FUGAZ depreciates by 4.20%

The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, depreciated by 4.20% to close at N2.57 trillion as of 25th of March, 2022, as investors in these banks lost a total of N112.58 billion the cause of the trading week.

5 days after trading of the week, 3 of the 5 tier-1 Nigerian banks underwent contradicting market conceptions, with GTCO Plc ushering the decliners.

According to information from the Nigerian Exchange (NGX), the market capitalization of the lid five banks dwindled to N2.57 trillion to devaluate by 4.20% during the week.

An overview of the accomplishments of each bank is listed below.

FBNH PLC

FBNH’s share price waned by 0.42% to wrap up the week at N11.85, with its market capitalization at N425.36 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH share cost continued at N11.85.

FBNH Plc’s third-quarter 2021 result headlined that Interest Income slipped by 12.63% Y-o-Y to N260.12 billion, from N297.71 billion slated in the exact moment of 2020. Likewise, Net interest earnings dwindled by 15.45% Y-o-Y to N162.96 billion, against N192.74 billion inscribed in the interrelated interval of last year. P9P profit after tax declined significantly by 40.15% Y-o-Y to N40.79 billion during the period under review.

UBA PLC

United Bank for Africa Plc devalued by 11.56% as its market capitalization shut down the week at N261.63 billion missing a total of N34.20 billion w-o-w, with its share price position at N7.65.

UBA Plc disclosed its FY 2021 financials, disclosing that net interest earnings comprehended by 22.06% to N316.71 billion from N259.47 billion, while entire investments grew to N8.54 trillion from N7.69 trillion. By extension, the corporation’s dividend after tax rose by 8.72% to N118.68 billion, up from N109.16 billion in the equivalent interval of 2020.

GT Holding Company Plc

GTCO Plc devaluate by N89.77 billion after its market capitalization dwindled to N681.33 billion from N771.10 billion at the verge of the week’s trading session.

The decline can be attributed to the decrease in its share price, from N26.20 traded at the end of last week, to N23.15 at the close of business, reflecting a decrease of 11.64%.

The Audited 2021 FY financial result revealed that the Group reported a decline of 12.77% in interest income from N288.28 billion recorded in the corresponding period of 2020 to N251.47 billion in the current period. However, post-tax profit depreciated by 13.21% to N175.00 in the current period.

Access Bank Plc

Access Bank Plc’s share price grew by 1.53% to close the week at N9.95, and the market capitalization gained N5.33 billion to stand at N353.67 billion.

Access Bank Plc released its 2021 Full-year financial result, which revealed a profit of N160 billion in 2021, reflecting a 51.13% increase year on year. The statement revealed that in FY 2021, Net interest income grew by 14.64% from N262.95 billion to N301.46 billion in the current period.

Zenith Bank Plc

Zenith Bank Plc earned N7.85 billion w-o-w after its market capitalization appreciated N844.57 billion from N836.72 billion at the verge of the week. This gratitude can be credited to the 0.94% promotion in its percentage cost, from N26.65 traded at the end of last week, to N26.90 at the end of this week.

The bank’s Audited 2021 FY financial result for the period ended December, disclosed that Interest earnings for the interval accumulated by 7.05% to N427.60 billion from N420.81 billion in the related period of 2020. However, post-tax profit for the period reported a growth of 6.07% from N230.57 billion in 2020 to N244.56 billion in the current period.

What you need to know

The Nigerian Exchange Limited (NGX) shut down unfavourable week-on-week as ASI devaluates by 0.67% to shut down at 46,964.23.

The FUGAZ banks create over 70% of the NSE Banking sector index, therefore, strongly influencing the advancement or contrarily of the inventory; hence, the NGX banking waned by 0.66% from 443.72 to close at 440.79 points.