After Otedola becomes highest shareholders, First Bank declares profit

• According to its most recent financial report, FBN Holdings reported an outstanding profit for the first half of 2023
• It generated an after-tax profit of N365 billion in just six months, nearly twice as much as N187 billion the previous year
• This came after the Nigerian billionaire Femi Otedola emerged as the group chairman effective from January 31 2024

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

FBN Holdings' recent financial report shows an impressive profit for the first half of 2024.

According to the financial statement, the billionaire assumed the role of group chairman with effect from January 31, 2024. Photo Credit: First Bank, Otedola
Source: Getty Images

In six months, it delivered an N365 billion profit after tax, almost twice the N187 billion in the same period last year.

This is as interest income rose significantly to N948 billion in the first half of the year. Compared to the previous year, the interest income was only N371 billion.

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Check by Legit.ng showed that this was driven by improvement in investment securities, loan and advance to customers as well as loan and advance to banks

The group’s foreign exchange loss hit N165 billion but it reported a N412 billion for the period.

The impressive performance occurred shortly after the businessman Femi Otedola was announced the chairman of the group.

The financial statement showed that the Nigerian billionaire became the group chairman effective from January 31 2024.

Otedola accumulate shares

Legit.ng recently reported that Nigerian billionaire and businessman Femi Otedola has added 2.22% more shares in FBN Holdings.

The billionaire's ownership of the company is further cemented by this new acquisition, as his stake now stands at the highest level at 11.63%.

The NGX filing states that Otedola paid N17.2 billion for 797,946,415 shares for 21.58k.

This came just days after the serial investor spent a staggering N18.9 billion to purchase a total of 863,180,810 shares, increasing his position in the holding company to 9.41%.

Otedola's direct and indirect shares in FBN Holdings have increased to 4,178,409,365 from 2,517,282,140 shares due to that and the most recent acquisition.

With 3,110,400,619 direct shares, the businessman has displaced Barbican Capital Limited, controlled by Oba Otudeko, as the company's largest shareholder.

First Bank announces new name for subsidiary

Legit.ng reported that FBNBank Ghana has announced a name change to FirstBank Ghana to establish a consistent brand identity.

The name change aligns with FirstBank Group, the parent company's push to create a uniform identity built by FirstBank Nigeria in its over 130 years of banking experience.

According to a statement, the bank said the decision to rebrand to FirstBank Ghana reflects the bank's dedication to delivering world-class banking services and strengthening its position as a leading financial institution in Ghana.

Source: Legit.ng