NEWSMEDIANG.COM
FirstBank – Reaping the Benefits of a Solid Legacy*
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
Niger Retaliates, Imposes Total Visa, Entry Ban on US Citizens in Diplomatic tensions Niger…
EFCC Charges Ex-AGF Malami, Son Over Money Laundering The Economic and Financial Crimes Commission…
Invictus Obi Released From U.S. Prison, Faces Deportation After Serving Fraud Sentence Nigerian businessman…
Stop Targeting Governors Over Hardship, FG Gets 52% Lion’s Share of Revenue — Katsina Gov…
IGP ‘Angry’ Over Arrest of FIJ Journalist’s Wife, Nine-Month-Old Baby, Orders Sanction of Officer …
BREAKING: Tax Reform Update- Your NIN Is Now Your Tax ID – FIRS The…