Kayode Tokede
The combined market capitalisation of 12 listed deposit money banks rose to N22.51 trillion in the first half of 2026, buoyed by the successful implementation of the Central Bank of Nigeria’s (CBN) recapitalisation programme, robust earnings growth and sustained investor confidence in the banking sector.
The lenders, led by Guaranty Trust Holding Company Plc (GTCO) and Zenith Bank Plc, accounted for about 15.3 per cent of the Nigerian Exchange Limited’s (NGX) total market capitalisation of N147.22 trillion as of the close of trading on June 30.
THISDAY analysis showed that the banking stocks gained N6.4 trillion in market value within six months, rising from N16.12 trillion at the end of 2025 to N22.51 trillion at the close of the first half of 2026.
The rally underscores renewed investor appetite for banking stocks, following the CBN’s recapitalisation exercise, which prompted lenders to raise fresh capital exceeding trillions of naira and strengthen their balance sheets ahead of the new minimum capital requirements.
The sector also benefited from strong full-year 2025 financial results and resilient first-quarter 2026 earnings, which strengthened confidence among both domestic and foreign institutional investors.
GTCO retained its position as Nigeria’s most valuable banking stock, closing the first half of the year with a market capitalisation of N4.57 trillion, compared with N3.3 trillion at the end of 2025.
Its share price appreciated by 37.8 per cent year-to-date, rising from N90.70 to N125 per share.
The group reported a profit before tax of N302.9 billion in the first quarter of 2026, supported by a 17.5 per cent growth in interest income and a 7.1 per cent increase in fee income.
Its loan book expanded by 1.3 per cent to N3.17 trillion, while customer deposits rose by 6.3 per cent to N13.69 trillion during the period.
Zenith Bank followed closely with a market value of N4.52 trillion, up sharply from N2.54 trillion at the close of 2025.
The bank posted a profit before tax of N360.92 billion for the first quarter, representing a three per cent increase over the N350.82 billion recorded in the corresponding period of 2025.
GTCO and Zenith Bank also reinforced their reputation as dividend-paying stocks after rewarding shareholders with total dividends of N10 and N12.76 per share, respectively, for the 2025 financial year.
Stanbic IBTC Holdings Plc and First Holdco Plc remained the only other banking groups with market capitalisations exceeding N2 trillion.
Stanbic IBTC’s valuation climbed to N2.59 trillion from N1.59 trillion at the end of last year, while First Holdco advanced to N2.55 trillion from N2.01 trillion over the same period.
Stanbic IBTC delivered one of the strongest quarterly performances in the sector, reporting a 40.3 per cent increase in profit after tax to N114.9 billion in the first quarter. The performance was driven largely by a sharp turnaround in trading income, which moved from a N7 billion loss in the corresponding period of 2025 to a N55.2 billion gain. Total income rose by 31.1 per cent to N266.1 billion, while total assets expanded by 12.5 per cent to N9.7 trillion.
Ecobank Transnational Incorporated (ETI), United Bank for Africa Plc (UBA), Access Holdings Plc, Fidelity Bank Plc and Wema Bank Plc also maintained market capitalisations above the N1 trillion threshold.
As at June 30, ETI’s market value stood at N1.73 trillion, followed by UBA at N1.69 trillion, Access Holdings at N1.19 trillion, Fidelity Bank at N1.16 trillion and Wema Bank at N1.04 trillion.
FCMB Group closed the first half of the year with a market capitalisation of N682.63 billion. At the same time, Sterling Financial Holdings Company Plc and Jaiz Bank Plc recorded market values of N403.91 billion and N370.63 billion respectively.
Capital market analysts attributed the sustained rally in banking stocks to the successful execution of the CBN recapitalisation programme, stronger corporate fundamentals and improving profitability across the industry.
They noted that the combination of enhanced capital buffers, resilient earnings and attractive dividend payouts has continued to position banking equities among the most sought-after stocks on the Nigerian Exchange, with investors expected to maintain strong interest in the sector through the second half of the year.
