FBN Holdings, one of the most established banks in Nigeria, has attained a big market capitalization milestone, with its market value reaching N1.06 trillion on Wednesday.
This is a noteworthy accomplishment. A week of robust growth, during which the share price of FBNH experienced an amazing increase of almost 10 percent, has culminated in the achievement of this milestone.
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As a result of this achievement, FBN Holdings has officially become a member of the famous SWOOTs league, which is an acronym that stands for stocks with a market capitalization of more than one trillion dollars. The market value of FBNH reached N1.056 trillion as of Wednesday morning at 10:34 a.m., meaning that the company had gained 9.91%, or N2.65.
FBN Holdings has shown extraordinary performance so far in 2023, posting a 160% increase from the beginning of the year to the present. The share price reached a high of N29.4 per share on Wednesday, bringing the total market value of the company to N1,055,321,608,084.80. The share price began the year at approximately N11.15 per share.
It is possible that the acquisition of a controlling share in the bank by billionaire investor Femi Otedola in 2022 was the cause of the spike in the stock price of FBN Holdings. This strategic move inspired increased investor interest, which resulted in a frenzy of stock purchases being made. Significantly, the stock price of FBNH had increased by a factor of four since the announcement of the acquisition by Otedola. At the time of the acquisition, the stock was trading at little under N6 per share.
FBN Financial Statement
FBN Holdings’ financial statements for the period revealed a strong performance, with a profit after tax (PAT) of N236.4 billion. These statements were prepared for the third quarter. When compared to the N91.2 billion that was registered during the same time period in 2022, this represented a significant growth of 159.2%.
By achieving the N1 trillion market cap, FBN Holdings now stands alongside other notable members of the SWOOTs group. These members include notable entities such as Dangote Cement, Airtel Africa, MTN, BUA Cement, BUA Foods, Seplat, Zenith Bank, and GTCO. FBN Holdings is now in the same position as these other significant members. The resiliency of FBN Holdings and the enormous contribution it has made to Nigeria’s continuously evolving financial scene are both highlighted by this accolade.
