FBN

The Bank of Ghana on Monday announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN). The suspension, effective 18 March, will run for one month. According to a statement by the Ghanaian central bank, the suspension is in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723). It said the move comes as a response to several breaches of the foreign exchange market regulations, including instances of fraudulent…

FBN Holdings, the parent company of Nigeria’s oldest commercial banking institution First Bank, attained its all-time peak valuation on Monday. The feat was recorded after a week of sustained gains catapulted the worth of its shares beyond N1.2 trillion. The valuation lifts the financial services group to a new milestone as Nigeria’s biggest lender by market capitalisation, pushing peer Guaranty Trust Holding Company, which has held the title for a while, to the back seat. Following an almost twofold surge in…

Last week, a good number of corporate results were issued, many of them coming out strong and fairly impressive. That in part helped the market capitalisation of the Nigerian exchange appreciate by 2 per cent. Investors are awaiting the earnings reports of big-cap stocks like Dangote Cement, MTN Nigeria, BUA Cement and Nestle as well as those of four of the Big 5 lenders (United Bank for Africa, GTCO, Access Holdings and Zenith). The financial performance of these stocks are likely to shape the direction of the…

FBN Holdings built a more than threefold surge in net profit for the first half of the year on an unusual boost in gains from financial instruments. The financial services group recorded the gains at a time other lenders are leveraging spikes in interest rates to drive profits and growth. Details of its earnings report issued on Thursday showed that the group posted a net profit of N187.2 billion, compared to N56.6 billion a year ago. Adesola Adeduntan, CEO of the group’s flagship division First Bank, described…

Ecobank Nigeria has written FBN Holdings Plc, asking the financial services group not to recognise the 4.8 billion shares recently acquired by former chairman, Oba Otudeko. The local unit of Lomé-based Ecobank Transnational Incorporated made the request through its solicitor, ‘Kunle Ogunba & Associates, in a letter dated 7 July 2023. The solicitor noted in the letter seen by PREMIUM TIMES that the bank made the request because of Mr Otudeko’s failure to clear a debt totalling N13.5 billion. Ecobank noted that…

Femi Otedola, the chairman of Geregu Power, has yielded the top spot on the ownership ladder of FBN Holdings to Barbican Capital Limited, an affiliate of Oba Otudeko’s Honeywell Flour Mill, a regulatory filing showed on Saturday. Barbican Capital accumulated shares of about 4.8 billion units in the parent company of Nigeria’s oldest lender FirstBank translating to a 13.3 per cent holding in the corporation, according to the document seen by PREMIUM TIMES. That is more than twice the portion held by Mr Otedola,…

The first quarter profit of the financial services group FBN Holdings climbed by more than half to N50.1 billion compared to the same period of last year, latching on to a boom in its commercial banking subsidiary to pivot growth. The division, whose business centres on lending, was responsible for 96 per cent of net profit, while the investment banking unit encompassing merchant banking, trusteeship, insurance brokerage, and capital market operations accounted for the rest. Revenue for the period climbed to…

Profits at FBN Holdings, the parent company of Nigeria’s oldest bank, First Bank, dropped by approximately 10 per cent last year after the bottom line took a blow from mounting costs. The group profits slumped even though it recorded its biggest revenue during the year. Bucking the underwhelming result, the stock advanced by 1.8 per cent in Lagos on Friday, where it was quoted at N14.25 per share at the close of trade. The financial services group reached the revenue milestone riding on the wave of higher…

The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited. FBN Holdings Plc, had through its subsidiary First Pension Custodian Limited, agreed with Access Bank Plc to buy out the latter’s pension subsidiary Access Pension Fund Custodian in a deal involving 100 per cent ownership transfer. In a notice on Monday, PenCom said Access Pension would transfer its assets to First Pension Custodian Limited which is a subsidiary of…

FBN Holdings, the parent company of Nigeria’s oldest financial institution FirstBank, posted a post-tax profit of N56.5 billion at mid-year, its earnings report showed Friday, a level never before seen since it transfigured into a holdco more or less a decade ago. That was enabled by an expansion by two-fifths in interest income to N226.4 billion, which itself dominantly aided the 22.4 per cent boost in revenue. The financial services group’s gross earnings for the period was N359.3 billion, which compares with…