Zenith, GTB Lead List Of Nigeria’s Most Valuable Commercial Banks In 2024

Zenith, GTB Lead List Of Nigeria’s Most Valuable Commercial Banks In 2024

  • The list of Nigerian most valuable commercial banks as of the start of 2024 has been revealed
  • Zenith Bank and GT Bank lead the table as the most valued commercial banks on the Nigerian market
  • The banks were ranked based on their market capitalisation as of Thursday, January 11, 2024

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Zenith Bank has retained its ranking as Nigeria's most valuable commercial bank based on market capitalisation.

Nigerian banks stocks
13 commercial banks are listed on the Nigerian stock market Photo credit: George Osodi
Source: Getty Images

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

It is calculated by multiplying the company's current share price by the number of shares outstanding.

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Here is a breakdown of how much Nigerian banks are worth.

Zenith Bank: N1.36 trillion

According to data collated by Legit.ng from the Nigerian Exchange Group (NGX), Zenith's market capitalisation is the highest among the 13 commercial banks listed.

Zenith Bank leads the table with a market capitalisation of N1.36 trillion as of Thursday, January 11, 2024.

This is a massive improvement compared to the N767.64 billion the bank's market value stood at during the same period in 2023.

Zenith Bank is one of the few Nigerian banks to hit a market value of over N1 trillion.

GTCO - N1.32 trillion

Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank Nigeria, is Nigeria's second most valuable bank.

GTCO sits in second place with a market capitalisation of N1.32 trillion as its share price hit N45.

As of January 2023, GTCO's market capitalisation was N706.34 billion.

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UBA - N1.06 trillion

Tony Elumelu's United Bank for Africa is currently the third most valuable bank in Nigeria after recently joining the trillion-naira companies club in Nigeria.

As of Thursday, UBA has a market capitalisation of N1.06 trillion, an impressive leap from the N273.59 billion it stood at as of January 2023.

This indicates that in just one year, the value of the bank has jumped by a whopping N700 billion.

Access Bank - N999 billion

Access Holding Plc, the parent company of Access Bank, is another financial institution in Nigeria that recently joined the trillion-naira club but has since dropped out.

The financial institution has a market value of N999.98 billion as of Thursday, January 11, 2024.

This is also a massive improvement from the N319.90 billion value in January 2023.

First Bank - N986 billion

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FBN Holdings, the parent company of First Bank of Nigeria, is another financial institution to have crossed the N1 trillion market capitalisation, a feat achieved in December 2023.

The financial institution is currently at N987.53 billion as of Thursday, January 11, 2024.

This is an increase from the N319.90 billion market capitalisation in January 2023.

Other banks and their valuation

  • Stanbic IBTC: N880.59 billion
  • Ecobank: N458.74 billion
  • Fidelity: N429.10 billion
  • Sterling: N188.40 billion
  • FCMB (First City Monument Bank): N213.07 billion
  • Wema: N111.67 billion
  • Unity Bank: N29.34 billion

Access, GTB, UBA others to debit customers' bank accounts for FG

Earlier, Legit.ng also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

The debit is for old foreign currency transactions carried out between 2021 and 2023 by customers and will be remitted to the government.

Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

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In a notice titled 'Important Notice: Electronic Money Transfer Levy Deductions Begin on Foreign Currency Transactions,' the First Bank of Nigeria announced that deductions would start promptly and be forwarded to the FIRS.

Source: Legit.ng

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