Saturday , 20 April 2024
Home Business FirstBank – Reaping the Benefits of a Solid Legacy
BusinessTrending News

FirstBank – Reaping the Benefits of a Solid Legacy

FirstBank

FirstBank delighted investors with a pleasant surprise when it announced stellar results confirming that its turnaround strategy pinned on the pillars of innovation, resilience and digging deep is working.

 

Its profit after tax spiked 108% to N32.4billion on the back of massive loan recoveries and a sharply lower level of non-performing loans (6.1%). Its capital adequacy ratio (CAR) increased to 17.4%, giving it the much-needed buffers required to withstand financial shocks and turbulent headwinds in the coming quarters.

FirstBank, one of a handful of banks that adopted the holding company structure, has been proven right as almost all the other tier one competitors have emulated the model. As far as competition is concerned, FirstBank is fighting hard to recover lost grounds to the nimble fintechs, the highly capitalised and efficient telcos and their payment savings bank subsidiaries.

Indeed, FirstBank is well equipped to fight amongst the sharks in this blood-soaked ocean.

 We expect to see FBN stock rise in the months ahead due to its massive undervaluation and its evident potential upside. We recommend the stock as a BUY.

–  Financial Derivative Company

See also  Facebook To Boost Site Safety With 1,000 More UK Staff

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Wema Bank
BusinessTrending News

Wema Bank Announces Call For Entries For Its Youth Focused Hackathon, Hackaholic 5.0

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully...

Access Bank Zambia
BusinessTrending News

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return as Chairman

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at...

Adewale Tinubu, Tunde Onakoya
SportsTrending News

Guinness World Record: Adewale Tinubu Throws Weight behind Tunde Onakoya

Attempt by Nigerian-born chess player, Tunde Onakoya, to break the Guinness World...

PariPesa
SportsTrending News

PariPesa Presents: Your Ticket to ₦5,000,000 Glory!

Eager to elevate your sports betting excitement? PariPesa, Nigeria’s premier bookmaker, presents...