First Bank’s Market Capitalisation Falls Below N1trn Two Days After Making History

First Bank of Nigeria Plc’s market capitalisation has dropped below the N1trn mark, which it recorded for the first time last Wednesday.

As of the close of trade on Friday, First Bank’s market capitalisation fell to N856.1bn after the shares lost 18.87 per cent.

Between Wednesday and Friday, FBNH’s shares plunged from N29.4 per share to N23.85 per share by the close of weekly trade.

From December 1 to December 8, 2023, FBNH shares have risen to N22.15; N24.35; 26.75; N29.4; before dtopping to N26.5 and N23.85 per share respectively, THE WHISTLER analysis reveals.

FBNH made a surprise progress when its shares appreciated to N29.4 per share on December 6 thereby reaching a historic market capitalisation of N1.06tn.

FBNH which is the country’s oldest bank joined the likes of Airtel Africa Plc, Dangote Cement Plc, MTN Nigeria Plc, BUA Cement Plc and BUA Foods Plc among others to be valued above a trillion on the Nigerian Exchange Ltd.

Airtel is the most capitalised company on the NGX with a N6.76tn market cap, followed by Dangote Cement with N5.45tn, MTN Nigeria with N5tn market capitalisation.

Guaranty Trust Company Plc and Zenith Bank Plc are the two Nigerian banks with N1.15tn and N1.09tn market capitalisation on NGX.

However, the bank has maintained its position as one of the top five Deposit Money Banks (DMB) in Nigeria with a revenue base of N633.8bn as of the end of the third quarter of 2023, a rise from N370.4bn recorded in the same period of 2022.

First Bank’s assets also rose from N10.5bn recorded in December 2022 to N14.4bn by the end of September 2023.