Prime Business Africa
The banks with the highest market valuation on the Nigerian Exchange (NGX) Limited in the third quarter (Q3) of 2025 are Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank for Africa (UBA), Stanbic IBTC Holdings and Access Holdings.
Prime Business Africa’s (PBA) analysis of the banks’ performances on the NGX, also known as the Nigerian stock market, showed that there were no changes in their position.
Join our WhatsApp ChannelThere are 11 commercial banks trading on the NGX, with a combined market valuation of N15.70 trillion on September 30, compared to the N13.21 trillion capitalisation recorded on July 1, representing an increase of N2.48 trillion.
However, this list covers the top five most valuable Nigerian banks.
Top Five Banks With Highest Market Valuation In Nigeria
Guaranty Trust Holding Company
Guaranty Trust Holding Company, parent company of GTBank, closed the third quarter (Q3) of 2025 as the bank with the highest market valuation after its capitalisation reached N3.42 trillion at the end of the period under review.
The market valuation of GTCO had increased by 17 percent after the company’s share price surged on high demand from N80.25 kobo recorded on July 1 to N93.90 kobo on September 30 — indicating an increase of N13.65 kobo.
This enabled Guarnaty Trust Holding to retain its number one position on the list, as the lender’s market valuation increased by N497.20 billion from the N2.92 trillion recorded at the start of Q3.
Zenith Bank
Zenith Bank occupied the second position on the list at the end of the third quarter, the same spot it started the period with, thanks to a 23.10 percent appreciation in the financial institution’s share price.
The company’s shares were one of the most sought-after bank stocks as equity traders were willing to pay N12.95 kobo more for a share, resulting in the price rising from N56.05 on July 1 to N69 on September 30.
As a result, Zenith Bank’s market valuation increased by N531.85 billion within three months, from the N2.30 trillion it commenced Q3 with, to N2.83 trillion at the end of the period under review.
United Bank for Africa
United Bank for Africa also retained the third position on the list, after closing the third quarter with N1.77 trillion, following a N7.7 kobo jump in the financial institution’s share price.
According to Prime Business Africa’s analysis, United Bank for Africa’s market capitalisation jumped from the N1.45 trillion the company was valued at on July 1, after gaining N316 billion within three months.
This was thanks to the 21.69 percent appreciation recorded by the financial institution, as a share of UBA was priced at N43.20 kobo on September 30, compared to the N35.50 kobo it traded on July 1.
Stanbic IBTC Holdings
Stanbic IBTC Holdings was the fourth most valued Nigerian bank on the stock market during the period under review, with N1.73 trillion market capitalisation, according to Prime Business Africa’s analysis.
Data showed that at the start of July, Stanbic IBTC Holdings was valued at N1.35 trillion, however, at the end of September, the market valuation of the company skyrocketed by N381.64 billion.
This was due to the 28.23 percent appreciation in Stanbic IBTC’s share price, which jumped from N85 to N109 within three months, indicating investors were willing to pay N24 more for a share.
Access Holdings
Access Holdings, the parent company of Access Bank, completed the list of the top five most valuable financial institutions on the NGX after recording a N146.62 billion or 12 percent increase in its market valuation.
Prime Business Africa’s analysis showed that Access Holdings’ market valuation increased from N1.22 trillion on July 1 to N1.36 trillion on September 30, which was enough for the company to retain the fifth position.
This was made position by the N2.75 kobo increase in the company’s share price, as traders were willing to buy a share at N25.65 kobo at the end of the third quarter, compared to the N22.90 kobo offered at the start.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
