FUGAZ (Banks) investors lose over N8 billion combined during the week

The market capitalization of the top five banks, known as Tier-1 banks or FUGAZ, fell 0.30 percent to N2.68 trillion on February 18th, 2022, as investors in these institutions lost a total of N8.03 billion during the trading week.

Four of the five tier-1 Nigerian banks had positive market sentiment after five trading days of the week, while Guaranty Trust Holding Co Plc had a drop.

According to data from the Nigerian Exchange (NGX), the top five banks' market value fell to N2.68 trillion this week, a 0.30 percent decline.

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

FBNH Plc

The share price of FBNH increased by 2.70 percent to N11.40 at the conclusion of the week, putting its market value at N409.21 billion. The FBNH share price ended the trading week at N11.40, despite sell-offs and buy-interests.

Interest Income fell 12.63 percent Y-o-Y to N260.12 billion in the third quarter of 2021, compared to N297.71 billion in the same period of 2020, according to FBNH Plc's third-quarter 2021 results. Similarly, net interest income fell 15.45 percent year on year to N162.96 billion, compared to N192.74 billion in the same period last year. During the period under review, profit after tax fell by 40.15 percent year on year to N40.79 billion.

UBA Plc

United Bank for Africa Plc stayed constant this week, with a market value of N292.41 billion and a share price of N8.55.

Net interest income increased by 23.25 percent to N229.27 billion from N186.02 billion in the third quarter of 2021, while total assets increased to N8.35 trillion from N7.7 trillion. Furthermore, the company's profit after tax increased by 35.61 percent to N104.60 billion in the first half of 2020, compared to N77.13 billion in the same time the previous year.

GT Holding Company Plc 

GTCO Plc's market capitalization declined to N771.10 billion from N809.36 billion at the end of the week's trading session, a loss of N38.26 billion.

The drop can be ascribed to a drop in its share price, which fell from N27.50 at the end of last week to N26.20 at the close of business, representing a 4.73 percent drop.

The Group's interest income fell 7.48 percent in Q3 2021, from N74.52 billion in September 2020 to N68.94 billion in the present quarter. However, from N48.01 billion in 2020 to N49.99 billion in the current period, post-tax earnings increased by 4.11 percent.

Access Bank Plc 

The share price of Access Bank Plc rose 1.47 percent this week to N10.35, with a market capitalisation of N367.89 billion.

Net interest income fell 3.43 percent to N67.66 billion in the third quarter of 2021, while profit after tax fell 9.11 percent from N38.46 billion in September 2020 to N34.95 billion in September 2021, according to Access Bank Plc's financial results.

Zenith Bank Plc

Zenith Bank Plc increased its market capitalization to N841.43 billion from N827.30 billion at the end of the week, a gain of N14.13 billion week-on-week. This increase can be ascribed to its share price increasing by 1.71 percent from N26.35 at the end of last week to N26.80 at the conclusion of this week.

Interest income for the nine-month period ended September fell 3.13 percent to N308.84 billion from N318.82 billion in the similar period of 2020, according to the bank's nine-month financial results. However, the period's post-tax profit increased by 0.80 percent, from N159.32 billion in 2020 to N160.59 billion in the present year.