Investors in FBNHoldings are maintaining a bullish stance on the company and this newfound bullish momentum has seen the bank’s shares trade a 52-week high today, appreciating approximately 30% in the last seven days. First Bank is the country’s oldest bank at 127 years.
FBNH traded a total of 108.74 million shares worth ₦1.07 billion, making the tier-1 bank the highest traded company in volume at the end of today’s trading session. The bank’s share price gained 7.78% to end today’s session at ₦9.70. in the course of the trading session, the shares traded as high as ₦9.90, which as previously mentioned, represents a 52-week high.
First Bank is Nigeria’s oldest bank, with over 31 million customers and total deposits from bank and customers amounting to ₦6.2 trillion.
Although the bank saw a decline in net interest income by approximately 21%, it was still able to increase its net fee and commission income by 22.72% to currently stand at ₦57.4 billion. Ultimately the company was able to post a profit after tax (PAT) from continuing operations of ₦38.09 billion.
At today’s price, FBNH becomes the third most valued tier-1 bank with a market capitalization of approximately ₦348.2 million, gaining approximately ₦79 billion in one week. According to Bloomberg, the company’s P/E ratio stands at 4.53, Earnings Per Share at 2.14 and dividend yield at 4.55%. The company so far has paid a dividend of ₦0.45 in April 2021.
Year-to-Date (YtD), FBNH share price is up approximately 36%. FBN Holdings is the #1 most traded stock on the Nigerian Stock Exchange over the past three months. In total, it has traded a total volume of 1.63 billion shares in 8,123 deals, valued at ₦12.6 billion over the period, with an average of 25.8 million traded shares per session.
But you didn’t give the reason investors are bullish about the stock. It’s not just because..