Zenith, GTB, Seplat, 7 Others Lead Top 10 Nigerian Companies With Highest Shareholders Equity
- About 10 companies in Nigeria have emerged as companies with the highest shareholders' equity fund in the first half of 2023
- The list is dominated by the banking industry led by Zenith, UBA, and GTBank, among others
- Other companies on the list include BUA Cement, Lafarge Africa and Seplat Energy
PAY ATTENTION: #StartupSouth Awards 2023 Nominated Legit.ng in the category Best Startup Coverage! Your support matters - click to VOTE for Legit.ng for free!
Zenith Bank, United Bank for Africa, First Bank, and seven other companies in Nigeria have emerged among the top 10 companies with the largest shareholders' equity for the first six months of 2023.
According to reports, the ranking of the top 30 publicly quoted companies reveals that Zenith Bank, UBA First Bank, Seplat Energy, Ecobank, GTCO, BUA Cement, Stanbic IBTC, Larfarge Africa, and Fidelity Bank recorded the highest shareholders equity fund in the first half of 2023.
Source: Getty Images
BusinessDay reports that shareholders equity is a company's net worth, which can be returned to shareholders after liquidation and all its debts are repaid.
Zenith Bank
The bank's shareholders' equity increased to N1.78 trillion in the first half of 20203 from N1.2 trillion in the same period in 2022.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Its total shareholders' earnings were driven by revenues of N7884 billion, other reserves at N725.75 billion share premium, the share capital of N15.7 billion, and non-controlling interest at N1.11 billion/
UBA
United Bank for Africa's equity fund rose to N1.66 trillion in the first half of 2023 from N757.22 billion in 2022.
Its total shareholders' fund was driven by other reserves at N862.57 billion, retained earnings of N683.02 billion, share premium of N98.72 billion, non-controlling interests of N50.96 billion, and share capital of N17.1 billion.
The bank's earnings per share stood at N10.95 in the first half of 2023 from N1.98 in 2022.
Other top companies
- Frost Bank - N1.38 trillion
- Seplat Energy - N1.34 trillion
- Ecobank - N1.33 trillion
- GTBank - N1.2 trillion
- BUA Cement - N474.73 billion
- Stanbic IBTC - N451 billion
- Lafarge Africa - N419 billion
- Fidelity Bank - N402 billion
The banking sector dominates the list of companies with the highest shareholders' equity fund for the second half of this year.
The banking industry leads the list of firms with the highest equity funds
Some of these banks also wrote off over N1 trillion in non-performing loans in the same period.
About 11 Nigerian banks recorded N1.67 trillion in non-performing loans following write-offs,
The figure represents an increase of 37% from N1.22 trillion reported in the year ended December 31, 2022.
Zenith Bank, Access Bank, Guaranty Trust Bank, First Bank, Ecobank, and United Bank for Africa have the highest non-performing loans for the period.
Other banks include FCMB, Wema Bank, Stanbic IBTC Holdings, Sterling Bank, and Fidelity Bank.
According to a ThisDay report, the dollar traded weaker than its highs experienced in 2022, sending volatility through worldwide markets.
Most African countries experienced currency depreciation, contributing to higher inflation and public debt figures during the period under review.
Central banks worldwide have continued to increase interest rates to either tame or manage inflation.
CBN Debits Zenith, UBA, GTB, First Bank, 6 Others N1.62trn For Not Meeting Cash Reserve Requirements
Legit.ng reported that For failing to meet the 32.5% Cash Reserve Ratio (CRR) threshold, the Central Bank of Nigeria (CBN) had debited about 10 banks N1.62 trillion in the first six months of 2023.
Zenit Bank, UBA, GTBank, FBN Holdings, FCMB, Fidelity, and Stanbic IBTC Holding are among the banks debited by the apex bank.
CRR is the minimum amount commercial and merchant banks are expected to keep with the CBN from customer deposits.
Source: Legit.ng
