Wema Bank emerged as the leading performing financial institution in Nigeria in Q1 2024 with 15.37% growth.
This was revealed in the banking stocks on the Nigerian Exchange (NGX) recently.
The bank also ranked as the top profitable companies in Nigeria in 2023, largely propelled by a substantial increase in foreign exchange gains during that period. The growth trajectory was also seen in its market performance.
In 2023, the total market capitalization experienced a significant ascent, increasing by about 109% from N3.34 trillion in 2022 to N6.98 trillion in 2023.
This growth continued into Q1 2024, with market capitalization further climbing to N8.052 trillion, reflecting a 15.37% growth in Q1 alone.
Despite this positive momentum, the NGX Banking Index recorded a growth of 19.17%, which, while significant, trailed the broader market’s performance reflected in the NGX All-Share Index (NGXASI) growth of 39.84%.
This suggests that while investors may have shown confidence in banking stocks, other sectors or stocks within the market also contributed to the market’s overall growth.
Consequently, according to Nairametrics reports from monitoring the performance of some of the top-performing banking stocks on the NGX this year. Wema Bank, FBNH, GTCO, Unity Bank and Sterling Bank emerged as the five top performers.