FBN lost N253bn in foreign exchange deals in 2023 – report

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Lagos, Feb. 1, 2024 – FBN Holdings has reported a loss of N253 billion in foreign exchange deals in 2023.

This was disclosed in the company’s unaudited consolidated financial statements for 2023 financial year.

It, however, did not give explanations on the loss.

The group recorded a profit before tax of N362.24 billion during the year, representing 129% increase over the N157.90 billion reported in preceding year.

Its total assets increased to N16.90 trillion, representing a 60% growth from the N10.58 trillion total assets recorded in 2022

The group posted an interest income of N917.71 billion in 2023, reflecting a 66% increase from the N551.94 billion posted in 2022.

First Bank of Nigeria Limited, its commercial banking arm, generated 93% of N1.42 trillion of the group’s total revenue of N1.52 trillion during the year. (GBN)

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