FBN Holdings surpasses Zenith Bank in Market Cap, GTCO still leads

In a notable reshuffling among Nigeria’s financial giants, FBN Holdings Plc (FBNH) has edged past Zenith Bank to claim the second position in market capitalization within the sector.

FBNH now boasts a market cap of N1.21 trillion, surpassing Zenith’s N1.15 trillion. However, Guaranty Trust Holding Company (GTCO) continues to lead as the country’s most valuable bank with a commanding market cap of N1.36 trillion.

FBNH’s rise comes on the heels of its strategic decision to sell 100% of its subsidiary, FBNQuest Merchant Bank, a move well-received by investors, driving a 30% surge in its stock price.

GTCO further solidified its dominance as its subsidiary, Guaranty Trust Bank, was recently named Nigeria’s best bank for corporate social responsibility by Euromoney.

While Zenith Bank saw its shares soar by 210% between 2020 and 2024, reaching a high of N44.50 in March before a dip to N32.10, FBNH’s stock has skyrocketed by 800% since hitting a low of N3.95 in 2020. GTCO’s stock also climbed 162%, peaking at N52.50 in March 2024.

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Despite fluctuations, all three banks have enjoyed sustained investor confidence, supported by robust financial results. Zenith Bank reported a 108% year-on-year pre-tax profit growth, reaching N727 billion in H1 2024. FBNH followed with a sharp increase to N411.9 billion in pre-tax profit, while GTCO set a record, exceeding N1 trillion in the same period.

Bank executives remain optimistic, with Zenith’s Group Managing Director, Dr. Adaora Umeoji, and GTCO’s Group CEO, Mr. Segun Agbaje, both affirming confidence in their banks’ future growth.

FirstBank’s Managing Director, Olusegun Alebiosu, echoed similar sentiments, pointing to strategic moves as a driver for sustained performance.

Despite a volatile economic landscape, GTCO, FBNH, and Zenith continue to lead the sector, showcasing resilience and growth in the face of challenges, underscoring strong investor confidence in the Nigerian banking industry.