Zenith Bank, GT Bank, and Stanbic IBTC Holdings retained the top spot for most valuable commercial banks in Nigeria as of the end of January 2022, as the market capitalization for the thirteen listed Nigerian banks increased by N194.5 billion in the review month.
This is according to data collected by Nairalytics, the research arm of Nairametrics from the Nigerian Exchange Group (NGX).
The banking sector market capitalization rose from N6.35 trillion recorded at the end of 2021 to close at N6.73 trillion in January 2022, indicating a 3.1% month-on-month increase. Similarly, the NGX banking index gained 8.7% to close at 441.4 index points in the review month.
Also, the All-Share index of the stock market rallied 9.15% in January, closing at 46,624.67 points while the market capitalization closed at N25.1 trillion.
According to Nairametrics tracker on the market capitalization of listed banks, Zenith Bank gained the highest in the review month, recording a N28.3 billion in its market capitalization, while Wema Bank recorded the highest boost in terms of percentage relative to the previous month.
Top banks by market value
Zenith Bank maintained the top spot with a market valuation of N817.9 billion, closely followed by GT Bank with a market cap of N791.7 billion. Stanbic IBTC with N463.2 billion valuation stands in third place, while First Bank’s valuation stood at N412.8 billion as of the end of January 2022.
On the flip side, Unity Bank has the lowest market capitalization with N5.96 billion, following a N351 million decline compared to the previous month. Jaiz Bank also followed with a valuation of N23.5 billion, albeit a N4.1 billion gain in the month of January 2022.
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