The market capitalization of the top five banks, known as Tier-1 banks or FUGAZ, increased by 2.23% to close at N2.00 trillion on October 14th, 2022, despite investors in these banks losing a total of N43.58 billion during the trading week.
After four trading days, four of the five tier-1 Nigerian banks experienced positive market sentiment, with GTCO leading the gainers and FBNH leading the losers.
The market capitalization of the top five banks increased by 2.23% during the week, according to data from the Nigerian Exchange (NGX).
The performance of each bank is summarized below;
FBNH PLC
FBNH’s share price fell 9.09% to N9.00 at the end of the week, leaving its market capitalization at N323.06 billion. At the end of the trading week, amid sell-offs and buy-interests.
According to FBNH Plc’s Q1 2022 results, Interest Income increased by 39.67% year on year to N109.45 billion, up from N78.36 billion in the same period in 2021. Similarly, profit after tax increased by 107.63% year on year to N32.44 billion during the period under review.
UBA PLC
United Bank for Africa Plc gained 4.48% as its market capitalization closed the week at N234.27 billion, a gain of N10.26 billion year on year, with its share price at N6.85.
UBA Plc released its H1 2022 financials, revealing that net interest income increased by 19.85% to N177.46 billion from N146.07 billion in H1 2021, while total assets increased to N9.00 trillion from N8.54 trillion. Furthermore, the company’s profit after tax increased by 16.00% to N70.33 billion, compared to N60.58 billion in the same period in 2021.
GT Holding Company Plc
GTCO Plc gained N29.43 billion after its market capitalization increased to N528.29 billion at the end of the week’s trading session from N498.86 billion.
The increase can be attributed to an increase in its share price, which rose from N16.95 at the end of last week to N17.95 at the close of business, representing a 5.90% increase.
The Group’s net interest income increased by 14.64% from N102.34 billion in the previous period to N117.33 billion in the current period, according to the H1 2022 financial results. However, post-tax profit fell by 2.34% to N77.56 billion, down from N79.41 billion in the previous period.
Access Bank Plc
The share price of Access Bank Plc increased by 5.26% to close the week at N8.00, and the market capitalization increased by N14.22 billion to N284.36 billion.
Access Bank Plc announced its H1 2022 financial results, which revealed a profit of N88.82 billion, a 2.21% increase over the amount in H1 2021. According to the statement, interest income increased by 22.51% in the current period, from N279.59 billion to N342.53 billion.
Zenith Bank Plc
Zenith Bank Plc increased its market capitalization by N21.98 billion from N605.95 billion at the end of the week to N627.93 billion. This increase can be attributed to a 6.63% increase in its share price, which rose from N19.73 at the end of last week to N20.00 at the end of this week.
According to the bank’s H1 2022 financial results for the March period, interest income increased by 18.5% to N242 billion from N203.93 billion in the same period in 2021. However, post-tax profit increased by 5% from N106.12 billion in 2021 to N111.41 billion in the current period.
