FBN Holdings Reveals Forex Loss Of N350bn In 2023

FBN Holdings has revealed an unaudited financial record of foreign currency loss of N350.3 billion last year compared to a gain of N22.4 billion in 2022.

The income from foreign exchange trading increased from N23.3 billion to N25.6 billion.

But its post-tax earnings increased from N136.3 billion to N310 billion, a 127 percent increase.

Additionally, interest income increased by N917.7 billion from N551.9 billion. Additionally, revenue from fees and commissions climbed to N204.9 billion from N143.9 billion.

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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.

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.

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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.