FBNH FY 2023 unaudited numbers showed strong growth in both Interest and Non-Interest Income. Interest Income was up 66.3% y/y (8.4% above our forecast) driven by growth in Interest Income on both Investment Securities and Loans. Net Loans to customers were up 67.95% y/y (including the impact of devaluation).
Interest Expense on the other hand, also grew significantly, up 105.5% y/y and 10.8% above our forecast resulting in an uptick in cost of funds. Customer Deposits were up 52.6% y/y, also inclusive of the impact of devaluation on FCY deposits. Overall, Net Interest Income grew strongly, up 45.9% y/y and 6.6% ahead of our forecast.
Net Fee and Commission Income also grew strongly, up 45.6% y/y and 7.5% above our forecast. While all Fee and Commission Income lines showed y/y growth, major drivers were a growth in electronic banking fees (up 19.6% y/y), strong growth in letters of credit commissions and fees (up 153.68% y/y), strong growth in funds transfer & intermediation fees (up 201.2% y/y) and sturdy growth in other fees and commissions (up 264.62%y/y).
