First Bank Holdings Plc (First Holdco) has seen its market capitalization fall below the critical N1 trillion threshold on the Nigerian Exchange, just ahead of its planned capital raise announcement. The financial services group experienced a decline in its share value during four out of five trading sessions, accompanied by fluctuating trading volumes.
Data from the Nigerian Exchange indicates that First Holdco’s market value closed at N969.172 billion, a 5.6% drop from the previous week’s close. This valuation is based on the company’s 35,895,292,792 outstanding shares, which closed at N27, down from N28.6 at the start of the week.
Analysts note that First Holdco’s current trading price represents a significant 36% discount from its 52-week high, raising questions about investor sentiment ahead of the company’s audited financial statement for 2024. In a regulatory filing, First Holdco’s board of directors announced an upcoming extraordinary general meeting to review the 2024 audited financial statement.
Despite the recent market downturn, First Holdco’s unaudited report for 2024 revealed a robust 140% year-on-year increase in profit after tax, reaching N738.857 billion. The company also reported a substantial reduction in foreign exchange losses, dropping to N62.598 billion from N334.230 billion in 2023. This improved financial performance was driven by a 155% annual growth in net interest income, which surged to N1.391 trillion.
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