Business
FBNHoldings Wows the Market with 2023 H1 Earnings Blowout
FBNHoldings Wows the Market with 2023 H1 Earnings Blowout
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. In the last few years, FirstBank has been able to expand its international footprints not only across Africa but also in Europe and Asia with branches in the major markets of the United Kingdom, China, and Ghana. The core element of the bank’s strategy has been to leverage its huge investment in its Internet banking platforms with a fast transition into the digital space. Whilst its reputation as an old staid and orthodox bank is being replaced as a nimble modernized institution with a readiness to compete aggressively with its younger peers, FirstBank has not lost its legacy as a strong and sound institution. Most of the performance ratios especially its cost-to-income ratio of 46.8% coming down from a high of 70% four years ago reveals that its cost reduction and resource optimization strategy is paying off. Leveraging Economies of Scale is a Core Strategy FirstBank with 595 branches has 13% of all branches of banks and 13% of all Automated Teller Machines (ATMs) in Nigeria. The bank has consistently leveraged economies of scale, years of existence, and reputation, resulting in aggressive customer acquisition.
With a customer base of over 42 million, FirstBank processes 12% of the Nigerian banking industry’s payment volume. The bank’s current deposit portfolio of N9 trillion is one of the best in the Nigerian banking industry. The group is also reaping the benefits of cross entities collaboration as well as increased earnings contribution from international subsidiaries (30.0% in FY’22 compared to 25.5% in FY’21). Every Dog Has its Day in the SunTranslation Gains Have Helped but Transaction Losses Could Hinder Growth Banks with long dollar positions will have initial translation gains, however, if subsequently, they begin to have non-performing dollar assets, the translation gains may end up as transaction losses down the road. Nigeria’s oldest bank, FirstBank recorded a revaluation loss of N98bn due to huge naira devaluation stoked by the Foreign Exchange policy changes. However, the impact on the bank’s profitability was cushioned by over a 1,000% surge in fair value gains. FBNH’s exposure to foreign currency risk was mitigated by a decline in foreign currency (FCY) loans from 51.2% in FY’22 to 50.4% in Q1’23.
Strategy Consistency is Impacting Share Price Appreciation The share price of FBNHoldings has increased by an average of 131% per annum in two years to N18.65, returning enormous value to shareholders. The valuation remains attractive with a price-earnings multiple of 2.55x and an estimated fair value of N19.25. Earnings per share (EPS) at N5.19 Vs N1.55 in H1’22. Are There Inherent Weaknesses? FirstBank is poised to keep creating value for shareholders with a reorganized balance sheet position and a refocused management team. Though the impact of FX unification remains a major concern to Nigerian banks’ profitability and liquidity, FBNHolding’s long position in dollar-denominated assets gives it an edge. We also anticipate an increase in trading activities by the bank in the event of a drop in the backlog of FX requests and an influx of new foreign transactions. This could potentially drive-up trading volumes, increase commissions earned on trades, as well as gains from FX sales. We expect the bank to deliver an impressive full-year 2023 result. A rising interest rate environment will boost net interest margin, and solid e-banking operations will support strong non-interest income growth. We also believe that the bank will be able to maintain a sound asset quality position within the regulatory threshold thanks to its effective operational and risk management system. FBN Holdings Plc (FBNH) remains a top player in the industry with a Strong franchise, reliable funding structure and brand recognition, robust customer base, unique ebusiness and agency capabilities, contributions from overseas subsidiaries, and a newly reorganized management team.
What Does the Future Hold Out for FBNHoldings? In an industry where competitive pressures and the intensity of rivalry increase, a consolidation is almost imminent. We expect that the field will narrow after a possible increase in the minimum capital requirements in the industry as impairment of profitability resulting from non-performing loans begins to hurt industry players. We also expect big and solid institutions like FBNHoldings to be in a position to gobble the smaller and less viable rivals. The name of the game in the next few years will be ‘’the survival of the fittest’’.
Culled from Financial Derivatives Company
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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