Bank investors appreciate N83.9bn during the week

The five Nigerian leading financial institutions known as tier-1 banks or otherwise called FUGAZ, their last trading day results revealed that market capitalisation appreciated by 3.52 per cent to close the week at N2.46 trillion, even as investors gained a total of N83.9 billion.

The five tier-1 Nigerian banks enjoyed positive market sentiments throughout the week, with First Bank Holdings of Nigeria PLC lead as overall the gainers.

From the data supplied on the floor of Nigerian Exchange Limited (NGX), the market capitalisation of the top five banks grew significantly to N2.46 trillion after appreciating by 3.52 per cent during the week.

First Bank Holding of Nigeria share price appreciated by 2.3 per cent to close the week at N11.15, with its market capitalisation at N400.2 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 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 share price appreciated by 5.3 per cent to close the week at N8.00, with its market capitalisation at N273.5 billion amid sell-offs and buy-interests at the end of the trading week

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 in the same period of 2021.

Guaranty Trust Holding Company Plc’s share price appreciated by 4.3 per cent to close the week at N24.00, with its market capitalisation at N706.3 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 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 5.9 per cent to close the week at N9.00, with its market capitalisation at N319.9 billion amid sell-offs and buy-interests at the end of the trading week.

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 N14.1 billion w-o-w after its market capitalisation appreciated to N767.6 billion from N753.5 billion at the end of the week. The appreciation can be attributed to the 1.9 per cent increase in its share price from N24.00 to N24.45.

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 by 15.5 per cent from N54.475 billion in 2021 to N62.924 billion in the current period.

The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 0.72 per cent to close at 51,222.34.

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 0.23 per cent from 417.50 last week to close at 435.34 points.