The stock market rebounded yesterday after losing for three days. The market has been bearish since the beginning of the week. However, gains recorded by banking stocks helped to move the market into the bulls’ territory. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.18 per cent to close at 26,221.75. Similarly, market capitalisation added N16.5 billion to close at N9.0 trillion.
Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc appreciated by 4.6 per cent, 3.4 per cent, 2.9 per cent and 2.4 per cent respectively.
Diamond Bank Plc, Sterling Bank Plc, Union Bank of Nigeria Plc and FBN Holdings Plc were also among banking stocks that closed positively yesterday on bargaining hunting by investors.
GTBank Plc, Zenith Bank Plc, Access Bank Plc, UBA and Union Bank of Nigeria Plc are among banks that posted improved results for the nine months ended September 30, 2016.
For instance, GTBank reported a jump of 59 per cent in profit after tax (PAT) to N119.9 billion, following a major boost from foreign exchange (fx) revaluation gains.
The bank reported gross earnings of N329.284 billion, up by 43.5 per cent compared with N229.4 billion in the corresponding period of 2015.
.PBT improved to N141 billion, up from N92.1 billion, while PAT rose by 59.6 per cent to N119.92 billion, compared from N75.2 billion in 2015.
Similarly, Zenith Bank Plc recorded gross earnings of N380.4 billion in 2016, showing an increase of 12.9 per cent from N337.9 billion in the corresponding period of 2015. PBT stood at N121.2 billion, showing an increase of 16.6 per cent above the N104 billion posted in the corresponding period of 2015. PAT recorded faster growth of 20.4 per cent to N100 billion, up from N83 billion.
Also, Access Bank recorded gross earnings of N274.5 billion, in 2016, up seven per cent from N257.6 billion in the corresponding period of 2015.
Operating income rose by 12 per cent to N199.3 billion from N178.1 billion in 2015, while customer deposits grew 25 per cent to N2.10 trillion from N1.68 trillion in December 2015.
PBT showed an increase of 19 per cent from N60.4 billion to N72 billion, PAT grew by similar margin from N48.1 billion in 2015 to N57.1 billion in 2016.