FBNH topples GTCO as Nigeria’s most capitalized bank

Nigeria’s oldest bank, FBN Holdings became the most capitalized bank in Nigeria at the close of trading on Monday 25th February 2024, overtaking GTCO which has held the position for a while now.

GTCO is now the second most capitalized bank on the exchange having just recently toppled Zenith Bank. GTCO has a market capitalization of N1.14 trillion after its share price closed at N39.05 per share

Zenith Bank shares closed at N35.3 with a market cap of N1.1 trillion closely behind GTCO. UBA is third with a market cap of N813.9 billion. Access Bank has a market cap of N12.6 billion.

FBNH’s  share price closed trading at N34 per share, becoming the largest bank in the country by market capitalization. The stock opened trading at N31 per share and fell to as low as N30 per share before closing at N34 per share thus topping GTCO as the most capitalized stock.

FBNH’s share price has seen a remarkable increase in market value following the announcement of billionaire investor Femi Otedola as a majority shareholder of the bank last year.

Since then, the share price has surged by 230 per cent, making it one of the best-performing banking stocks over the past year, remaining above this threshold in the early part of 2024, before dipping below a market capitalization of N900 billion two weeks ago.

However, the stock is experiencing a resurgence, coinciding with the bank’s recent accolade from Euromoney, being named the Best Corporate Bank in Nigeria for 2023.

Additionally, FBNH recently unveiled its unaudited results for the fiscal year 2023, which showed profits soaring by 127 per cent to N309.8 billion, marking the highest ever recorded by the bank.