FBNH, UBA, three others gain N56bn during the week
The NGX banking index grew by 0.25 per cent to close the week at 399.15 points, up from 398.16 last week.
The market capitalisation of the top five banks in Nigeria, which are FBNH, UBA, GTCO, Access holding, Zenith Bank appreciated by 2.60 per to close at N2.23 trillion as of Friday, even as the investors in these banks gained a total of N56.36 billion.
After five trading days of the week, 4 of the five tier-1 Nigerian banks enjoyed positive market sentiments, with ACCESS HOLDINGS leading the gainers while only FBNH remained unchanged.
According to data from the Nigerian Exchange (NGX), the market capitalisation of the top five banks rose to N2.23 trillion after appreciating 2.60 per cent during the week.
FBNH’s share price remained unchanged during the week, maintaining a share price of N11 as of Friday. Also, the bank’s market capitalisation remained at N394.85 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 appreciated by 2.10 per cent as its market capitalisation closed the week at N249.65 billion, gaining a total of N5.13 billion week-on-week while its share price stood at N7.30.
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.
GTCO Plc appreciated by N16.19 billion after its market capitalisation rose to N588.62 billion from N572.44 billion at the end of the week’s trading session.
The growth can be attributed to a 2.83 per cent increase in share price from N19.45 to N20.00 as of the close of business.
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 Holding Plc’s share price appreciated by 6.17 per cent to close the week at N8.6 and the market capitalisation gained N17.77 billion as the market cap stood at N305.69 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 N17.27 billion w-o-w after its market capitalisation appreciated to N687.58 billion from N670.32 billion at the end of the week. This appreciation can be attributed to the 2.58 per cent growth in its share price, from N21.35 traded at the end of last week, to N21.90 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 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 6.88 per cent to close at 47,554.34.
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; hence, the NGX banking index grew by 0.25 per cent from 398.16 last week to close at 399.15 points.
