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FUGAZ investors gain N57 billion combined during the week

The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, appreciated by 2.50% to close at N2.31 trillion as of 16th of December, 2022, as investors in these banks gained a total of N56.46 million during the trading week.

After 5 trading days of the week, 2 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments, with ZENITH leading the gainers while others suffered negative sentiment.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to reach N2.31 trillion to appreciate by 2.60% during the week.

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


FBNH PLC

FBNH’s share price appreciated by 0.93% to closed at N10.90 at the close of the week compared to last week’s closing price of N10.80

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Also, the market capitalization of the bank increased by N3.59 billion to close at N391 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 depreciated by 1.35% as its market capitalization closed the week at N249.66 billion to lose a total of N3.42 billion w-o-w, while its share price stood at N7.30.

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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 depreciated by N2.94 billion after its market capitalization dipped to N615.11 billion from N618.05 billion at the end of the week’s trading session.

The loss can be attributed to the decrease in its share price, from N21.00 traded at the end of last week, to N20.90 as at the close of business, reflecting an increase of 2.83%.

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 depreciated by 1.17% to close the week at N8.45 and the market capitalization lost N3.55 billion while the market cap stood at N300.35 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% 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 N62.79 billion w-o-w after its market capitalization appreciated to N756.66 billion from N693.86 billion at the end of the week. This appreciation can be attributed to the 9.05% growth in its share price, from N22.10 traded at the end of last week, to N24.10 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% 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.


WHAT YOU SHOULD KNOW

The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 0.89% to close at 49,316.29.

The FUGAZ banks make up over 70% of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; hence, the NGX banking index grew by 1.02% from 403.05 last week to close at 414.63 points.

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