The market capitalization of the top five banks referred to as the tier-1 banks or FUGAZ, appreciated by 1.32% to close at N2.63 trillion as at close of business, 21st of January, 2022, as investors in these banks gain a total of N34.25 billion during the trading week.
After 5 trading days of the week, 3 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments, as Access Bank Plc led the gainers.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks advanced to N2.63 trillion to appreciate by 1.32% during the week.
A summary of the performances of each bank is captured below.
FBNH’s share price remained unchanged to close the week at N12.00, with its market capitalization of N430.74 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH share price stood at N12.00.
During the week, investors traded 133,424,995 units of the Bank’s shares valued at N1.61 billion, making the bank’s stock the most traded in volume.
FBNH Plc’s third-quarter 2021 result showed that Interest Income dropped by 12.63% Y-o-Y to N260.12 billion, from N297.71 billion recorded in the same period of 2020. Similarly, Net interest income declined by 15.45% Y-o-Y to N162.96 billion, against N192.74 billion recorded in the corresponding period of last year. Profit after tax declined significantly by 40.15% Y-o-Y to N40.79 billion during the period under review.
United Bank for Africa Plc declined by 0.61% as its market capitalization closed the week at N280.44 billion, with its share price standing at N8.20.
UBA Plc traded a total of 41,702,809 units valued at N340.80 million at the end of the trading day.
UBA Plc released its Q3 2021 financials, revealing that net interest income appreciated by 23.25% to N229.27 billion from N186.02 billion, while total assets grew to N8.35 trillion from N7.7 trillion. In addition, the company’s profit after tax rose by 35.61% to N104.60 billion, up from N77.13 billion in the same period of 2020.
GT Holding Company Plc
GTCO Plc grew by N17.66 billion after its market capitalization appreciated to N759.32 billion from N741.67 billion at the end of the week’s trading session.
The growth can be attributed to the increase in its share price, from N25.20 traded at the end of last week, to N25.80 as at close of business, reflecting an increase of 2.38%.
During the trading week, Investors traded a total of 78,942,415 units of the bank’s shares, valued at N2.01 billion, making the bank’s stock the most traded in value.
In Q3 2021, the Group reported a decline of 7.48% in interest income from N74.52 billion recorded in the corresponding period of September 2020 to N68.94 billion in the current period. However, post-tax profit appreciated by 4.11% from N48.01 billion in 2020 to N49.99 in the current period.
Access Bank Plc
Access Bank Plc’s share price appreciated by 2.63% to close the week at N9.75, and the market capitalization stood at N346.57billion.
At the end of the week, investors had traded a total of 45,573,342 units of the bank’s shares valued at N443.77 million.
Access Bank Plc released its Q3 2021 financial result which revealed a decline in Net interest income by 3.43% to N67.66 billion, while profit after tax dropped by 9.11%, from N38.46 billion in September 2020 to N34.95 billion in September 2021.
Zenith Bank Plc
Zenith Bank Plc gained N9.42 billion after its market capitalization appreciated to N810.03 billion from N800.61 billion at the end of the week. This appreciation can be attributed to the 1.18% growth in its share price, from N25.50 traded at the end of last week, to N25.80 at the end of this week.
Hence, a total of 49,071,168 units of the bank’s shares were traded during the week, valued at N1.26 billion.
The bank released its nine-month financial result for the period ended September which revealed that Interest income for the period declined by 3.13% to N308.84 billion from N318.82 billion in the corresponding period of 2020. However, post-tax profit for the period reported a marginal growth of 0.80% from N159.32 billion in 2020 to N160.59 billion in the current period.
What you should know
The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 3.38% to close at 45,957.35
The FUGAZ banks make up over 70% of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; hence, the NGX banking grew by 1.66% from 412.30 to close at 419.14 points.