FUGAZ investors gain N79 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 3.53% as of Friday to close at N2.31 trillion, while shareholders in these banks saw gains of N78.6 billion overall.

Four of the five tier-1 Nigerian banks had positive market sentiment after the first five trading days of the week, with GTCO leading the gainers and UBA being the lone holdout. The market value of the top five banks increased to N2.31 trillion, according to data from the Nigerian Exchange (NGX), after increasing 3.53% over the course of the week.

The following is a summary of each bank’s performance.

FBNH PLC

As FBNH’s market capitalization reached N402 billion at the end of the week, up N7.17 billion from the previous week, its share price increased by 1.8%.

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.

UBA PLC

The share price of United Bank for Africa Plc held steady throughout the week, remaining at N7.3 as of Friday. At the conclusion of the trading week, the bank’s market capitalization maintained at N249.6 billion despite sell-offs and buy-interests.

UBA Plc released its Q3 2022 financial statements, which showed that total assets increased to N9.31 trillion from N8.45 trillion during the comparable period in 2021 and that net interest income increased by 29% to N105 billion from N81.1 billion. The company’s profit after tax also increased, going from N44.014 billion in the same time of 2021 to N45.708 billion in the current period, an increase of 3.85%.

READ MORE: FUGAZ investors gain N56 billion during the week

GT Holding Company Plc

At the close of trade on Friday, GTCO Plc’s market capitalization increased from N588.62 billion to N629.82 billion, a gain of N41.2 billion.

The growth is a result of the share price rising by 7.00% from N20.00 to N21.40 as of the business day’s end.

According to the bank’s financial accounts for the fiscal year that concluded 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 quarter to N52.79 billion.

Access Holdings Plc

The share price of Access Holding Plc increased by 1.2% to conclude the week at N8.7, while the market capitalization increased by N3.55 billion to N309.68 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 profit report for the same period in 2021, this represents a 31% increase. 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 Plc

After its market capitalization increased to N714.27 billion from N687.58 billion at the end of the week, Zenith Bank Plc gained N26.68 billion week over week. This increase in value can be ascribed to its share price, which increased by 3.9% from N21.90 at the end of last week to N22.75 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.