By OpeOluwa Okudero 
FBN Holdings Plc has emerged as the top-performing tier-one banking stock on the Nigerian Exchange (NGX) in 2025, with its share price rising 17.65% year-to-date (YTD) as of the close of trading on Friday. This surge positions the bank ahead of its industry peers, signaling strong investor confidence driven by robust earnings and strategic growth.
According to NGX market data, FBN Holdings outperformed other top financial institutions, including Access Holdings Plc, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Ecobank Transnational Incorporated (ETI), and Zenith Bank Plc. The bank’s stock, which ended 2024 at ₦28.05 per share, closed Friday at ₦33.00 per share, adding ₦4.95 per share and boosting its market capitalization to ₦1.18 trillion.
Investor Interest Driven by Strong Financial Performance
FBN Holdings’ impressive market performance comes on the heels of solid unaudited full-year 2024 earnings results, which reinforced its position as a leading financial institution in Nigeria. The bank reported a 142% year-on-year increase in profit before tax (PBT) to ₦862 billion, while gross earnings surged 113% to ₦3.33 trillion.
The bank’s net interest income growth reflects its ability to navigate Nigeria’s high-interest rate environment effectively. In 2024, the Monetary Policy Rate (MPR) rose from 18.75% in December 2023 to 27.25% in December 2024, significantly influencing banks’ earnings. Despite the higher cost of funds (5.79% in 2024 compared to 3.36% in 2023), FBN Holdings expanded its net interest margin from 6.11% in 2023 to 9.61% in 2024.
Non-interest income also saw a boost, largely driven by increased transaction volumes on digital banking channels, as well as higher fees from fund transfers and other financial intermediation services.
Balance Sheet Growth and Expansion Plans
The group’s total assets grew to ₦26.54 trillion in 2024, up from ₦16.94 trillion in 2023, reflecting a well-executed strategy for balance sheet expansion. Loans to customers increased significantly by ₦2.79 trillion, closing at ₦9.4 trillion, while customer deposits surged by 62% to ₦17.29 trillion.
FBN Holdings attributed the 42% growth in loans and advances to increased lending from its Commercial Banking Group, alongside the impact of naira depreciation on foreign currency (FCY)-denominated loans. Similarly, the growth in deposit liabilities (62%) was linked to sustained deposit mobilisation, digital banking expansion, and the impact of FCY translation on naira deposits.
Looking Ahead: A Sustainable Growth Strategy
With strong financial fundamentals and a growing digital footprint, FBN Holdings is positioning itself for long-term sustainability in Nigeria’s evolving financial sector. The bank has announced plans to raise ₦139 billion through a rights issue, a move expected to strengthen its capital base and enhance its lending capacity.
“The group is committed to further enhancing revenue and profitability by strengthening our value proposition, refining our governance model, and maximising operational efficiencies,” FBN Holdings stated. “In an increasingly competitive environment, we remain focused on building a sustainable institution and surpassing stakeholders’ expectations.”
With Nigeria’s banking sector facing shifting economic conditions, FBN Holdings’ ability to sustain this momentum will be closely watched by investors in the coming quarters.
Valentine Alexander
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