FBN Holdings recorded ₦360.3 billion in the first half of 2024, a sharp increase compared to what it did in the same period of the previous year.
The decline in the exchange rate of naira to the dollar and other currencies also affected the books of Nigeria's oldest bank. It recorded ₦165 billion in foreign exchange loss, up from ₦98.1 billion in the previous period.
It was indeed an impressive first half for the bank, as most of its figures grew except for the loss due to foreign exchange. It recorded a negative net cash flow from investing activities, but unlike other negative cash flows, figures from investing activities indicate that the company invested a significant amount of its cash in the long-term growth of the company.
FBN Holdings purchased ₦3.6 trillion worth of investment securities, with the major proceeds coming from the sale of investment securities for ₦2.2 trillion during the period under review. Compared to H1 2023, it bought ₦2.2 trillion in investment securities and got ₦1.2 trillion in proceeds from investment securities.
As a banking entity, most of its revenue is from its commercial banking activities. The interest income breakdown put loans and advances to customers in the lead, followed by investment securities.
