BUSINESS

NGX Closes Negative As Investors In Zenith, UBA, GTB, Others Lose N50.82bn

 

The market capitalization of Nigerian top banks has depreciated by 2.30% to close at N2.16 trillion as at 9th of September, 2022, as investors in these banks lost a total of N50.82 billion during the trading week.

NewsBeatng reports that after 5 trading days of the week, 3 Nigerian banks suffered negative market sentiments, with ZENITH Bank Plc leading the losers while UBA and ACCESS bank enjoyed positive sentiments.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks dipped to N2.16 trillion to depreciate by 2.30% during the week.

UBA PLC
United Bank for Africa Plc appreciated by 4.14% as its market capitalization closed the week at N258.21 billion to gain a total of N3.42 billion w-o-w, with its share price standing at N10.26.

UBA Plc released its H1 2022 financials, revealing that net interest income appreciated by 19.85% to N177.46 billion from N146.07 billion, while total assets grew to N9.00 trillion from N8.54 trillion in H1 2021.

In addition, the company’s profit after tax rose by 16.00% to N70.33 billion, up from N60.58 billion in the same period of 2021.

GT Holding Company Plc

GTCO Plc depreciated by N2.94 billion after its market capitalization declined to N579.79 billion from N582.74 billion at the end of the week’s trading session.

The decline can be attributed to the decrease in its share price, from N19.80 traded at the end of last week, to N19.7 as at close of business, reflecting a decrease of 1.96%.

The Q1 2022 financial result revealed that the Group reported a growth of 9.10% in net interest income from N52.43 billion recorded in the corresponding period of 2021 to N57.20 billion in the current period.

ALSO READ  FMDQ Holdings Controls 21.6% Equity Stake In CSCS

However, post-tax profit depreciated by 5.13% to N43.21 billion in the current period.

Access Bank Plc

Access Bank Plc’s share price appreciated by 1.72% to close the week at N8.85, and the market capitalization gained N5.33 billion to stand at N314.58 billion.

The bank released its Q1 2022 financial result, which revealed a profit of N57.40 billion in Q1 2021, reflecting a 9.23% increase.

The statement revealed that Net interest income declined by 7.03% from N93.96 billion to N87.36 billion in the current period.

Zenith Bank Plc

Zenith Bank Plc lost N58.08 billion w-o-w after its market capitalization declined to N629.50 billion from N687.58 billion at the end of the week.

This depreciation can be attributed to the 8.45% decline in its share price, from N21.90 traded at the end of last week, to N20.05 at the end of this week.

The bank’s H1 2022 financial result for the period ended March revealed that Net Interest income for the period grew by 184.74% to N184.74 billion from N159.94 billion in the corresponding period of 2021.

However, post-tax profit for the period reported a growth of 4.75% from N106.12 billion in 2021 to N111.41 billion in the current period.What you should know

The Nigerian Exchange Limited (NGX) closed negative week-on-week as ASI depreciated by 0.70% to close at 49,695.12.

 

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button