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Event
First HoldCo (‘The Group”) reported a 106% growth in gross earnings for FY 2024, reaching N3.21trn compared to N1.56trn in FY 2023. This was largely driven by a 156% spike in interest income, which rose to N2.40trn, up from N936.68bn in FY 2023. Non-interest income also grew by 31%, reaching N814.69bn from N624.27bn in FY 2023.
Q1 2025: Resilient Interest Income Cushions Weak Non-Interest Revenue, PAT Down 18%
Gross earnings grew modestly by 4% to N742.94bn from N715.83bn in Q1 2024, supported by a 40% rise in interest income to N625.28bn from N446.15bn. However, this was weighed down by a 56% decline in non-interest income to N117.65bn from N269.68bn.
Valuation
We revise our fair value estimate down to N30.75 from N32.05 in our last report. This projection reflect the weaker-than-expected Q1 2025 financial performance. Nevertheless, we retain our BUY recommendation on the stock, with an expected total return of 28%, including a 5% dividend yield.
Please follow the link “FBNH Plc FY 2024 & Q1 2025 – Core Growth Intact Despite Q1 2025 Setback” to view the whole report.
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