Five Tier-1 banks suffer value depreciation, as banking sector closes 2022 on low
Performance of the country’s banking sector closed year 2022 on a negative as five banks saw their value drop by 5.5 percent from N2.57 trillion in 2021 to N2.43 trillion at the close of trading in 2022.
According to data available on the Nigerian Exchange Limited (NGX), all five banks commonly referred to as Tier-1 banks had their share price fall at the end of 2022 compared to what they recorded in 2021.
Analysts attributed the slump to the dearth of foreign investors in the Nigerian capital market.
Meanwhile, data by the NGX showed that GTCO led with an 11.54 percent depreciation from N765billion in 2021 to N676.9billion in 2022.
The bank also had its share price drop from N26 to N23 per share. The bank lost 88.3billion in valuation in the 2022 trading year.
Access Bank closely followed with 7.5 per cent value depreciation. At the close of trading in 2022, its valuation slumped from N330.6billion in 2021 to N305.7billion. The bank’s share price also dipped from N9.3 to N8.5 kobo per share.
The United Bank for Africa also lost N13.7bn in market value in the 2022 trading year from N275billion in 2021 to N261billion in the corresponding year. Its share price also fell from N8.05 to N7.6 kobo per share.
Meanwhile, Zenith bank Plc lost 1.6 percent market value from N789billion in 2021 to N777billion in 2022. The bank’s market share price shed N1.15 kobo per share.
First Bank Nigeria’s market valuation depreciated by 0.44 percent to N407 billion in 2022 from N409billion in 2021.
The bank’s share price also dropped to N10.9 kobo per share from N11.4 kobo per share.
