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First Bank Shares Bullish, Set for Audited Financial Statement Release In May

As the financial services company rallies in the stock market, the FBNH share price has maintained the optimistic trend in the group’s audited financial statement for 2022.

The Broadstreet elephant has announced plans to reveal both its audited financial statements and first-quarter earnings this month.

A strong earnings report will likely drive the price even higher, while a negative earnings report would cause the price to fall.

Data from the local exchange show that FBNH’s share price has increased from N10.85 kobo to N11.45 kobo in the last seven trading sessions, pushing its market cap above N411 billion yesterday as value hunters take positions.

The company has gained 7.01%, helped by its 5.53% gain in the local bourse this week. On average, equities analysts have a target price of N12.80 for the group share price. With the recent popularity among buy-side investors, the elephant could easily shatter the price target.

It would be recalled that FBNH market valuation has printed much higher at N440 billion after a strategic share accumulation by Femi Otedola in 2022 – an entry point created by the boardroom game.

READ ALSO: First Bank CEO Adesola Adeduntan Wins Forbes Best of Africa Award

On earnings expectation, equities analysts proffer diverged opinions after the Broadstreet elephant’s earnings beat in the third quarter.

FBNH had raised its bar in terms of profitability performance and there are questions on whether the Elephant will sustain its latest dancing steps.

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