Another Nigerian Bank Joins GTB, UBA, Zenith, Access, Others Worth Over N1 trillion

• Wema Bank has joined Nigeria’s exclusive N1 trillion market capitalisation club for the first time
• The bank’s share price has been on the rise, reflecting growing investor interest in recent times
• The rally was driven by improved earnings, which allowed Wema Bank to rank among the most valuable stocks

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Wema Bank Plc has joined Nigeria’s exclusive N1 trillion market capitalisation club, marking a major milestone for one of the country’s oldest tier-2 lenders.

The achievement places Wema Bank alongside Ecobank, Fidelity Bank, and Stanbic IBTC, which had earlier crossed the threshold, and signals growing investor appetite for mid-tier banking stocks on the Nigerian Exchange (NGX).

Data from the NGX showed that as of the close of trading on Tuesday, February 3, Wema Bank’s shares gained 4.2 percent, closing at N24.95 per share, up from N23.95 recorded in the previous session.

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The lender began the year at N20.40 and has since gained 22.3%, ranking 47th on the NGX in terms of year-to-date performance.

Wema Bank joins N1 trillion club

Market analytics platform African Stock Exchange data said Wema Bank is now the 24th most valuable listed company on the NGX, with a market capitalisation of about N1 trillion.

The bank currently accounts for approximately 0.94 percent of the total equity market value of the Nigerian Exchange.

The latest rally underscores increasing investor interest in Nigeria’s tier-2 lenders, amid improved earnings performance and favourable market sentiment.

Wema Bank: Earnings growth drives rally

Wema Bank’s stock surge follows a sharp improvement in its financial performance.

The lender’s profit after tax more than doubled in 2025, rising by 124 percent to N193.2 billion from N86.3 billion recorded in the previous year.

According to its unaudited financial results for the year ended December 31, 2025, the bank’s gross earnings climbed to N653.3 billion, up from N433.4 billion in 2024.

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The growth was driven by higher interest income, loan expansion, and stronger operating cash flows, supported by Nigeria’s elevated interest rate environment.

Interest income, loans expand

Interest income jumped to N577.1 billion from N354.6 billion a year earlier, reflecting higher yields on loans and investment securities.

Loans and advances to customers grew by 45 percent to N1.75 trillion, compared with N1.20 trillion in 2024, highlighting aggressive balance-sheet expansion.

Income from investment securities also increased, underscoring the bank’s active asset allocation strategy and improved earnings quality.

Here is a list of financial institution that has hit N1 trillion valuation

• Guaranty Trust Holding Company (GTCO)
• Zenith Bank Plc
• United Bank for Africa (UBA) Plc
• Access Holdings Plc
• First HoldCo Plc (First Bank)
• Stanbic IBTC Holdings Plc
• Ecobank Transnational Incorporated (ETI)
• Fidelity Bank Plc

More banks meet CBN recapitalisation

Earlier, Legit.ng reported that the Central Bank of Nigeria confirmed that 16 banks have fully met the recapitalisation requirement.

CBN Governor Olayemi Cardoso said an additional 27 banks are still raising capital, adding that the regulator is closely tracking progress to ensure the exercise remains on course and boosts financial system stability.

He also urged banks to sustain policies and initiatives that will support the successful completion of the recapitalisation programme.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng