The market capitalization of the top five banks in Nigeria, otherwise known as tier-1 banks or FUGAZ, depreciated by 0.44% to close at N2.55 trillion as of Friday.
Consequently, investors in these banks lost a total of N11 billion.
After five trading days of the week, three of the five tier-1 Nigerian banks suffered negative market sentiments, while only one remained unchanged.
A summary of the performance of each bank is captured below, according to data from the Nigerian Exchange (NGX).
FBNH’s share price depreciated by 1.7% as its market capitalization dropped to N418 billion amid sell-offs and buy-interests at the end of the trading week.
FBNH Plc’s earnings report for the 9-month ended 30th September 2022, showed that interest income grew by 45.3% Y-o-Y to N144 billion from N99 billion recorded in the same period of 2021. Similarly, profit after tax grew by 1155% Y-o-Y to N34 billion during the period under review, from N2.7 billion.
United Bank for Africa Plc’s share price remained unchanged and closed the week at N8.35, with its market capitalization at N285 billion.
UBA Plc released its Q3 2022 financial statements, revealing that net interest income appreciated by 29% to N105 billion from N81.1 billion, while total assets grew to N9.31 trillion from N8.45 trillion recorded during the comparable period in 2021. In addition, the company’s profit after tax rose by 3.85% to N45.708 billion from N44.014 billion in the same period of 2021.
GT Holding Company Plc
GTCO Plc’s share price depreciated by 0.3% with its market capitalization at N740 billion amid sell-offs and buy-interests at the end of the trading week.
The bank’s financial statements for the period ended 30th September 2022 revealed a growth of 23.71% in net interest income from N68.94 billion as of Q3 2021 to N85.29 billion in the current period. However, post-tax profit appreciated by 5.61% to N52.79 billion from N49.98 billion in the current period.
Access Holdings Plc
Access Holding Plc’s share price appreciated by 1.1% to close the week at N9.20 and the market capitalization gained N3.5 billion to stand at N327 billion.
Access Bank Plc released its latest earnings report for the period ended September 2022, which revealed a profit of N48 billion. This is a 31% increase compared to the profit report during the comparable period in 2021. The financial report also showed that interest income rose by 34% from N154.941 billion to N115.543 billion in the current period.
Zenith Bank Plc
Zenith Bank Plc’s share price depreciated by 0.8% with its market capitalization at N784 billion amid sell-offs and buy-interests at the end of the trading week.
The bank’s Q3 2022 financial result for the period that ended September revealed that interest income for the period grew by 24.7% to N215.81 billion from N173.114 billion in the corresponding period of 2021. Profit after tax for the period also grew by 15.5% from N54.475 billion in 2021 to N62.924 billion in the current period.
What you should know
The Nigerian Exchange Limited (NGX) closed negative week-on-week as ASI depreciated by 1.31% to close at 53,804.46
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 appreciated by 1.27% to close at 446.97 points.
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