Connect with us

Viral

Tier-1 banks’ investors made a total N127 billion during the week

Published

on

The market value of Nigeria’s top five banks, generally referred to as tier-1 banks or FUGAZ, increased by 6.21% to reach N2.17 trillion at the end of the week.

Football Highlights

During the trading week, investors in these banks made a total profit of N126.86 billion. Four out of the five tier-1 Nigerian banks saw positive market sentiment after five trading days of the week, with GTCO topping the gainers and UBA experiencing negative sentiment.

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

FBNH PLC

At the end of the trading week, FBNH’s share price increased by 7.32% to close the week at N11.00, bringing its market capitalization to N394.85 billion.

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

At the end of the trading week, United Bank for Africa Plc had depreciated by 0.7%, to a value of N7.15. The market capitalization of the bank ended the week at N244.52 billion, down N1.07 billion from N246.23 at market closing the previous week.

UBA Plc released its Q3 2022 financial accounts, which showed that total assets increased to N9.31 trillion from N8.45 trillion during a similar 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%.

GT Holding Company Plc

After its market capitalization increased to N572.44 billion from N516.52 billion at the conclusion of the trading session for the week, GTCO Plc saw a gain of N55.9 billion.

The increase in its share price, which increased from N17.50 traded at the end of last week to N19.45 at the close of business and represented a gain of 10.8%, is responsible for the growth.

READ MORE: CBN instructs banks to work on Saturdays until January 2023

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 Bank Plc

The share price of Access Bank Plc increased by 0.62% to end the week at N8.10, while the market capitalization increased by N1.78 billion to N287.92 billion.

The most recent financial report from Access Bank Plc for the quarter that 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 Plc

After its market capitalization increased to N670.32 billion from N626.36 billion at the end of the week, Zenith Bank Plc gained N43.96 billion week-over-week. The increase in its share price, from N19.95, traded at the end of last week to N21.35 at the conclusion of this week, by 7.02% is to blame for this depreciation.

According to the bank’s financial results for the third quarter of 2022, which ended 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 period was the profit after taxes.

 

SEE IT HERE