Connect with us

Business

FBNH records largest shares trade in single day value at N76bn

Published

on

Spread The News

FBN Holdings, Nigeria’s oldest financial institution on Thursday traded over 4 billion units shares on the NGX valued at about N76 billion and is one of the largest single trades recorded for the stock this year.

FBNH has about 35.8 billion shares outstanding as of December 2022 audited accounts and continues to be one of the most attractive stocks.

It was gathered that the share price of the stock traded for as high as N19, the highest in over 10 years

In its recently released 2022 full financial year result, FBN Holdings posted a profit after tax of N136.3 billion. The group also reported a gross earnings of N805.1 billion up from N757.3 billion in the same period in 2021.

In the first quarter of 2023 FY, which was marred economically by the naira scarcity and the 2023 general elections, the bank reported a pre-tax profit of N56.1 billion up 53.6 per cent year on year.

READ ALSOFBN’s MD, five others in alleged forgery scandal

Speaking about the bank’s recent performance, the bank’s Managing Director and Chief Executive Officer, Adesola Adeduntan, identified its investments in technology, transaction, and digital banking as a key differentiator from its peers.

“As a Group, we continue to reap the benefits of our investments in technology, transaction and digital banking capabilities which enable us to offer better customer experiences to our numerous clients. This was further reflected in the impressive 22.4 per cent and 28.5 per cent year-on-year growth in customers’ deposits and loans respectively, demonstrating customers’ confidence in our service delivery and value proposition.”

Reflecting on the recent performance of the group’s banking division, it is important to recognize the significant progress made since the challenging times faced a few years ago by the tier-one bank.

As one of Nigeria’s largest banks, it played a pivotal role in financing major private and government-led ventures within Africa’s largest economy.

Between 2015 and 2022, the bank’s digital-centric transaction strategy bore fruit. Total customer numbers surged fourfold to over 41 million, while the number of issued cards rose from 7 million to 12 million.

READ ALSOFBN Holdings wins ‘Great Place to Work’ awards

Advertisement

FirstMobile and FirstOnline users reached 6.1 million and 1.1 million, respectively, while USSD users skyrocketed from 0.5 million to 14.7 million.

FirstBank now commands a 42 per cent market share for corporate e-bills payments, and annual transaction volumes have reached a staggering 17 billion. The momentum and growth in transactions, reflected in non-interest income as a percentage of net revenue, climbed to 40.59 per cent.

Income from electronic banking fees also experienced substantial growth, surging from N21.8 billion in 2015 to N55 billion in 2022.

Loans and Advances witnessed a substantial surge of 31.5 per cent in 2022, reaching N3.78 trillion—double the balance recorded in the 2015 FY, which stood at N1.8 trillion. Impressively, the bank created N1 trillion in new loans in 2022 FY alone.

Trending