FBNH Emerges Top Performer as UBA and GTCO Follow Suit in Profitable Week for FUGAZ Banks

Five of the largest banks in Nigeria, popularly known as FUGAZ, made significant gains during the week, boosting the Nigerian Stock Exchange (NGX). The banks, including FBNH Plc, UBA Plc, GTCO Plc, Access Holdings Plc, and Zenith Bank Plc, contributed to a combined market capitalization of N2.534 trillion, resulting in a gain of 0.17% from the previous week’s N2.530 trillion. The week proved to be profitable for investors at the NGX.

Top Performers and Losers among the FUGAZ Banks

Among the tier-1 banks, FBNH Plc emerged as the top performer, recording a significant 9% increase, while ACCESS HOLDINGS faced a depreciation of 12%, making it the top loser among the five banks. The performance of each bank is analyzed below.

Performance of Each Bank

First Bank Holdings Plc (FBNH Plc) had the best performing week with a 9% increase, ending the week with a market capitalization of N432 billion. Its 9-month earnings report, which ended on September 30, 2022, revealed that interest income grew by 45.3% year-on-year (YoY) to N144 billion from N99 billion recorded in the same period of 2021. Similarly, profit after tax grew by 1155% YoY to N34 billion during the period under review, from N2.7 billion.

UBA Plc’s market capitalization closed the week at N282 billion, as it gained N11.9 billion week-on-week, with a 4.4% increase in its share price. Its Q3 2022 financial statements revealed 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. The company’s profit after tax also rose by 3.85% to N45.708 billion from N44.014 billion in the same period of 2021.

GTCO Plc’s market capitalization rose by +0.83% to close at N713.7 billion as against N707.8 billion recorded last week, with its share price gaining +0.8% from last week. Its financial statements for the period ended September 30, 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 Holdings Plc faced a depreciation of 12% and was the worst performer among the FUGAZ banks. Its share price fell to N9.9 per share, and its market capitalization depreciated by N47.9 billion to close at N351.9 billion. However, its latest earnings report for the period ended September 2022, revealed a profit of N48 billion, 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’s market capitalization fell by -0.21% to close at N753 billion, and its share price fell by -0.2% from last week. The bank’s Q3 2022 financial result for the period