FBNHoldings (FBNH), the parent company of Nigeria’s pioneer Bank, First Bank of Nigeria Limited published stellar results, confounding analysts, and exciting investors. Equally as amazing as the spectacular results, which saw earnings per share surge by 234% to N5.19 was the fact that the banking behemoth was able to eke out this profit in a financially hostile policy environment where bank earnings have been squeezed. The Bank’s holding company has also been a subject of shareholder squabbles, which ordinarily should be a distraction to the management and a drag on profitability. But in spite of these challenges, the outstanding results are a testimony to the depth of its management and its capacity to execute a robust strategy.
What is Unique About FirstBank? (Late Entrant to African Markets) As a late entrant into the scramble for market share in the Sub-Saharan African continent, it was able to play catch up with its peers in this respect.
