Business & Finance

GTbank Overtakes Zenith Bank as Nigeria’s Most Valuable Bank Amidst Strong 2023 Performance

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GTbank Overtakes Zenith Bank as Nigeria's Most Valuable Bank Amidst Strong 2023 Performance

In a remarkable turn of events, Guaranty Trust Bank (GTbank) has emerged as Nigeria’s most valuable commercial bank, surpassing Zenith Bank in market capitalization. As of Friday, July 21, 2023, GTbank’s market capitalization stood at an impressive N1.13 trillion, securing its position at the top of the list of Nigerian most valuable banks.

The shift in rankings was based on data collated by from the Nigerian Exchange Group (NGX), revealing the impressive growth of GTbank’s parent company, Guaranty Trust Holding Company (GTCO). GTCO’s shares experienced a substantial increase from N34.8 to N35 per share, propelling GTbank to the forefront of the country’s financial institutions.

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This feat comes as no surprise given the outstanding performance of Nigerian banks in 2023. President Bola Tinubu’s recent policies have provided a favorable environment for these institutions, resulting in robust financial results across the board. Nigerian banks have demonstrated exceptional strength, with some reporting a staggering 414% increase in profit compared to the previous year.

Among the top-performing banks are First Bank and Fidelity Bank, which have witnessed significant growth in market capitalization and profitability. The positive outlook for the sector is expected to continue, with analysts projecting even better performance in the coming months.

READ ALSO: Central Bank of Nigeria Raises Interest Rate to 18.75% Amidst Soaring Inflation



Ayodeji Ebo, the Managing Director/Chief Business Officer of Optimus by Afrinvest, shed light on the reasons behind the banks’ strong performance. He highlighted that banks with substantial income from subsidiaries outside Nigeria stand to benefit from currency devaluation, translating into real income and potential dividend payments.

The ranking of most valuable banks in Nigeria as of July 2023 is as follows:

  1. GTBank – Market Capitalization: N1.13 trillion
  2. Zenith Bank – Market Capitalization: N1.10 trillion
  3. Stanbic IBTC Bank – Market Capitalization: N812.40 billion
  4. First Bank of Nigeria – Market Capitalization: N712.52 billion
  5. Access Bank – Market Capitalization: N652.25 billion

Other banks on the list have also witnessed substantial growth, contributing to the overall strength of the Nigerian banking sector.

It is worth noting that GTbank’s achievement coincides with the devaluation of the naira, which has impacted the wealth of Nigerian billionaire Aliko Dangote by a significant N1.4 trillion. Dangote’s investments, closely tied to the performance of the naira, have been affected by the Central Bank of Nigeria’s decision to unify the country’s multiple exchange rate system.

With the financial landscape evolving rapidly, GTbank’s rise to the top serves as a testament to the resilience and dynamism of Nigerian banks. As they continue to navigate the economic landscape, all eyes are on these institutions to drive growth and stability in the nation’s financial sector.


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