FBN Holdings Fined for Non-Compliance, Records Strong Financial Performance

FBN Holdings, the parent company of First Bank Nigeria, was fined N9.6 million by NGX Regulation Limited for failing to comply with capital market authority regulations.

The sanctions were imposed due to the late submission of the company’s 2022 Full Year audited financial statements and Q1 2023 unaudited financial statements.

Despite the fine, FBN Holdings showcased robust financial performance in H1 2023. The company reported a 55.2 percent increase in Net Interest Income, reaching N237.33 billion, compared to N152.91 billion in the same period last year.

Additionally, FBN Holdings saw a remarkable growth in operating profit, which rose by 212.8 percent year-on-year, and a significant increase in profit after tax, up by 231 percent. The company also experienced a notable 33.19 percent surge in Electronic banking fees, generating N34.01 billion from its cashless channels during the review period.

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