Assets of FirstBank DRC, a subsidiary of First Bank of Nigeria (FBN Holdings), grew 71% in 2024, reaching 4,476 billion Congolese francs (approximately $1.57 billion). According to the lender’s Pillar III 2024 report, the surge was primarily driven by a major increase in customer deposits and an expanded loan portfolio.

Customer deposits rose sharply by 49.5% to CDF3,317 billion (around $1.16 billion) in 2024, up from CDF2,219 billion the previous year. This significantly boosted the bank’s lending capacity to the Congolese economy.

The loan portfolio stood at CDF1,298.5 billion (about $455.6 million) in 2024, up by 80% year-on-year. Mining captured almost half of the outstanding loans.

Compared to 2023, FirstBank DRC’s revenues jumped 43% in 2024, with net banking income rising to CDF331.3 billion. However, profit growth was modest, increasing only 3% from CDF73.4 billion in 2023 to CDF75.8 billion in 2024. This limited profit growth is mainly attributed to a 36.6% rise in operating expenses and a 46.6% increase in personnel expenses due to salary adjustments.

Looking ahead, the bank plans to strengthen its presence in the Greater Katanga mining region, increase the share of revenues generated from digital products by 30%, and aims to reach 100,000 banking agents by 2029.

Timothée Manoke (intern)