FBN Holdings, a prominent banking entity in Nigeria, has disclosed a significant foreign exchange loss of N350.3 billion for the fiscal year 2023, contrasting sharply with a gain of N22.4 billion recorded in 2022, according to its latest unaudited financial report.
Despite this setback, the bank saw an uptick in foreign exchange trading income, which rose to N25.6 billion from N23.3 billion in the previous year. Impressively, its after-tax profit surged by a substantial 127 percent, reaching N310 billion compared to N136.3 billion in 2022.
The financial statements also highlight positive growth in other key areas. Interest income notably increased to N917.7 billion from N551.9 billion, while fees and commission income saw a rise to N204.9 billion from N143.9 billion. Additionally, dividend income grew from N3.16 billion to N6.19 billion.
Earnings per share showed a remarkable increase, climbing to N8.56 from N3.74 in 2022. Total assets witnessed a substantial growth to N16.9 trillion from N10.58 trillion, with loans and advances to customers increasing to N6.4 trillion from N3.8 trillion. Deposits from customers also experienced a significant uptick of 53 percent, reaching N10.9 trillion.
In terms of cash flow, net cash flow generated from operating activities surged by 165.5 percent to N1.24 trillion from N467.7 billion. However, net cash flow used in investing activities recorded a negative value of N769.9 billion, compared to a negative of N293.2 billion previously. Similarly, net cash flow used in financing activities recorded a negative value of N146.7 billion, contrasting with a positive N226.9 billion.
The report also noted an increase in cash and cash equivalents at the end of the period, rising to N2.19 trillion from N1.86 trillion.
In a significant development, Femi Otedola, a prominent Nigerian billionaire, was recently appointed as the new chairman of the board of directors for the group, effective January 31, 2024, succeeding the former chairman, Ahmad Abdullahi.
The financial figures, while demonstrating resilience in certain areas, underscore the challenges faced by FBN Holdings in navigating the complex landscape of foreign exchange volatility and economic fluctuations in Nigeria.