The Chairman of FBN Holdings (FBNH) Olufemi Otedola currently owns 7.01% of the ordinary shares of the bank as at March 2024, comprising of 10 million direct shares and 2.507 billion indirect shares.
This is up from a 5.65% stake made up of 40.033 million direct and 1.989 billion indirect shares as at December 2023, according to the latest disclosure in FBNH’s financial statements for the first quarter (Q1), of 2024.
Barbican Capital Limited, controlled by investor Oba Otudeko held an 8.67% stake or 3.11 billion shares of FBNH as verified by the Central Bank of Nigeria (CBN).
For the first three months through March 2024, FBN Holdings’ net profit surged by 351.65 percent to N208.16 billion from N50.08 billion as at March 2023.
FBN Holdings first quarter results showed profit surged on the back of N288.07 billion fair value gains as the lender benefitted from a higher interest rate environment.
Because of consistent earnings growth and an excellent risk management strategy, investors have rekindled their interest in the lender’s stock.
There has been an improvement in asset base as total assets were up 27.47 percent to N21.58 trillion in the period under review from N16.93 trillion the previous year.
Net interest income (NII), which measures the difference between the revenue generated from a bank’s interest-bearing assets and the expenses associated with paying its interest-bearing liabilities, spiked by 98.21 percent to N288.56 billion as at March 2024.
There are indications First Bank and its peer rivals will continue to see an uptick in revenues as it appears the central bank who seeks to tame inflation is not done hiking interest rates.
The Monetary Policy Committee (MPC) of the central bank increased the benchmark interest rate by 150 basis points from 24.75 per cent to 26.25 per cent.
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