Event

FBN Holdings (“the Group”) reported a relatively solid financial performance in Q2 2024 results, showcasing an outstanding growth. Gross earnings surged by 76% year-on-year to N672.22bn, compared to N381.45bn in Q2 2023. This remarkable performance was bolstered by a 157% jump in interest income, masking the 6% decline in non-interest income.

Outlook

Following an impressive Q2 2024 financial performance, we slightly adjusted our fair value to N28.93 from N28.74 and we retain our BUY recommendation on the stock. At the current market price of N22.00, the stock trades at 32% (exclusive of dividend yield) discount to our fair value.

Please follow the link “FBNH Plc Q2 2024 – Expanded Loan Books Lift Earnings” to view the whole report.

Thank you.