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FUGAZ Investors Gain N57.8 Billion During The Week

starliteadmin by starliteadmin
February 5, 2023
in Banking News, Business
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The market capitalization of Nigeria’s tier-1 banks, otherwise known as FUGAZ, appreciated by 2.30% to close at N2.57 trillion on Friday, February 3, 2023, as investors gained a total of N57.8 billion.

At the end of this week’s five trading days, the five tier-1 Nigerian banks enjoyed positive market sentiments, with FBNH PLC leading the gainers.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to N2.58 trillion after appreciating by 2.30% during the week.

A summary of the performance of each bank is captured below.

FBNH PLC

FBNH’s share price appreciated at N11.95, with its market capitalization at N428.9 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% Y-o-Y to N144 billion from N99 billion recorded in the same period of 2021. Similarly, profit after tax grew by 1155% Y-o-Y to N34 billion during the period under review, from N2.7 billion.

UBA PLC

United Bank for Africa Plc share price appreciated by 3.7% to close the week at N8.45, with its market capitalization at N288.9 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% 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% to N45.708 billion from N44.014 billion in the same period of 2021.

GT Holding Company Plc

GTCO Plc’s share price appreciated by 3.10% to close the week at N25.20, with its market capitalization at N741.6 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% 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% to N52.79 billion from N49.98 billion in the current period.

Access Bank Plc

Access Bank Plc’s share price appreciated by 2.2% to close the week at N9.20, with its market capitalization at N327 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% increase compared to the profit report during the comparable period in 2021. The financial report also showed that interest income rose by 34% from N154.941 billion to N115.543 billion in the current period.

Zenith Bank Plc

Zenith Bank Plc gained N9.41 billion w-o-w after its market capitalization appreciated to N791.1 billion from N781.7 billion at the end of the week. The appreciation can be attributed to the 1.2% increase in its share price from N24.90 to N25.20.
The bank’s Q3 2022 financial result for the period that ended September revealed that interest income for the period grew by 24.7% 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% from N54.475 billion in 2021 to N62.924 billion in the current period.

Tags: Access Bank PlcFBNH PlcFUGAZGT Holding Company PlcNGXNigerian ExchangeNigeria’s Tier-1 BanksStarlitenewsUBA PlcZenith Bank Plc
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