Monday, 16 May 2016

Top 8 strongest banks in Nigeria and their market value


The Nigerian banking industry is one of the largest and most successful sector of the country's economy. The sector is responsible for thousands of jobs and contributes significantly to Nigeria's GDP.

Speaking in a ThisDay interview, outgoing Group Managing Director/Chief Executive Officer of the United Bank for Africa (UBA), Phillip Oduoza, said the sector holds tremendous potential for growth as the country is still "underbanked".

Well, that remains to be seen.

Here are the top 8 strongest banking brands in Nigeria and their equity market value based on their market capitalization. The Market Capitalization of a firm is its "equity value" and is often used by investors to determine the size and strength of a company when analyzing potential trade opportunities.

1. Guaranty Trust Bank, GTB - N551.2bn

2. Zenith Bank - N461.5bn

3. EcoBank - N276.3bn

4. Stanbic IBTC - N144.8bn

5. Access Bank - N139.7bn

6. FBN Holdings - N132.8bn

7. United Bank for Africa, UBA - N131.7bn

8. Union Bank - N84.5bn

Note: The data provided are as obtained from the Nigeria Stock Exchange, NSE on Saturday 14th of May, 2016.

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