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FUGAZ
FUGAZ, Nigeria's largest bank by profitability reported a profit of N223.9 billion down from N244.5 billion reported a year earlier.
Tier 1 banks recorded a combined gain of N137.299 billion during the quarter that ended March 2023 and Market Capitalization appreciated.
The market capitalization of the top five banks in Nigeria, otherwise known as the tier-1 banks or FUGAZ, appreciated by 2.57% to close at N2.65 trillion as of Friday
Four of the five tier-1 Nigerian banks suffered negative market sentiments
One of the banks earned a whopping N28.1 billion
The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 1.22% to close at 44,492.73
The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 0.81% to close at 44,269.18
CBN's high interest rates drives Nigerian banks interest earnings in Q3 2022
FUGAZ banks make up over 70% of the NSE banking industry index and as a result influences its overall performance
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks was down to N1.95 trillion as it depreciates by 4.29% during the week.
Nigerian banks parted with a sum of N838.82 billion in CRR debits from the CBN
The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, depreciated by...