FBN Holdings Hits N600bn in Market Valuation
The race to the top has started as FBN Holdings hit N600 billion in market valuation as the financial stocks continue to gain popularity on the expectation that the banking sector will see improved regulation.
Call it ‘Otedola’s effects”; it is noticeable that the group valuation has adjusted positively since its last boardroom game that opened an entry opportunity for Femi Otedola’s single largest shareholding.
Recently, the financial group’s share price has become expensive ahead of the second quarter of the financial year 2023 earnings season.
In the audited report, the financial service group earnings slipped but there were signs of early recovery in the first quarter earnings release with year-on-year solid growth.
The audited report for 2022 showed group earnings printed at N805.13 billion from N757.3 billion in the comparable period in 2021. Annual profit maneuvered its way to N136/17 billion, a decline compared to N151.08 billion in 2021.
The group financials showed that FBNH’s largest shareholder, Femi Otedola, offloaded his direct interest, but the billionaire still maintains his position in terms of overall shareholding.
Data from the local bourse showed that FBNH gained 4.38% on Thursday to close at N16.70 per share. This pushed its market valuation to N599.50 billion – twice the group market value before Otedola’s massive shares ramped up.
Market data obtained from the Nigerian Exchange showed that a total of 11, 466, 206 million shares of FBN Holdings were traded on the floor of the Nigerian Exchange, valued at N191.486 million. FBN Holdings Hits N600bn in Market Valuation Nigerian Treasury Bills Yield Rises to 7%
