FBN Holdings, Nigeria’s leading banking institution, continues to showcase its growth trajectory as it reported a 54.8% rise in Profit After Tax (PAT) to N48 billion in its first quarter of the 2023 financial review. With a remarkable year-on-year increase of 44.2% in gross earnings, FBN Holdings demonstrates its ability to generate substantial revenue from its core operations.
Recent reports about the sale of shares to Honeywell Group have added another dynamic to FBN’s growth story. Honeywell Group, through its affiliate company Barbican Capital Limited, has acquired over 4.7 billion shares in FBN Holdings, making it the largest shareholder. This follows Barbican Capital Limited’s announcement last week that it secured a 13.3% majority stake in FBN Holdings.
Honeywell Group’s investment is seen as a strategic move to strengthen its presence in the financial sector and drive FBN Holdings to new heights. With its extensive experience across various sectors, including real estate, energy, agriculture, telecommunications, and financial services, Honeywell Group has a strong track record of driving growth and delivering value to stakeholders.
Obafemi Otudeko, Managing Director of Honeywell Group, highlighted that the investment aims to create value for all shareholders and leverage relationships with other key shareholders of FBN Holdings. This strategic move has already shown positive results, with FBN’s market capitalization experiencing a significant surge from N612 billion to N728.67 billion after the initial announcement.
The share price of FBN Holdings reached a 52-week high of N22.3, driven by positive investor response to the ongoing shareholder activities. This increase has garnered attention from investors and market participants, indicating increased confidence in FBN Holdings and its prospects.
Market analysts predict that the share acquisition by Honeywell Group will attract further attention from investors and market players, potentially leading to increased demand for FBN’s shares and positively impacting its stock price in the coming months.