- Zenith Bank emeged as Nigeria's biggest bank by capitalisation as it gained N32.97 billion in February
- The next most capitalised bank in Nigeria is GTco which trails Zenith by a wide margin as the banks enjoyed a bullish run in February
- The aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.
Zenith Bank is Nigeria’s most capitalised bank listed on the equities market. It gained N32.97 billion in the month of February 2022 to close at N850.85 billion.
Data obtained from the Nigerian Exchange Group (NGX) show that the stock market enjoyed a bullish run in the month under review as the all-share index, the benchmark metrics used in determining the performance market, grew by 2.6 per cent to close the month at 47.395 index points.
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Nairametrics reports that the banking sector also followed in the same trajectory as the NGX Banking Index went up by 3.2 per cent month-on-month to close at 453.53 points as of February 28, 2022.
Also, the aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.
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Zenith Bank recorded the biggest gain in the period being reviewed to widen the gap between first and the second on the list.
The gap between Zenith Bank and GT Bank grew from N26.18 billion recorded in January 2022 to N56.15 billion as of February 2022.
How the banks performed
Data showed that the Bank recorded the highest gain in the period under review, further widening the gap between the first and the second on the list. Specifically, the gap between Zenith Bank and GT Bank widened from N26.18 billion recorded in January 2022 to N56.15 billion as of the end of February.
Top banks by market valuation
GT Bank continued at the same spot with a valuation of N791.69 billion, accounting for 20.6 per cent of the total industry value. Stanbic IBTC and First Bank maintained third and fourth positions respectively with valuations of N453.49 billion and N412.8 billion.
Also, Access Bank stands valued at N367.89 billion at the Nigerian equities market to take the fourth position on the table, while UBA followed with a valuation of N295.83 billion as of the end of February 2022.
Others on the table include Ecobbank Transnational, Union Bank, Fidelity Bank, FCMB, Sterling Bank and Wema Bank.
Zenith, Gtbank lead list of Nigeria's most valuable Banks in January
Legit.ng reports that Zenith Bank is starting 2022 as the most valuable commercial banks in Nigeria as the total value of Nigerian bank closed at N194.5 billion.
In second most valuable bank is Guaranty Trust Bank followed by Stanbic IBTC Holdings to complete the top three most valuable banks.