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BREAKING: Investors smiled as FUGAZ Banks gained as huge as N67.73 in one week

T.I Ukende
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The market capitalization of the best five banks, alluded to as the Tier-1 banks or FUGAZ, valued by 2.56% to close at N2.71 trillion as at 11th of March, 2022, as financial backers in these banks acquired an aggregate of N67.73 billion during the trading week.

Following 5 trading days of the week, 4 of the 5 level 1 Nigerian banks delighted in certain market opinions, with GT Holdings Co Plc driving the gainers.

Based on information from the Nigerian Exchange (NGX), the market capitalization of the best five banks gained up to N2.71 trillion to appreciate by 2.56% during the week.

A summary of the performances of each bank is caught underneath.

FBNH PLC

FBNH’s share cost gained by 2.67% to close the week at N11.55, with its market capitalization at N414.59 billion toward the week’s end. In the midst of sell-offs and purchase interests, toward the finish of the trading week, FBNH share cost remained at N11.55.

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FBNH Plc’s second from last quarter 2021 showed that Interest Income dropped by 12.63% Y-o-Y to N260.12 billion, from N297.71 billion recorded in a similar time of 2020. Additionally, Net interest pay declined by 15.45% Y-o-Y to N162.96 billion, against N192.74 billion recorded in the comparing time of a year ago. Profit after tax declined essentially by 40.15% Y-o-Y to N40.79 billion during the period under survey.

The bank is yet to deliver its Audited 2021 Full-year monetary outcome.

UBA PLC

United Bank for Africa Plc valued by 3.64% as its market capitalization shut the week at N292.41 billion acquiring an aggregate of N10.26 billion w-o-w, with its portion cost remaining at N8.55.

UBA Plc delivered its FY 2021 financials, uncovering that net interest pay valued by 22.06% to N316.71 billion from N259.47 billion, while total assets increase to N8.54 trillion from N7.69 trillion. What’s more, the bank’s profit after tax rose by 8.72% to N118.68 billion, up from N109.16 billion in a similar time of 2020.

GT Holding Company Plc

GTCO Plc valued by N29.43 billion after its market capitalization surged to N794.64 billion from N765.21 billion toward the week’s end.

The development can be credited to the gain in its share cost, from N26.00 exchanged toward the finish of last week, to N27.00 as at close of business, mirroring an increment of 3.85%.

The Audited 2021 FY monetary interest uncovered that the Group announced a decline of 12.77% in interest pay from N288.28 billion recorded in the comparing time of 2020 to N251.47 billion in the current period. Nonetheless, post-tax profit declined by 13.21% to N175.00 in the current time frame.

Access Bank Plc

Access Bank Plc’s share cost stayed unaltered to close the week at N10.15, and the market capitalization remained at N360.78 billion.

Access Bank Plc delivered its Q3 2021 monetary outcome which uncovered a decrease in Net revenue pay 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. The bank is yet to document its FY 2021 Audited monetary profit.

Zenith Bank Plc

Zenith Bank Plc acquired N17.27 billion w-o-w after its market capitalization appreciated to N847.71 billion from N830.44 billion toward the week’s end. This appreciation can be ascribed to the 2.08% development in its share cost, from N26.45 exchanged toward the finish of last week, to N27.00 toward the finish of this current week.

The bank’s Audited 2021 FY monetary interest for the period finished December, uncovered that Interest pay for the period surged by 7.05% to N427.60 billion from N420.81 billion in the comparing time of 2020. Notwithstanding, post-tax profit for the period announced a gained of 6.07% from N230.57 billion out of 2020 to N244.56 billion in the current year.

The Nigerian Exchange Limited (NGX) shut positive week-on-week as ASI valued by 0.36% to close at 47,437.38.

#SOURCE: NAIRAMETRICS 

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