FBNH Rallies Ahead of 2022 Earnings Release
FBN Holdings’ share price gathered momentum in the stock market ahead of its full year earnings expected to be submitted to the Nigerian Exchange (NGX). In the tier-1 banking class, it is only FBNH that has not submitted its results due to undisclosed issues.
Data from the local bourse showed that the financial services boutique’s market valuation has crossed N402 billion again. Last week, the group share was popular among equities investors, thus demand rose and its share price was priced 7.18% above N10.45 which happened to be its opening value.
In its latest submission to the regulator, FBNH hints about a plan to release its audited financial statement. Analysts said there is a possibility that the bank will release its first quarter result at the same time.
It has lost steam due to activities of sell-side investors amidst an expectation that holdings may struggle to boost full year earnings. Year to date, FBNH has appreciated by 4.67%, though far behind the average inflation rate.
Over the last six months, investment in FBNH has yielded exactly 22.40%, according to stock market data reviewed. In 2022, FBNH pushed above N440 billion in market valuation following a strategic investment bet by its largest shareholder, Femi Otedola.
Its earnings performance also came strong in the third quarter of the financial year 2022 after a successful balance sheet cleanup that took three years. Legacy assets were offloaded and its banking arm successfully douse negative boardroom game by insiders with differing interests to protect.
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