FBNH’s customer deposits surge by N6.62trn in one year under Otedola

FBN Holdings Plc, the parent company of First Bank of Nigeria, grew its customer deposits by 62 percent in 2024 under the chairmanship of billionaire Femi Otedola, who was appointed in January of that year.

The lender’s deposits jumped to N17.29 trillion as of December from N10.66 trillion a year earlier, according to its earnings report released on Thursday. Loans and advances to customers increased to N8.95 trillion from N6.36 trillion.

Its profit after tax more than doubled to N738.86 billion last year from N310.37 billion.