In a notable achievement, FBN Holdings, one of Nigeria’s longstanding banks, reached a significant market capitalization milestone, surging to N1.06 trillion on Wednesday. This milestone follows a week of robust growth, with FBNH’s share price experiencing an impressive approximately 10 percent increase.
With this accomplishment, FBN Holdings officially joins the prestigious league of SWOOTs, an acronym denoting Stocks Worth Over One Trillion Market Capitalization. As of 10:34 am on Wednesday, FBNH gained 9.91%, or N2.65, reaching N1.056 trillion in market capitalization.
Year-to-date in 2023, FBN Holdings has demonstrated remarkable growth, registering a 160% increase. Opening the year at about N11.15, the share price closed at N29.4 per share on Wednesday, elevating its market capitalization to N1,055,321,608,084.80.
The surge in FBN Holdings’ stock price can be attributed to billionaire investor Femi Otedola’s acquisition of a majority stake in the bank in 2022. This strategic move sparked heightened investor enthusiasm, resulting in a flurry of stock purchases. Notably, at the time of Otedola’s acquisition, FBNH traded at just under N6 per share, indicating a quadrupling of the stock price since the announcement.
FBN Holdings’ third-quarter financial statements for the period reflected a robust performance, with a profit after tax (PAT) of N236.4 billion. This marked a remarkable 159.2% increase compared to the N91.2 billion recorded in the corresponding period in 2022.
By surpassing the N1 trillion market cap, FBN Holdings now stands alongside other distinguished members of the SWOOTs group, including prominent entities such as Dangote Cement, Airtel Africa, MTN, BUA Cement, BUA Foods, Seplat, Zenith Bank, and GTCO. This recognition underscores FBN Holdings’ resilience and significant contribution to Nigeria’s dynamic financial landscape.
