As part of a boom in the NGX, FBN Holdings, the parent group of First Bank Limited has once again crossed the N1 trillion market capitalization level.
The stock gained 10% to close at N28.60 on January 9, 2024, thus taking its market capitalization to N1.026 trillion.
This comes one day after the United Bank for Africa (UBA) also crossed the N1 trillion market cap.
This is not the first time First Bank has crossed the N1 trillion market cap, as it crossed the mark on December 6, 2023 the advancement by First Bank means there are now 11 companies with a market capitalization exceeding N1 trillion in the Nigerian Exchange (NGX).
FBN Holdings was not the only bank to record an N1 trillion market cap at the close of trading on January 9. Access Holdings (Access Bank) also appreciated by 8.39% to reach a market capitalization of N1.056 trillion.
Thus, making it the first time that five Nigerian banks have a market capitalization over N1 trillion.
What you should know
Like its contemporaries, FBN Holdings put up a remarkable financial performance in 2023. As of 9M 2023, the group recorded a pre-tax profit of N270.3 billion, representing a 156.3% year-on-year gain from the corresponding period in 2022.
The bank’s shareholders’ funds hit about N1.373 trillion in September 2023, up by 38% from December 2022.
Also, pending the release of its FY 2023 report, it is projected its retained earnings would appreciate significantly, thus shoring up its capital base. Thus, this optimism is driving interest in the bank’s shares.
