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Zenith, GTB Starts 2023 As Nigeria’s Most Valuable Commercial Banks
Money

Zenith, GTB Starts 2023 As Nigeria’s Most Valuable Commercial Banks

by  Dave Ibemere 2 min read
  • The list of Nigerian most valuable banks for the first week of 2023 has been revealed
  • Zenith Bank and GT Bank are the most valued commercial banks on the Nigerian market at the start of the year
  • The banks were ranked based on their market capitalization as of Friday, January 6, 2023

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Zenith Bank is starting 2023 as the most valuable commercial banks in Nigeria as the total value of Nigerian banks kicks off 2022 at N3.6 trillion.

According to data collated by Legit.ng from the Nigerian Exchange Group (NGX) Zenith Bank leads the table with a market capitalization of N767.64 billion as of Friday, January 6, 2023.

Zenith's market cap is the highest among the 13 commercial banks listed on the exchange.

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Most valuable bank
13 commercial banks are listed on the stock market Credit: NGX
Source: UGC

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

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Guaranty Trust Bank sits in second place with a market capitalization of N706.34 billion followed by Stanbic IBTC Holdings N433.41 billion.

Banks valuation starting the new year

  1. Zenith- N767.64bn
  2. GTB- N706.34bn
  3. Stanbic- N433.41bn
  4. First Bank- N400.23bn
  5. Access- N319.90bn
  6. UBA- N273.59bn
  7. Ecobank- N206.43bn
  8. Union Bank- N202.38bn
  9. Fidelity- N137.63bn
  10. FCMB- N73.27bn
  11. Wema- N50.14bn
  12. Sterling- N40.30bn
  13. Unity Bank- N6.42bn

Banks beg Nigerians to avoid a last-minute rush to deposit old notes

Meanwhile, in another report, Nigerian banks have sent out messages to customers as the deadline for returning old naira notes gets closer.

Ecobank went even further, increasing the amount of interest a customer will get on their savings.

EcoBank for example noted that measures are in place in all branches to ensure seamless, easy, and stress-free cash deposits by customers.

Read also

List of World Richest People in 2023: Dangote leads Africa, But Elon loses position to French billionaire

Naira records first loss of 2023 as expert predicts N1000 to one dollar rate

Also Legit.ng had earlier reported that Naira recorded its first loss in 2023, as the foreign exchange market resumes full activities.

The Nigerian currency drop in value was recorded across official and black market foreign exchange markets.

Naira experienced significant losses in 2022, and experts have shared their predictions for 2023.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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