Investors have continued to scramble for shares of First Holdco Plc following the Group’s positive financial performance and strategic leadership under billionaire businessman Femi Otedola.
The stock has emerged as the second most traded on the Nigerian Exchange (NGX) over the past three months and the best-performing tier-one bank stock year-to-date.
First Holdco recorded a 142 percent jump in profit before tax (PBT) to N862 billion and gross earnings of N3.33 trillion in 2024 to lead several blue-chip stocks in year-to-date (YTD) returns.
The stock price climbed from N28.05 at the end of 2024 to N33 by early February 2025, representing a 17.65 percent increase YTD.
The surge showed investors’ confidence in the bank’s robust financial results and recent leadership changes. Under Otedola’s stewardship, First Holdco’s market capitalisation has risen to N1.22 trillion by February 2024.
The Group’s nine-month earnings report as of September 30, 2024, revealed a 134 per cent year-on-year (YoY) increase in gross earnings to N2.25 trillion from N962.4 billion in 2023 and a 128 per cent rise in PBT to N610.9 billion.
Patrick Ajudua, President of the New Dimension Shareholders Association of Nigeria, affirmed investor optimism, stating “First Holdco’s growth in net interest income is a testament to the bank’s resilience and ability to navigate economic challenges while delivering consistent value in a competitive and evolving financial market.”
“With its proven track record, strong earnings performance, and strategic leadership, investors and shareholders remain confident in First Holdco’s ability to maintain its position as a market leader,” he added.
Analysts maintain a bullish outlook on First Holdco, highlighting its strong earnings, increasing investor interest and strategic leadership under Otedola.
Despite market volatility, the stock remains a prime target for investors with its performance reaffirming its position as one of the most valuable banking stocks on the NGX.
