FBN Holdings, one of Nigeria’s oldest banks, reached a market capitalization of N1.06 trillion on Wednesday.
This milestone follows a week of growth, with the share price rising by approximately 10 percent.
FBN Holdings’ stock price began to surge in 2022 after billionaire investor Femi Otedola acquired a majority stake in the bank. This announcement triggered investor enthusiasm, leading to a flurry of stock purchases.
At the time of Otedola’s acquisition, FBNH traded at just under N6 per share. This means that the stock price has quadrupled since the announcement.
In its third-quarter financial statements for the period, FBN Holding’s profit after tax (PAT) was N236.4 billion, a 159.2 percent increase from the N91.2 billion recorded in the corresponding period in 2022.
By surpassing the N1 trillion market cap, FBNH joins the exclusive group of Nigerian publicly traded companies known as SWOOTs (Stocks Worth Over One Trillion).
Other members of the SWOOTs group include Dangote Cement, Airtel Africa, MTN, BUA Cement, BUA Foods, Seplat, Zenith Bank, and GTCO.