First Bank Holding Plc, one of the nation’s premier commercial banks will seek shareholders’ approval to raise additional capital at the group’s Annual General Meeting (AGM) scheduled for August 15, 2023.
This was contained in the group’s notice of the annual general meeting seen by Nairametrics.
According to the notice, the capital raise transaction shall be by way of a Rights Issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.
At the upcoming AGM, the shareholders will also have the opportunity to consider and pass the following special resolutions:
The group also announced the appointment of Billionaire investor, Mr Femi Otedola as Non-Executive Director subject to the approval of its shareholders at the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023.
Otedola was listed as a substantial shareholder with 5.57% of the total shareholdings, translating to 10,000,000 units of shares directly held and 1,989,342,376 units of shares held indirectly under Calvados Global Limited as of June 30, 2023.
FBN Holdings Plc reported N206.3 billion profit after tax in its unaudited financial statements for the first half (H1) of the year ended June 30, 2023.
The Holding Company’s H1 results released on the NGX showed profit before tax grew by 213.8% from N65.7 billion in H1, 2022 to N206.3 billion in H1, 2023.
Profit after tax rose by 231.1% to N187.2 billion as against N56.5 billion in H1, 2022, while earnings per share also rose by 234% to N5.19 higher than N1.55 in 2022.
Further analysis revealed that gross earnings were up by 82.8 to N656.6 billion from N359.2 billion in H1, 2022.
Interest income appreciated by 69.3% from N383.3 billion compared to N226.4 billion in the corresponding period of 2022, while non-interest income amounted to N257.9 billion as against N120.6 billion.
Operating income for the period under review was up by 81.1% from N273.5 billion in H1, 2022 to N495.3 billion, while impairment charges for losses stood at N57.6 billion from N21.7 billion.
Total assets rose by 34.0% to N14.177 trillion as against N10.578 trillion as of December 31, 2022. Customer loans & advances recorded 38.9% year-to-date as of June 30, 2023, to N5.261 trillion from N3.789 trillion, while customer deposits stood at N 9.042 trillion, a year-to-date growth of 26.9% from N7.124 trillion.
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