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GTBank is Nigeria’s Biggest Bank by Market Capitalization

By on October 5, 2012

GTBank MD, Segun Agbaje

GTBank is currently Nigeria’s biggest bank by market capitalization value. Market Capitalization represents the share price of a company multiplied by its number of outstanding shares. By this metric, GTBank is leading the financial services industry as it closed with N606.3 billion as at the close of the Nigerian Stock Exchange yesterday.

Zenith Bank came in a distant second, closing with N533.4 billion at the close of business yesterday. First Bank and Access Bank were third and fourth, closing with N505.8 billion and N209.4 billion respectively.

UBA came in at fifth with a market capitalization of N154.4 billion at the close of the market yesterday.

The least capitalized bank in the industry was Wema Bank which closed at N6.4 billion yesterday.

Nigeria’s top 5 banks also known as the top-tier banks are set to double their profits this financial year as shared profits increase to $1.6 billion from $400 million in 2005.

CEO of Access Bank, Aigboje Imokhuede says, “The Nigerian banking system is set for a new era of competition”.