At the end of fiscal year 2023, STANBIC IBTC Holdings (Stanbic) and FBN Holdings announced increased gross profits.

FBN Holdings' gross profit grew by 88.5% year on year (year on year) to 1.5 trillion naira, supported by healthy growth in the interest and non-interest income segments of group operations. Despite rising depreciation provisions and operating expenses (OPEX) and foreign exchange losses (FX) worth 350.3 billion naira, the profit before tax (PBT) and the profit after tax (PAT) of FBN Holdings jumped by 129.4 percent and 127.6 percent, respectively, to reach 362.2 billion naira and 309.9

For its part, STANBIC IBTC Holdings (Stanbic) reported gross profit growth of 61.9% to 466.3 billion naira, while net interest income increased 54.9% to 175.2 billion naira, while net interest income increased 54.9% to 175.2 billion naira, as recorded in the results no audited for the fiscal year 2023. The company reported pre-tax earnings growth of 72.4% year on year and net profits up 76.4% year on year to 137.58 billion naira, the largest increase in the