Top 10 Commercial Banks in Nigeria by Market Capitalisation


Market Capitalization is one of the indices to measure how strong a commercial bank is. Other measures of strength of a bank are its assets value, depositors` funds, among other things.

Here we have compiled the list of 10 most valued commercial banks in Nigeria as at end of January 2022. Market capitalization of 13 listed Nigerian banks increased by N194.5 billion in January 2022 where Zenith Bank, Guarantee Trust Bank and Stanbic IBTC Holdings maintained their top positions.

The banking sector market capitalization increased to N6.73 trillion January 2022 from N6.35 trillion recorded at the end of 2021 which shows 3.1% month-on-month increase.

According to figures available to Business Compiler, Zenith Bank gained the highest in the month in review, recording a N28.3 billion in its market capitalization, while Wema Bank recorded the highest boost in terms of percentage relative to the previous month.

Top 10 Banks in Nigeria by Market Value

  1. Zenith Bank
  2. GT Bank
  3. Stanbic IBTC
  4. First Bank
  5. Access Bank
  6. UBA
  7. Union Bank (now Titan Bank)
  8. Fidelity Bank
  9. FCMB
  10. Sterling Bank

1.  Zenith Bank

Zenith Bank is currently no. 1 bank in Nigeria by market value. It maintained the top position with a market capitalisation of N817.9 billion,

2.  GT Bank

GT Bank is at the second spot with a market valuation of N791.7 billion.

3.  Stanbic IBTC

Stanbic IBTC with N463.2 billion valuation earned it third place

4.  First Bank

First Bank’s valuation stood at N412.8 billion as of the end of January 2022, placing it at number four.

Alt: = "table of list of banks in Nigeria according to market capitalisation

5.  Access Bank

Access Bank is the fifth top commercial bank in Nigeria with market size of  N351.9 billion

6.  United Bank for Africa

UBA is the number 6 bank in Nigeria, going by its market cap of N294.1 billion

7.  Union Bank

Union Bank's market value stood at N174.7 billion placing it at no. 7 position of the 10 top strongest Nigerian banks.

8.  Fidelity Bank

Fidelity Bank comes distant 8th behind Union Bank with market cap of N81.4 billion.

9.  FCMB

The  9th spot goes to FCMB which has market value of N61.9 billion.

10.  Sterling Bank

Sterling Bank is waxing strong as it occupies the 10th position with N49.8 billion market capitalisation having 3 other listed banks behind it.

On the other hand, Unity Bank is at the bottom with N5.96 billion market value

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