Shareholders in Nigeria’s tier 1 banks have witnessed a combined gain of N1.296 trillion during the first nine months of 2023. This performance has left investors astounded and eager to understand the driving forces behind this financial feat.

President Bola Tinubu’s administration, fresh policies, and a novel approach to exchange rates have contributed to this financial windfall. As inflation rates rise and concerns loom over the upcoming general elections, the Nigerian Stock Exchange (NGX) All-Share Index managed to defy the odds, closing the third quarter of 2023 with 29.52% increase, reaching a 15-year high.

The NGX’s performance didn’t go unnoticed on the African stage, with the exchange ranking second among the best-performing exchanges in Africa for a three-month duration.

A closer look at the banking sector reveals an even more astonishing story. The banking index skyrocketed by 59.57%, with the five major tier-one banks enjoying substantial gains. Zenith Bank Plc led the pack with a 31.04% increase in share price. GTCO Holdings Plc followed closely with a remarkable 49.78% gain, while FBN Holdings Plc saw a 50% surge in share price.

To read more, click the link below
https://www.primebusiness.africa/nigerias-tier-1-banks-soar-as-shareholders-celebrate-n1-296trn-gain-in-9-months/