In FBN Holding’s recently published 9M23 financial results, gross earnings increased by 80% y/y to N985.2bn. Interest income was 71% higher y/y at N633.8bn, while interest expense rose 112% y/y to N256.1bn, as cost of funding rose to 3.4% from 2.9% in 9M22. This led to a 51% y/y rise in net interest income, which came in at N377.7bn, 7% above our expected value of N353.1bn.
Meanwhile, non-interest revenue grew by 108% y/y to N326.9bn, driven by a N251.2bn fair value gain on financial instruments (FVPL). This cancelled out a foreign exchange revaluation loss of N117.6bn, while the bank made FX trading gains of N20.9bn during the period under review.
