Tier-1 investors gain N25bn combined during the week
Investors of the top five banks in Nigeria, otherwise known as tier-1 banks or FUGAZ, gained a total of N24.6 billion during the trading week.
This was as the market capitalisation of the FUGAZ appreciated by 1.22 per cent to close at N2.04 trillion as of November 11, 2022.
After five trading days of the week, 4 of the 5 Tier-1 Nigerian banks enjoyed positive market sentiments, with FBNH PLC leading the gainers while only GTCO suffered negative sentiment.
According to data from the Nigerian Exchange (NGX), the market capitalisation of the top five banks rose to reach N2.04 trillion to appreciate by 1.22 per cent during the week.
FBNH’s share price appreciated by 3.54 per cent to close the week at N10.25, with its market capitalisation at N367.93 billion amid sell-offs and buy-interests at the end of the trading week.
FBNH Plc’s earnings report for the nine-month ended 30th September 2022 showed that interest income grew by 45.3 per cent Y-o-Y to N144 billion from N99 billion recorded in the same period of 2021. Similarly, profit after tax grew by 1155 per cent Y-o-Y to N34 billion during the period under review, from N2.7 billion.
United Bank for Africa Plc appreciated by 2.9 per cent to a value of N7.2 billion at the end of the trading week. The bank’s market capitalization closed the week at N239.66 billion while its share price stood at N7.00.
UBA Plc released its Q3 2022 financial statements, revealing that net interest income appreciated by 29 per cent 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 per cent to N45.708 billion from N44.014 billion during the comparable period in 2021.
GTCO Plc depreciated by N0.28 billion after its market capitalisation declined to N516.52 billion from N517.99 billion at the end of the week’s trading session.
The decline was due to the decrease in its share price, from N17.60 traded at the end of last week to N17.55 on Friday. This reflects a 0.28 per cent decline.
The bank’s financial statements for the period ended 30th September 2022 revealed a growth of 23.71 per cent 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 per cent to N52.79 billion from N49.98 billion in the current period.
Access Bank Plc’s share price appreciated by 1.26 per cent to close the week at N8.05 and the market capitalisation gained N3.55 billion to stand at N286.14 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 per cent increase compared to the profit report during the comparable period in 2021. The financial report also showed that interest income rose by 34 per cent from N154.941 billion to N115.543 billion in the current period.
Zenith Bank Plc gained N3.14 billion w-o-w after its market capitalisation appreciated to N626.36 billion from N623.22 billion at the end of the week. This depreciation can be attributed to the 0.50 per cent growth in its share price, from N19.85 traded at the end of last week, to N19.95 at the end of this 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 per cent to N215.81 billion from N173.114 billion in the corresponding period of 2021. Profit After Tax for the period also grew by15.5 per cent from N54.475 billion in 2021 to N62.924 billion in the current period.
The Nigerian Exchange Limited (NGX) closed negative week-on-week as ASI depreciated by 0.68 per cent to close at 43,968.75.
The FUGAZ banks make up over 70 per cent of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; however, the NGX banking index appreciated by 0.17 per cent from 370.98 last week to close at 371.61 points.
