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FUGAZ Investors Lose A Total Of N88 Billion Over The Week

FUGAZ Investors Lose A Total Of N88 Billion Over The Week

FUGAZ Investors Lose A Total Of N88 Billion Over The Week

FUGAZ Investors Lose A Total Of N88 Billion Over The Week

As of October 7th, 2022, investors in the top five banks—known as the Tier-1 banks or FUGAZ—lost a combined N87.68 billion during the trading week, causing the market capitalization of these institutions to decline by 4.29% to close at N1.95 trillion.

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All five tier-1 Nigerian banks experienced a downturn in market sentiment after four trading days of the week, with UBA Plc leading the losers.

The market value of the top five banks decreased to N1.95 trillion over the course of the week, according to data from the Nigerian Exchange (NGX).

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The following is a summary of each bank’s performance.

FUGAZ Investors Lose A Total Of N88 Billion Over The Week

 
  • FBNH PLC  

FBNH’s share price depreciated by 2.94% to close the week at N9.9, with its market capitalization at N355.36 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week. 

FBNH Plc’s Q1 2022 result showed that Interest Income grew by 39.67% Y-o-Y to N109.45 billion, from N78.36 billion recorded in the same period of 2021. Similarly, Profit after tax grew significantly by 107.63% Y-o-Y to N32.44 billion during the period under review. 

  • UBA PLC  

United Bank for Africa Plc depreciated by 6.43% as its market capitalization closed the week at N224.00 billion to lose a total of N15.39 billion w-o-w, with its share price standing at N6.55.  

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UBA Plc released its H1 2022 financials, revealing that net interest income appreciated by 19.85% to N177.46 billion from N146.07 billion, while total assets grew to N9.00 trillion from N8.54 trillion in H1 2021. In addition, the company’s profit after tax rose by 16.00% to N70.33 billion, up from N60.58 billion in the same period of 2021. 

  • GT Holding Company Plc  

GTCO Plc depreciated by N23.54 billion after its market capitalization declined to N498.86 billion from N522.40 billion at the end of the week’s trading session. 

The decline can be attributed to the decrease in its share price, from N17.75 traded at the end of last week, to N16.95 at the close of business, reflecting a decrease of 4.51%. 

The H1 2022 financial result revealed that the Group reported a growth of 14.64% in net interest income from N102.34 billion recorded in the corresponding period of 2021 to N117.33 billion in the current period. However, post-tax profit depreciated by 2.34% to N77.56 billion from N79.41 billion in the current period.    

FUGAZ Investors Lose A Total Of N88 Billion Over The Week

  • Access Bank Plc  

Access Bank Plc’s share price depreciated by 5.59% to close the week at N7.6 while its market capitalization lost N16.00 billion to stand at N270.14 billion.   

Access Bank Plc released its H1 2022 financial result, which revealed a profit of N88.82 billion from the amount in H1 2021, reflecting a 2.21% increase. The statement revealed that interest income rose by 22.51% from N279.59 billion to N342.53 billion in the current period. 

  • Zenith Bank Plc 

Zenith Bank Plc lost N21.98 billion w-o-w after its market capitalization depreciated to N605.95 billion from N627.93 billion at the end of the week. This depreciation can be attributed to the 3.50% fall in its share price, from N20.00 traded at the end of last week, to N19.30 at the end of this week. 

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The bank’s H1 2022 financial result for the period ended March revealed that Interest income for the period grew by 18.5% to N242 billion from N203.93 billion in the corresponding period of 2021. However, post-tax profit for the period reported a growth of 5% from N106.12 billion in 2021 to N111.41 billion in the current period.   


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