The first quarter profit of the financial services group FBN Holdings climbed by more than half to N50.1 billion compared to the same period of last year, latching on to a boom in its commercial banking subsidiary to pivot growth.
The division, whose business centres on lending, was responsible for 96 per cent of net profit, while the investment banking unit encompassing merchant banking, trusteeship, insurance brokerage, and capital market operations accounted for the rest.
Revenue for the period climbed to N259.5 billion, according to its earnings report, up from N180.5 billion a year earlier.
