.6 million) to N947.7 billion ($571 million), while fee and commission income rose from N87.1 billion ($52.4 million) to N129.9 billion ($78.2 million).
