Nigeria, June 2 -- Profits at FBN Holdings, the parent company of Nigeria's oldest bank, First Bank, dropped by approximately 10 per cent last year after the bottom line took a blow from mounting costs.

The group profits slumped even though it recorded its biggest revenue during the year.

Bucking the underwhelming result, the stock advanced by 1.8 per cent in Lagos on Friday, where it was quoted at N14.25 per share at the close of trade.

The financial services group reached the revenue milestone riding on the wave of higher interest rates in Nigeria, which have risen 650 basis points to 18.5 per cent since May 2022, enabling lenders to charge more for loans.

Interest income, which often accounts for the lion's share of lenders' revenu...