Business News
FUGAZ investors gain N56 billion during the week
The top five banks in Nigeria, referred to as the tier-1 banks or FUGAZ, had its market value rise by 2.60% as of Friday to closing at…
The top five banks in Nigeria, referred to as the tier-1 banks or FUGAZ, had its market value rise by 2.60% as of Friday closing trade session at N2.23 trillion, while shareholders in these institutions had gains of N56.36 billion overall.
Four of the five tier-1 Nigerian banks had positive market sentiment after the first five trading days of the week, with ACCESS HOLDINGS leading the gainers and FBNH being the lone holdout.
The market value of the top five banks increased to N2.23 trillion, according to data from the Nigerian Exchange (NGX), after increasing 2.60% over the course of the week.
The following is a summary of each bank’s performance:
FBNH PLCÂ
The share price of FBNH was steady throughout the week, remaining at N11 as of Friday. At the conclusion of the trading week, the bank’s market capitalization maintained at N394.85 billion despite sell-offs and buy-interests.
According to FBNH Plc’s earnings report for the nine months that ended on September 30, 2022, interest income increased by 45.3% year over year to N144 billion from N99 billion in the comparable period of 2021. Similar to this, profit after tax increased by 1155 percent year over year to N34 billion during the review period from N2.7 billion.
READ MORE:Â Tier-1 banks investors made a total N127 billion during the week
UBA PLCÂ
The market capitalization of United Bank for Africa Plc increased by 2.10% as its share price reached N7.30, adding a total of N5.13 billion week-over-week. The company’s market capitalization concluded the week at N249.65 billion.
When UBA Plc issued its financial results for the third quarter of 2022, it showed that total assets increased to N9.31 trillion from N8.45 trillion in the same period the previous year, while net interest income increased by 29% to N105 billion from N81.1 billion. Furthermore, the business’ profit after tax increased by 3.85% to N45.708 billion from N44.014 billion in the same time of 2021.
GT Holding Company PlcÂ
At the end of the trading session for the week, GTCO Plc’s market capitalization increased from N572.44 billion to N588.62 billion, a gain of N16.19 billion.
The growth is the result of a share price increase of 2.83% from N19.45 to N20.00 as of business closing.
According to the bank’s financial statements for the fiscal year that ended on September 30, 2022, net interest income increased by 23.71%, from N68.94 billion in Q3 2021 to N85.29 billion in the current fiscal year. Post-tax profit increased by 5.61%, from N49.98 billion in the current period to N52.79 billion.
Access Holdings PlcÂ
The share price of Access Holding Plc increased by 6.17% to conclude the week at N8.6, while the market capitalization increased by N17.77 billion to N305.69 billion.
The most recent financial report from Access Bank Plc for the quarter ended September 2022 showed a profit of N48 billion. In comparison to the earnings report for the same period in 2021, this represents a 31% rise. The financial report also revealed that interest income increased by 34% in the present period, from N154.941 billion to N115.543 billion.
Zenith Bank PlcÂ
After its market capitalization increased to N687.58 billion from N670.32 billion at the end of the week, Zenith Bank Plc gained N17.27 billion week over week. This increase in value can be ascribed to its share price, which increased by 2.58% from N21.35 at the end of last week to N21.90 this week.
According to the bank’s financial results for the third quarter of 2022, which concluded in September, interest income increased by 24.7% to N215.81 billion from N173.114 billion in the same quarter of 2021. Also increasing by 15.5% from N54.475 billion in 2021 to N62.924 billion in the current year was the profit after taxes.