Zenith Bank Races Toward Trillion Naira Valuation
Zenith Bank Plc continues to race toward a trillion naira valuation in the month of May following a solid earnings performance in the first quarter of 2023. Though it didn’t catch up but has a higher chance to dine among Nigerian Exchange market movers.
Market records show that despite stable earnings performance and dividend payments, no Nigerian bank has made it to N trillion valuation in the local bourse.
These two leading financial stocks are Zenith Bank Plc and GTCO Plc. Before it declined to N910 billion at the last trading session in May, the bank’s market valuation had surged above N930 billion.
The bank recorded a 23.40% year-to-date return, driven by improved sentiment in May 2023 when the stock rose by 27%, according to data from the local bourse.
Its share price lost 2.4% to settle at N29 on the last trading day in May 2023. It recorded N1.262 billion daily transaction value in 773 trades, stockbrokers told MarketForces Africa.
GTCO Plc’s market valuation also slumped to N845 billion despite the rally in the equities market. FBNH has raced ahead above N500 billion mark, a significant valuation jump recorded by the elephant.
Access Holdings Plc has also seen market re-rating of its shares, pushing valuation above N437 billion – a level never since despite its acquisition spree over the years and large balance sheet size.
UBA Plc which is worth N339 billion has the lowest market valuation in the tier I category, much lesser in value compare with Stanbic IBTC Bank which settled above N518 billion.
Zenith Bank continues to win local and international accolades. After its 2022 earnings jump, the bank paid shareholders N3.20 per share, with a total dividend value of N100.47 billion from its earnings performance.
Its gross earnings spiked by 41% year on year in the first quarter of 2023, according to detail from its unaudited financial statement.
Overall, the financial service group saw its profit After Tax expanded by 13% from ₦58.2 billion to ₦66 billion during the same period. # Zenith Bank Races Toward Trillion Naira Valuation Naira Steadies as Banks Issue Update on FX Purchase
