Prime Business Africa
The Nigerian commercial banks on the Nigerian Exchange (NGX) generated N3.26 trillion as gains during trading in the first quarter (Q1) of 2026, according to analysis of their stock performance by Prime Business Africa (PBA).
Analysis showed that of the 11 publicly listed banks on the Nigerian Exchange, five recorded double-digit growth in their shareholders’ investments, five achieved one-digit increase, while one ended the quarter the same way it started.
Join our WhatsApp ChannelThe market valuation of the 11 banks increased from N16.84 trillion to N20.10 trillion during the period under review.
The top five performing companies, which are Zenith Bank, Stanbic IBTC Holdings, Wema Bank, Guaranty Trust Holding Company (GTCO), and Access Holdings, recorded a combined N12.61 trillion market capitalisation at the end of Q1, compared to the N9.69 trillion they recorded at the start of the period.
Top Five Performing Bank Stocks In Q1 2026
Zenith Bank
Zenith Bank was the best-performing bank stock in the first quarter, after the company’s shareholders saw a 48.52 percent growth in their investments, according to Prime Business Africa’s analysis.
- It was gathered that the double-digit growth recorded by the financial institution’s shareholders represents a combined gain of N1.28 trillion within January and March of this year.
- The gain was driven by a N31.3 kobo increase in Zenith Bank’s share price, which surged from the N64.50 kobo it was sold at the start of 2025, to N95.80 kobo at the end of the period under review.
- Consequently, the company’s market valuation in the Nigerian stock market also skyrocketed, rising from N2.64 trillion recorded on January 2, 2026, to N3.93 trillion on March 31, 2026.
Stanbic IBTC Holdings
Stanbic IBTC took the second spot on the list of the best-performing bank stocks, as the firm’s shareholders’ investments increased by 33.1 percent within three months, representing a combined gain of N526.34 billion.
- Analysis showed that the shareholders recorded the double-digit growth after high demand pushed Stanbic IBTC’s share price up by N33.1 kobo, with the share trading at N133.10 kobo at the end of Q1, compared to the N100 it was sold at the start.
- The 33.1 percent growth also impacted the valuation of Stanbic IBTC, as the company was valued at N2.11 trillion on March 31, surpassing the N1.59 trillion market capitalisation recorded on January 2.
Wema Bank
With shareholders recording 25 percent growth in their investments with Wema Bank during the period under review, the financial institution was ranked third, above other industry leaders like GTCO and Access Holdings.
- Prime Business Africa gathered that the gain was driven by a N5.2 kobo increase in Wema Bank’s share price, after equity traders were willing to part with N26 for a share of the lender at the end of March, compared to the N20 they were willing to offer at the start of January.
- Following the surge in the share price, Wema Bank shareholders recorded a combined gain of N208.61 billion in the first quarter, while the company’s market valuation increased from N834.47 billion to N1.04 trillion.
GTCO
GTCO made the list after a N20.35 kobo increase in the company’s share price resulted in a 22.04 percent gain in the investment held by the financial institution’s shareholders between January and March.
- The company, ranked fourth on the list, had seen its share price soar from N92.30 kobo at the start of the quarter to N112.65 kobo at the end of the quarter, resulting in the double-digit growth recorded by the shareholders.
- This led to the shareholders of GTCO ending the period under review with a combined gain of N743.79 billion, which resulted in the financial institution’s market valuation rising from N3.37 trillion to N4.11 trillion.
Access Holdings
Access Holdings completed the top five list after the company’s share price surged to N25.85 kobo per share at the end of March, above the N23 per share it traded in the stock market at the start of the quarter.
- With the share price rising by N2.85 kobo, the shareholders of Access Holdings recorded a 12.39 percent growth in their investments, representing a combined gain of N154.97 billion within three months.
- Consequently, Access Holdings also recorded a bump in its market valuation, as the company ended the period under review with N1.40 trillion market capitalisation, compared to the N1.25 trillion recorded at the start of the period.
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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.
