First Bank of Nigeria Holdings (FBNH), the Lagos-based financial service holding group, partially owned by Nigerian billionaire Femi Otedola, has reported an impressive financial performance at the end of the first six months of its 2023 fiscal year, surpassing investors’ expectations with a profit of more than $240 million.

According to the recently published half-year financial results, FBNH experienced a remarkable 230.8 percent increase in profit, rising from N56.6 billion ($72.91 million) in H1 2022 to N187.2 billion ($241.3 million) in the first six months of the current reporting period.

H1 2022 to N383.28 billion ($492.4 million) in H1 2023.

This boost was largely due to the revaluation of investment securities in Naira terms, following the unification of the Naira in Q2 2023, resulting in a total of N110.96 billion ($142.57 million) in interest income.

Additionally, the group’s fee and commission income also contributed to the impressive earnings, showing a 25.7-percent increase from N70.69 billion ($90.9 million) to N88.85 billion ($113.83 million). However, the period under review was not without challenges, as FBNH faced a significant foreign exchange loss of N98.42 billion ($126.7 million).

FBN Holdings, one of Nigeria’s largest financial services conglomerates, serves as the holding company for First Bank of Nigeria Limited, the country’s oldest commercial bank, with operations spanning 10 countries.

Despite leading the charge in Nigeria’s power sector through his power-generating company, Geregu Power Plc, Otedola holds the largest stake in the Lagos-based financial services holding group, with a 5.57-percent stake as of June 30, 2023. This position puts him in a good spot to earn from the group’s profits as a substantial shareholder.

The remarkable financial performance of FBNH in H1 2023 has propelled its assets to expand from N10.57 trillion ($13.6 billion) on Dec. 31, 2022, to N14.17 trillion ($18.25 billion) as of June 30, 2023. Furthermore, the retained earnings of the group surged from N397.7 billion ($512.2 million) to N580.1 billion ($747.11 million).