The Nigerian banking sector performance ended the year with a decline as five banks saw their value declined by 5.5 percent from N2.57tn in 2021 to N2.43tn at the close of trading in 2022 despite the Nigerian capital market closing the year on a bullish trend.
According to data available on the Nigerian Exchange Limited, 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.
Investors King reports that GTCO, Guaranty Trust Bank had the highest fall off with an 11.54 per cent depreciation from N765bn in 2021 to N676.9bn in 2022 while its share price also dropped from N26 to N23 a unit making a total loss of 88.3bn in valuation for the bank in the 2022 trading year.
Access Bank was next with 7.5 per cent value depreciation, its valuation slumped from N330.6bn in 2021 to N305.7bn. Its share price also fell off from N9.3 to N8.5 kobo per share while United Bank for Africa followed with a loss of N13.7bn in market value in 2022 from N275bn in 2021 to N261bn as its share price also fell from N8.05 to N7.6 kobo per share.
Zenith bank Plc’s market share price shed N1.15 kobo per share and the bank lost 1.6 percent market value from N789bn in 2021 to N777bn.
Meanwhile, Nigerian stocks’ first fall for the year last Thursday saw the market give up its two previous daily gains as investors looked away from a good number of the shares of Airtel Africa put up for sale, pushing the benchmark index 1.53 per cent down and the year-to-date yield into the red.
The telco, the most capitalised company on the bourse, shed 8.3 per cent as the day’s second biggest loser, underscoring the magnitude of its drop on the main index.
