The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, appreciated by 0.05% to close at N2.10 trillion as at 9th of September, 2022, as investors in these banks gained a total of N958.67 million during the trading week.
After 5 trading days of the week, 4 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments, with ACCESS Holdings leading the gainers while GTCO suffered negative sentiment
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to reach N2.10 trillion, appreciating by 0.05% during the week.
A summary of the performance of each bank is captured below.
FBNH PLC
- FBNH’s share price appreciated by 1.50% to close the week at N10.15, with its market capitalization at N364.34 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week.
- FBNH Plc’s Q1 2022 result showed that Interest Income grew by 39.67% Y-o-Y to N109.45 billion, from N78.36 billion recorded in the same period of 2021. Similarly, Profit after tax grew significantly by 107.63% Y-o-Y to N32.44 billion during the period under review.
UBA PLC
- United Bank for Africa Plc appreciated by 2.82% as its market capitalization closed the week at N249.66 billion to gain a total of N6.84 billion w-o-w, with its share price standing at N7.30.
- UBA Plc released its H1 2022 financials, revealing that net interest income appreciated by 19.85% to N177.46 billion from N146.07 billion, while total assets grew to N9.00 trillion from N8.54 trillion in H1 2021. In addition, the company’s profit after tax rose by 16.00% to N70.33 billion, up from N60.58 billion in the same period of 2021.
GT Holding Company Plc
- GTCO Plc depreciated by N35.32 billion after its market capitalization declined to N544.48 billion from N579.79 billion at the end of the week’s trading session.
- The decline can be attributed to the decrease in its share price, from N19.70 traded at the end of last week, to N18.50 as at close of business, reflecting a decrease of 6.09%.
- The H1 2022 financial result revealed that the Group reported a growth of 14.64% in net interest income from N102.34 billion recorded in the corresponding period of 2021 to N117.33 billion in the current period. However, post-tax profit depreciated by 2.34% to N77.56 billion from N79.41 billion in the current period.
Access Bank Plc
- Access Bank Plc’s share price appreciated by 6.02% to close the week at N8.8 and the market capitalization gained N6.28 billion to stand at N312.80 billion.
- Access Bank Plc released its H1 2022 financial result, which revealed a profit of N88.82 billion from the amount in H1 2021, reflecting a 2.21% increase. The statement revealed that interest income rose by 22.51% from N279.59 billion to N342.53 billion in the current period.
Zenith Bank Plc
- Zenith Bank Plc gained N6.28 billion w-o-w after its market capitalization appreciated to N626.36 billion from N620.08 billion at the end of the week. This depreciation can be attributed to the 1.01% growth in its share price, from N19.75 traded at the end of last week, to N19.95 at the end of this week.
- The bank’s H1 2022 financial result for the period ended March revealed that Interest income for the period grew by 18.5% to N242 billion from N203.93 billion in the corresponding period of 2021. However, post-tax profit for the period reported a growth of 5% from N106.12 billion in 2021 to N111.41 billion in the current period.
What you should know
- The Nigerian Exchange Limited (NGX) closed negative week-on-week as ASI depreciated by 0.91% to close at 49,026.62.
- The FUGAZ banks make up over 70% of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; however, the NGX banking index grew by 0.85% from 379.38 last week to close at 382.59 points.