Guaranty Trust Bank Plc’s market capitalisation hit N1.04 trillion as at yesterday to lead other banking stocks on the Nigerian Stock Exchange .
Access Bank Plc closed as the fourth most capitalised with N302 billion, while United Bank for Africa Plc ended with N282.145 billion. FBN Holdings Plc had a market capitalisation of N260.1 billion, just as Union Bank for Africa Plc printed at N160.164 billion. However, analysts said Stanbic IBTC should be more valuable due to its limited free float because its ownership is concentrated.
GTBank recently reported a resilient results for the nine months ended September 30, 2020, showing growth in most performance metrics. The bank recorded a net income of N188 billion, up from N173 billion in the corresponding period of 2019. Net fee income stood at N33 billion, compared with N47 billion in 2019. Loan impairment charges soared by 267 per cent from N2.762 billion to N10.145 billion in 2020.