Business News

FBNH is now most capitalized banking stock in Nigeria, topples GTCO

1709016604 978 FBNH Most Capitalized

Nigeria’s oldest bank, FBN Holdings became the most capitalized bank in Nigeria at the close of trading on Monday 25th February 2024.

The bank’s share price closed trading at N34 per share becoming the largest bank in the country by market capitalization.

The stock opened trading at N31 per share and fell to as low as N30 per share before closing at N34 per share thus topping GTCO as the most capitalzed stock.

FBNH stock has also rejoined SWOOT and is also among the 10 most capitalized stocks on the NGX.

FBNH’s share price has seen a remarkable increase in market value following the announcement of billionaire investor Femi Otedola as a majority shareholder of the bank last year.

Additionally, FBNH recently unveiled its unaudited results for the fiscal year 2023, which showed profits soaring by 127% to N309.8 billion, marking the highest ever recorded by the bank.

FBNH’s rise to become the most capitalized stock likely didn’t come as a surprise to stock market investors familiar with the significant impact Femi Otedola’s involvement can have on a company’s fortunes.

Otedola was recently appointed Chairman of the bank.

In the meantime, GTCO is now the second most capitalized bank on the exchange having just recently toppled Zenith Bank.