Ahead of the release of the first quarter 2024 profits, owners on the local exchange sold off more than 14% of their shares in FBN Holdings (FBNH) Plc. According to stockbrokers, the company is anticipated to disclose its first quarter earnings report in April.
Friday’s share price drop to N30.5 was the result of ongoing selloffs. The price of the financial services group’s stock began the week at N35.55. Even if FBNH was able to deliver Q4 findings more quickly in 2024, the central bank has not received its audited results for months after they were submitted.
Due to the continuous price correction in the local exchange, investors in stocks made an early withdrawal. In 2024, FBNH Plc saw significant growth. Details from the Nigerian Exchange show that the Elephant brand decreased to N1.094 trillion in market value. Following a significant share acquisition, the management named Femi Otedola as board chairman early in the year.
In two years, the group hopes to raise FirstBank’s capital base to N500 billion. FBN Holdings’ most recent unaudited report for the fourth quarter of 2023 indicated that the company had eligible capital totaling N251.3 billion.
According to analysts, the financial services group will need to raise approximately N249 billion in capital to satisfy the new capital requirements set by the apex bank.
