FUGAZ investors gain over N35 billion combined during the week

The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, appreciated by 1.34% to close at N2.72 trillion as at 25th of February, 2022, as investors in these banks gained a total of N35. 83 billion during the trading week.

After 5 trading days of the week, 4 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments, with Guaranty Trust Holding Co Plc leading the gainers.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks grew to N2.72 trillion, appreciating by 1.34% during the week.

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

FBNH PLC

FBNH’s share price grew by 1.32% to close the week at N11.55, with its market capitalization at N414.59 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH share price stood at N11.55.

FBNH Plc’s third-quarter 2021 result showed that Interest Income dropped by 12.63% YoY to N260.12 billion, from N297.71 billion recorded in the same period of 2020. Similarly, Net interest income declined by 15.45% YoY to N162.96 billion , against N192.74 billion recorded in the corresponding period of last year. Profit after tax declined significantly by 40.15% YoY to N40.79 billion during the period under review.


UBA PLC

United Bank for Africa Plc appreciated by 1.8% as its market capitalization closed the week at N297.53 billion, with its share price standing at N8.70.

UBA Plc released its Q3 2021 financials, revealing that net interest income appreciated by 23.25% to N229.27 billion from N186.02 billion, while total assets grew to N8.35 trillion from N7.7 trillion. In addition, the company’s profit after tax rose by 35.61% to N104.60 billion, up from N77.13 billion in the same period of 2020.


GT Holding Company Plc

GTCO Plc appreciated by N20.60 billion after its market capitalization grew to N791.70 billion from N771.10 billion at the end of the week’s trading session.

The growth can be attributed to the increase in its share price, from N26.20 traded at the end of last week, to N26.90 as at close of business, reflecting an increase of 2.67%.

In Q3 2021, the Group reported a decline of 7.48% in interest income from N74.52 billion recorded in the corresponding period of September 2020 to N68.94 billion in the current period. However, post-tax profit appreciated by 4.11% from N48.01 billion in 2020, to N49.99 in the current period.


Access Bank Plc

Access Bank Plc’s share price remained unchanged to close the week at N10.35, and the market capitalization stood at N367.89 billion.

Access Bank Plc released its Q3 2021 financial result which revealed a decline in Net interest income by 3.43% to N67.66 billion, while profit after tax dropped by 9.11%, from N38.46 billion in September 2020 to N34.95 billion in September 2021


Zenith Bank Plc

Zenith Bank Plc gained N4.71 billion wow after its market capitalization appreciated to N846.14 billion from N841.43 billion at the end of the week. This appreciation can be attributed to the 0.56% growth in its share price, from N26.80 traded at the end of last week, to N26.95 at the end of this week.

The bank’s nine-month financial result for the period ended September, revealed that Interest income for the period declined by 3.13% to N308.84 billion from N318.82 billion in the corresponding period of 2020. However, post-tax profit for the period reported a marginal growth of 0.80% from N159.32 billion in 2020 to N160.59 billion in the current period.


What you should know

The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 0.40% to close at 47,328.42.

The FUGAZ banks make up over 70% of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index. The NGX banking grew by 0.21% from 450.09 to close at 451.04 points.

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