FBN Holdings profit more than doubles despite N332bn forex loss

FBN Holdings Plc, the parent company of Nigeria’s oldest bank, posted a 127 percent increase in its annual pretax profit despite a foreign exchange loss of N332.78 billion.

The holding company of First Bank of Nigeria saw its profit rise to N350.59 billion in 2023 from N154.54 billion in the previous year, its earnings report released on Friday shows.

The increase in its earnings was largely driven by the net gains from financial instruments, which jumped to N680.62 billion from N38.65 billion.