Buoyed by CBN Reforms, Strong Earnings, Market Capitalisation of GTCO, Zenith, 10 Others Hits N22.5tn
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.
