Otedola’s stake in First Bank rises to 7.01% as profit hits N208bn

The ordinary shares of the Chairman of FBN Holdings Plc, Femi Otedola, in First Bank have increased to 7.01 per cent.

This comprises 10 million direct shares and 2.507 billion indirect shares as of March 2024.

This is up from a 5.65 per cent stake made up of 40.033 million direct and 1.989 billion indirect shares as of December 2023.

The latest development was disclosed via FBN Holdings’ financial statements for the first quarter of 2024.

Barbican Capital Limited, controlled by investor Oba Otudeko held an 8.67 per cent stake or 3.11 billion shares of FBNH as verified by the Central Bank of Nigeria (CBN).

FBN Holdings appoints 5 directors as Otedola takes charge as chairman

For the first three months through March 2024, FBN Holdings’ net profit surged by 351.65 per cent to N208.16 billion from N50.08 billion recorded in March 2023.

FBN Holdings’ first quarter results showed profit surged on the back of N288.07 billion fair value gains as the lender benefitted from a higher interest rate environment.

There has been an improvement in the asset base as total assets were up 27.47 per cent to N21.58 trillion in the period under review from N16.93 trillion the previous year.

Net Interest Income (NII), which measures the difference between the revenue generated from a bank’s interest-bearing assets and the expenses associated with paying its interest-bearing liabilities, rose by 98.21 per cent to N288.56 billion as of March 2024.

The Star