POLITICOS South West PDP Demands Senate Presidency SGF Party Chair From AtikuCELEBRITY MIRROR Sanwo Olu Releases Four Birthday ResolutionsSOCIETAL PROBLEMS Bread Bakers Threaten Strike Over Bakery Materials Price HikeUncategorized Don’t Sell Fuel Above N165/Litre- IPMAN WarnsSPORTS 26-Player Squad For FIFA 2022 World CupSOCIETAL PROBLEMS Policemen Lead Land Grabbers To Excavate Wetland – Magodo Residents LamentWHISPERS Bail Option Ruled Out For Kanu- BuhariPOLITICOS Reps Request Review Of Public Officers Allowances, SalariesCELEBRITY MIRROR Marketers Notify FG On Fuel Price Hike As Queues PersistSOCIETAL PROBLEMS Imo: NDLEA Arrests 218 Suspects, Seizes 1,471kg Drugs

FirstBank – Reaping The Benefits Of A Solid Legacy


Leave a comment | | June 5, 2022 11:51 pm

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

No Comments »

 


Leave a Reply

Zenith Bank
GTBank Quick Credit
Sponsored
Access Bank
Sponsored
Sponsored
Finecoat Paint