FBN Holdings Plc (FBNH) has released its unaudited 9-month results for 2024, posting a remarkable 125.1% year-on-year increase in earnings per share (EPS) to NGN14.72.

The company’s interest income grew by 164.6% year-on-year to NGN1.63 trillion, driven by elevated yields in the fixed-income space and rising earning assets. Net interest income expanded by 138.6% year-on-year to NGN702.55 billion.

Non-interest income also increased by 82.4% year-on-year to NGN585.13 billion, driven by gains from investment securities, net fees and commission income, and FX trading gains.

Operating expenses rose by 94.8% year-on-year to NGN676.82 billion, but the company’s cost-to-income ratio improved to 46.4% from 49.9% in the prior year.

Profit after tax (PAT) surged 124.9% year-on-year to NGN526.28 billion, with return on average equity (RoAE) and return on average assets (RoAA) settling at 32.8% and 3.2%, respectively.

Analysts expect FBNH’s strong performance to continue, driven by the prevailing interest rate environment, improved risky asset creation, and robust balance sheet management.