FBN : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

FBN Holdings Plc.

Unaudited Consolidated Financial Statements for the period ended March 31, 2023

FBN Holdings Plc.
DIRECTORS AND ADVISORS
DIRECTORS:
Ahmad Abdullahi	Non-Executive Director (Group Chairman)
Nnamdi Okonkwo	Group Managing Director
Adesola Adeduntan	Non-Executive Director
Abiodun Oluwole Fatade	Independent Non-Executive Director
Alimi Abdul-Razaq	Independent Non-Executive Director
Peter Aliogo	Independent Non-Executive Director
Ahmed Modibbo	Independent Non-Executive Director
Kofo Dosekun	Independent Non-Executive Director
Khalifa Imam	Independent Non-Executive Director
Julius B. Omodayo-Owotuga	Non-Executive Director
Oyewale Ariyibi	Executive Director (Appointed on August 16, 2022)
AG. COMPANY SECRETARY:	Adewale Arogundade - with effect from March 7, 2022
REGISTERED OFFICE:	Samuel Asabia House
	35, Marina
	Lagos
AUDITOR:	KPMG Professional Services
	KPMG Tower, Bishop Aboyade Cole Street
	Victoria Island, Lagos
	Telephone: [phone]
	Website: www.kpmg.com/ng
REGISTRAR:	Meristem Registrars & Probate Services Limited
	213 Herbert Macaulay Way
	Yaba, Lagos
BANKERS:	First Bank of Nigeria Limited
	35 Marina,
	Lagos
	FBNQuest Merchant Bank Limited
	10 Keffi Street, Ikoyi
	Lagos
TAX IDENTIFICATION NUMBER:	15562790-0001

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FBN Holdings Plc.

Certification pursuant to section 60(2) of Investment and Securities Act No. 29 of 2007

We the undersigned hereby certify the following with regards to FBN Holdings Plc financial report for the period ended March 31, 2023 that:

1. We have reviewed the report;
2. To the best of our knowledge, the report does not:

1. contain any untrue statement of a material fact, or

1. omit to state a material fact, which could make the statements misleading in the light of the circumstances under which such statements were made.

1. To the best of our knowledge, the financial statements and other financial information included in the report fairly represent in all material respects the financial condition and results of operations of the Company as of March 31, 2023 and the periods presented in the report.
2. We:

(i) are responsible for establishing and maintaining internal controls.

1. have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared.

1. have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the reports.
2. have presented in the report our conclusions about the effectiveness of the Company's internal controls based on our evaluation as of that date.

1. We have disclosed to the auditors of the Company and the audit committee:

1. all significant deficiencies in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and

1. Any fraud, whether or not material, that involve management or other employees who have significant role in the Company's internal controls.

1. We have identified in the report whether or not there were significant changes in the internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses.

NNAMDI OKONKWO		OYEWALE ARIYIBI
Group Managing Director		Executive Director
FRC/2014/ICA/00000006963		FRC/2013/ICAN/00000001251

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FBN Holdings Plc.

Shareholding Structure and Free Float Status
Company Name:	FBN Holdings Plc
Board Listed:	Premium Board
Period End:	December 31
Reporting Period:	Period ended March 31, 2023
Share Price at end of reporting period:	N11.10 (March 31, 2022: N12.40)
Description	31 March 2023		31 March 2022
	Unit	Percentage	Unit	Percentage
Issued Share Capital	35,895,292,791	100%	35,895,292,791	100.00%
Substantial Shareholdings (5% and above):
Mr. Femi Otedola (Direct)	10,000,000	0.03%	210,000,000	0.59%
Mr. Femi Otedola (Indirect)	1,989,342,376	5.54%	2,507,282,140	6.98%
Total Substantial Shareholdings	1,999,342,376	5.57%	2,717,282,140	7.57%
Directors' shareholdings (direct and indirect), excluding directors with substantial interests
Alhaji Ahmad Abdullahi	-	0.00%	-	0.00%
Mr. Nnamdi Okonkwo	9,019,300.00	0.03%	-	0.00%
Mrs Kofoworola Dosekun	-	0.00%	-	0.00%
Sir. Peter Aliogo	-	0.00%	-	0.00%
Mr. Ahmed Modibbo	-	0.00%	-	0.00%
Mr. Khalifa Imam	-	0.00%	-	0.00%
Dr. Abiodun Fatade	-	0.00%	-	0.00%
Dr. Alimi Abdul-Razaq	-	0.00%	-	0.00%
Dr. Adesola Adeduntan	18,871,689	0.05%	18,871,689	0.05%
Julius B. Omodayo-Owotuga	-	0.00%	-	0.00%
Mr. Oyewale Ariyibi	4,008,850.00	0.01%	-	0.00%
Total Directors' Shareholdings	31,899,839	0.09%	18,871,689	0.05%
Other Influential Shareholdings:
Mr. Tunde Hassan-Odukale (Direct)	27,530,930	0.08%	27,530,930	0.08%
Mr. Tunde Hassan-Odukale (Indirect)	1,558,676,194	4.34%	1,518,758,784	4.23%
	1,586,207,124	4.42%	1,546,289,714	4.31%
UBAPFC/Leadway Pensure RSA Account	362,347,446	1.01%	362,347,446	1.01%
Free Floats in Units and Percentage	31,915,496,006	88.91%	31,250,501,802	87.06%
Free Floats in Value (N)	354,262,005,666.60		387,506,222,344.80

For the purpose of this report only, the shares held by UBAPFC/Leadway Pensure RSA Account are not considered as free floating in view of the relationship of Mr. Tunde Hassan-Odukale with Leadway Pensure Limited.

Declaration:

FBN Holdings Plc with a free float value of N354,262,005,666.60 (88.91%) as at March 31, 2023 (March 31, 2022: N387,506,222,344.80 (87.06%) is compliant with the Nigerian Stock Exchange's free float requirements for companies listed on the Premium Board.

Adewale Arogundade

Ag. Company Secretary

FRC/2014/NBA/00000006810

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FBN Holdings Plc.

INCOME STATEMENT				GROUP
		Q1 ended		Year to date		Q1 ended		Year to date
		31 Mar.		31 Mar.		31 Mar.		31 Mar.
	Note	2023	2023	2022	2022
		N 'million		N 'million		N 'million		N 'million
Continuing operations
Interest income	4	179,610	179,610	109,448	109,448
Interest expense	5	(67,763)	(67,763)	(36,652)	(36,652)
Net interest income
	111,847	111,847	72,796	72,796
Impairment charge for losses	6	(16,897)	(16,897)	(8,751)	(8,751)
Net interest income after impairment charge for losses
	94,950		94,950		64,045		64,045
Fee and commission income	7a	42,867	42,867	33,710	33,710
Fee and commission expense	7b	(7,570)		(7,570)		(6,387)		(6,387)
Net fee and commission income		35,297	35,297	27,323	27,323
Foreign exchange income		3,025	3,025	5,746	5,746
Net gains on sale investment securities	8	33,281	33,281	14,589	14,589
Net (loss)/ gains from financial instruments at FVTPL	9	(2,049)	(2,049)	14,795	14,795
Dividend income	10	130	130	84	84
Other operating income	11	2,643	2,643	2,183	2,183
Personnel expenses		(31,298)	(31,298)	(25,616)	(25,616)
Depreciation, amortisation and impairment		(7,152)	(7,152)	(7,254)	(7,254)
Other operating expenses	12	(72,722)	(72,722)	(59,305)	(59,305)
Operating profit
	56,105	56,105	36,590	36,590
Share of profit/(loss) of associates	22	-	-	(72)	(72)
Profit before tax
	56,105	56,105	36,518	36,518
Income tax expense	13	(6,019)	(6,019)	(4,076)	(4,076)

PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS	50,086
Discontinued operations
Loss for the period from discontinued operations	27.3	(32)
PROFIT FOR THE PERIOD
	50,054
Profit attributable to:
Owners of the parent		49,383
Non-controlling interests		671
		50,054

Earnings per share attributable to owners of the parent Basic/diluted earnings per share (expressed in naira per share): From continuing operations

From discontinued operations

From profit for the period

50,086	32,442	32,442
(32)	(41)	(41)
50,054	32,401	32,401
49,383	31,942	31,942
671	459	459
50,054	32,401	32,401
1.38		0.89
(0.00)		(0.00)
1.38		0.89

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