FBN Holdings Plc has emerged as the best-performing tier-one bank stock on the Nigerian Exchange (NGX), recording a 17.65% Year-to-Date (YTD) increase as of February 7, 2025. The bank’s stock, which closed 2024 at N28.05 per share, surged to N33.00 per share, boosting its market capitalization to N1.18 trillion. This impressive performance outpaced its competitors, including Access Holdings Plc, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Ecobank Transnational Incorporated (ETI), and Zenith Bank Plc.
Trailing FBN Holdings, Access Holdings recorded a 17.4% YTD increase, rising from N23.85 to N28 per share. UBA’s stock followed with a 15.15% gain, closing at N39 per share. Zenith Bank saw a 14.29% rise, reaching N52 per share, while GTCO posted a 12.29% increase to N64 per share. ETI recorded the lowest YTD gain among the tier-one banks, appreciating 11.8% to N31 per share.
Investor Confidence Driven by Strong Financial Performance
The surge in FBN Holdings’ stock price comes on the back of its unaudited full-year 2024 earnings report, which highlighted remarkable growth. The group recorded a 142% year-on-year (y-o-y) increase in Profit Before Tax (PBT) to N862 billion, while Gross Earnings soared by 113% y-o-y to N3.33 trillion. Despite an impairment charge of N411 billion, which impacted overall profitability, the bank’s PBT could have reached N1.3 trillion. The strong growth in net interest income further underscores FBN Holdings’ resilience in an evolving and competitive market landscape.
With this stellar financial performance, FBN Holdings has reinforced its position as a leading force in Nigeria’s banking sector, attracting increased investor interest and confidence.
