Full List: GTbank Becomes Nigeria’s Most Valuable Bank After Strong Performance

• The list of Nigerian most valuable banks has been readjusted with Guaranty Trust Bank now number one
• At the start of the year, Zenith Bank led the table as the most valuable commercial banks
• The ranking of the banks is based on their market capitalization after trading on Friday, July, 21, 2023

Guaranty Trust Holding Company (GTCO), the parent company of Guaranty Trust Bank has overtaken Zenith Bank to become the most valuable commercial financial company.

According to data collated by Legit.ng from the Nigerian Exchange Group (NGX) GTbank is now the most valuable commercial bank in Nigeria with a market capitalisation of N1.13 trillion after trading on Friday.

This happens as the shares of GTCO increased from N34.8 it traded a day earlier to N35 per share.

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Market capitalization refers to how much a company is worth as determined by the stock market.

Zenith Bank sits in second place with a market capitalization of N1.10 trillion.

Nigeria banks on the high

2023 is turning out to be a great year for Nigerian banks and the recent policies of President Bola Tinubu are even making it better.

All listed financial institutions on the Nigerian exchange have posted strong performance.

For example, First Bank recorded a whopping 414% increase in profit and has reported over N187 billion profit more than it made in the whole of last year.

Fidelity Bank has also seen its shares reclassified to a medium stock after a good performance.

Analysts are expecting even better performance in the coming months.

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Ayodeji Ebo, the Managing Director/Chief Business Officer of Optimus by Afrinvest explained why banks are enjoying strong performance

"Banks with significant income from subsidiaries outside Nigeria will benefit from the currency devaluation. This will translate into real Income and can influence dividend payments. Be on the look out for those banks.

"Most Nigeria banks H1:2023 scorecards will benefit significantly from exchange rate devaluation, booking huge exchange rate gains. This does not automatically translate into cash and may not impact dividend payments (interim and final)."

Most valuable banks

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Aliko Dangote loses over N1.4trn in hours after CBN naira decision

Meanwhile, in another report, Nigerian billionaire Aliko Dangote's wealth has experienced a significant decline of N1.4 trillion following the devaluation of the naira

The devaluation was triggered by CBN's move to unify the country's multiple exchange rate system

Most of Dangote's investments, which are linked to his wealth, are based in Nigeria, and the performance of the naira directly affects his wealth

Source: Legit.ng