UBA Secures Top Spot in List of 13 Best Nigerian Banks in 2023 by Stock Performance
- The list of Nigeria's best anks has been revealed based on their stock performance on the NGX
- The year 2023 has been good for Nigerian banks, led by United Bank for Africa and Sterling Financial Holdings
- At least five banks have recorded a year-to-date (YTD) return on investment of more than 100% so far
Nigerian banking stocks on the Nigerian Exchange have recorded an impressive performance so far in 2023.
This followed various policies implemented by the Tinubu administration, especially the floating of the naira announced by the Central Bank of Nigeria in June 2023.
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Data showed that all the Nigerian banking stock returns are in green year-to-date (YTD) with five boosting of over 100% returns.
The NGX Banking Index, which captures the performance of the banking sector, has risen by 95.35 per cent, according to market data as of the close of trading on Tuesday, December 12, 2023.
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The banks listed on the Nigerian exchange include Access Corporation, EcoBank, Fidelity Bank, Jaiz Bank, Sterling Financial Holdings, Unity Bank, Wema Bank, UBA and Zenith Bank.
Snapshot of best bank stocks performance in 2023
| Banks | Year-to-Date Return (%) |
| United Bank for Africa | 205.3 |
| Sterling Financial Holdings | 181.4 |
| Unity Bank | 161.8 |
| Access Corporation | 140 |
| Fidelity Bank | 109.2 |
| FBN Holdings | 112.4 |
| Stanbic IBTC | 97.3 |
| EcoBank | 115.1 |
| Guaranty Trust Holding Company | 71.7 |
| FCMB Group | 76.6 |
| Zenith Bank | 47.9 |
| Jaiz Bank | 63 |
| Wema Bank | 33.1 |
Expert insight
Meristem research analyst in a noted to Legit.ng said that they expect more strong performance from Nigerian banks on the stock market.
Part of the note reads:
"We expect buying interest to persist in the market (particularly the banking sector) driven by an optimistic outlook."
List of Nigeria's most valuable banks
In a similar report, Legit.ng revealed the list of the most valuable banks in Nigeria at the start of 2023 in January.
Zenith Bank and GT Bank were the most valuable on the Nigerian market among the 13 banks ranked.
The banks were ranked based on their market capitalisation as of Friday, January 6, 2023.
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Source: Legit.ng
