UBA witnessed a remarkable 237.5 per cent share price appreciation, closing the year at N25.65 with a market cap of N877.2 billion as the NGX Banking Index recorded a growth of 114.9 per cent in 2023, making the index the second-best performing index on the NGX.
The bank’s robust fundamentals were evident, with a profit after tax of N449.3 billion in the nine months to September 2023, marking an impressive year-on-year growth of 287.2 per cent from the corresponding period in 2022.
Sterling HoldCo, the parent group of Sterling Bank came second, recording a remarkable 206.4 per cent share price appreciation, closing 2023 at N4.29 compared to its opening value of N1.40.
The group also demonstrated a commendable financial performance, posting a net income of N16.5 billion in the nine months ending September 2023, reflecting a year-on-year growth of 23.04 per cent from the corresponding period in 2022.
Unity Bank witnessed a remarkable 194.5 per cent appreciation in its share price on the NGX in 2023, closing the year at N1.62 after commencing at N0.59.
Ending 2023 with a closing share price of N23.15 and a market capitalization of N822.9 billion, Access Holdings achieved an impressive yearly gain of 172.4 per cent.
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The group’s financial performance throughout the year was equally commendable, with a recorded net income of N250.4 billion in the nine months ending September 2023. This signifies an 83 per cent year-on-year growth from the corresponding period in 2022.
Closing 2023 with a share price of N10.85 and a market capitalization of N347.3 billion, depicting an annual gain of 149.4 per cent, Fidelity Bank showcased a commendable financial performance coming fifth on the banking index performance.
The bank achieved a net income of N91.8 billion in the nine months ending September 2023, reflecting a substantial 162.46 per cent year-on-year growth from the corresponding period in 2022.
FBN Holdings, the parent company of First Bank Limited, demonstrated an impressive annual gain of 116.1 per cent on the NGX in 2023. Closing the year at a share price of N23.55, compared to its opening price of N10.90 in January 2023.
The group also achieved a market capitalization of N845.3 billion. Although it briefly breached the N1 trillion mark on December 6, 2023.
Jaiz Bank, Nigeria’s leading Islamic bank, emerged as one of the top-performing banking stocks on the NGX in 2023, witnessing an impressive annual gain of 110.9 percent.
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The bank concluded the year with a share price of N1.94 and a market capitalization of N67 billion. Demonstrating solid fundamentals, Jaiz Bank reported a net income of N6.4 billion in the nine months ending September 2023, marking a substantial 96.2 per cent year-on-year growth from the corresponding period in 2022.
Stanbic IBTC closed 2023 with a share price of N69.65, reflecting an impressive annual gain of 108.2 per cent.
The group, boasting one of the largest stocks in the market, also wrapped up the year with a substantial market capitalization of N902.45 billion.
Ecobank, the Pan-African banking group, witnessed remarkable growth on the NGX, concluding the year with a notable gain of 97.2 per cent and achieving a market capitalization of N383.5 billion.
Additionally, the group posted a noteworthy 60 per cent year-on-year growth in net interest income during the same period in 2023, reaching N498.6 billion.
Closing the year at a share price of N7.40 and a market cap of N146.5 billion, FCMB experienced a substantial 92.2 per cent appreciation in its share price in 2023.
The group’s financial performance for the year mirrored its market success, with a noteworthy net income of N49.15 billion for nine months ending September 2023, marking an impressive 114.45 per cent year-on-year growth compared to the same period in 2022.