Nigerian billionaire Femi Otedola leads First Bank to $217-million profit in H1 2024

Omokolade Ajayi -

Key Point

  • FBN Holdings’ profit surged 93.7% to $217 million in H1 2024, driven by strong performance across all segments.
  • Interest income rose to $571 million, and fee and commission income increased to $78.2 million.
  • Strategic leadership by Femi Otedola and fair value net gains helped offset currency losses, boosting retained earnings and total assets.

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 percent

According 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).

Nigerian billionaire Femi Otedola’s strategic influence in banking

FBN Holdings, one of Nigeria’s most valuable financial services groups, boasts a rich history and a 130-year legacy of providing development-oriented services. Under Femi Otedola’s strategic leadership, the group has expanded its influence and maintained its status as one of Nigeria’s most valuable banking groups.

Otedola, who serves as chairman and biggest shareholder with an 11.67-percent stake, has played a pivotal role in steering FBN Holdings toward these exceptional results, further cementing his position as one of the richest investors on the Nigerian Exchange.

Gains offset currency losses

The group’s impressive financial results were also driven by fair value net gains from financial instruments of N432.2 billion ($260.3 million), which helped offset a foreign exchange revaluation loss of N192.6 billion ($116 million).

As a result, retained earnings surged from N588.9 billion ($354.7 million) to N945.95 billion ($570 million), while total assets grew from N16.9 trillion ($10.2 billion) to N23.4 trillion ($14.1 billion), solidifying FBN Holdings’ position among the country’s biggest lenders.