Zenith Bank leads with N850.85b capitalisation in February
By Jeph Ajobaju, Chief Copy Editor
Zenith Bank led other banks listed on the Nigerian Stock Exchange (NSE) in February as it gained N32.97 billion and mounted up N850.85 billion in market valuation.
Zenith Bank amassed N789.6 billion to be the most capitalised bank in 2021 and retained the top spot with N817.9 billion in January 2022.
The Nigerian stock market was bullish in February as the all-share index, the benchmark metric of market performance, rose 2.6 per cent to 47,395 index points.
The NGX Banking Index appreciated 3.2 per cent month-on-month (MoM) to 453.53 points. Aggregate market capitalisation of all banks grew by N46.61 billion to reach N3.84 trillion.
Zenith Bank gained the most valuation, widening the gap between it and GT Bank, the next competitor, from N26.18 billion in January to N56.15 billion in February.
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Banks by market valuation
The ranking was the same as in January, with Zenith Bank retaining the top end with N850.85 billion valuation, 22.2 per cent of total banking market capitalisation in February, according to reporting by Nairametrics.
Other top banks also retained their positions as in January but with greater valuation in February, as follows:
- GT Bank – N791.69 billion (20.6 per cent of total industry valuation).
- Stanbic IBTC Holdings – N453.49 billion
- First Bank – N412.8 billion
- Access Bank – N367.89 billion
- UBA – N295.83 billion
Others on the list
- Ecobank Transnational – N219.28 billion
- Union Bank – N183.46 billion
- Fidelity Bank – N86.92 billion
- FCMB – N61.39 billion
- Sterling Bank – N47.22 billion
- Wema Bank – N37.03 billion
Percentage changes
Wema Bank had the biggest percentage change of 9.1 per cent appreciation to N37.03 billion in capitalisation compared with N33.95 billion in January
Sterling Bank recorded the biggest decline of 5.2 per cent to N47.22 billion against N49.81 billion in January.
Zenith Bank had the highest increase in monetary value with N32.97 billion improvement, from N817.88 billion in January to N850.85 billion in February.
Ecobank recorded the highest monetary decline, dropping by N10.09 billion to close at N219.28 billion.
Zenith Bank on a cruise
Zenith Bank recorded a 6.07 per cent increase in its bottom line in 2021, posting a profit after tax of N244.5 billion in contrast to N230.57 billion in 2020.
The tier-1 bank announced a final dividend payment of N2.8 per 50 kobo ordinary shares for the 2021 financial year.
That takes its total dividend for 2021 to N3.1 after paying an interim dividend of 30 kobo in 2020.
The dividend is subject to withholding tax and approval by shareholders, with a qualification date of 25 March 2022.
