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 of October, 2023. Market capitalization of 13 listed Nigerian banks recorded tremendous increase where Zenith Bank maintained it's top position with a mark cap of N1.0 trillion, and Stanbic IBTC Holdings which now has market cap of N1.0 trillion, overtook Guaranty Trust Bank to share same top with Zenith Bank Plc.
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
- Zenith Bank
- Stanbic IBTC
- GT Bank
- UBA
- First Bank
- Access Bank
- Eco Bank
- Fidelity Bank
- Union Bank (now Titan Bank)
- FCMB
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 N1.0 trillion.
2. Stanbic IBTC
Stanbic IBTC with N1.0 trillion valuation earned it second place
3. GT Bank
GT Bank is at the third spot with a market valuation of N768.1 billion.
4. United Bank for Africa
UBA is the number 4 bank in Nigeria, going by its market cap of N588.2 billion
5. First Bank
First Bank’s valuation stood at N412.8 billion as of October 09, 2023, placing it at number five.
6. Access Bank
Access Bank is the sixth top commercial bank in Nigeria with market size of N551.2 billion.
7. Eco Bank
Eco Bank's market value stood at N393.5 billion placing it at no. 7 position of the 10 top strongest Nigerian banks.
8. Fidelity Bank
Fidelity Bank comes 8th behind Eco Bank with market cap of N268.9 billion.
9. Union Bank of Nigeria
The 9th spot goes to UBN which has market value of N199.0 billion.
10. FCMB
FCMB is waxing strong as it occupies the 10th position with N116.8 billion market capitalisation having 3 other listed banks behind it.
On the other hand, Unity Bank is at the bottom with N11.6 billion market value