Investors flock to big banks as GTCO, Zenith lead in share price

The first quarter of 2025 has been a defining period for Nigeria’s tier-1 banks with significant shifts in share prices, reflecting investor sentiment, earnings strength, and broader economic conditions.
Among the five leading banks—First Bank Holding (FirstHoldco), United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Bank, and Zenith Bank — GTCO emerges as the top-priced stock at N68.80, while Access Bank lags behind at N22.35.
This follows an unprecedented performance of the banks in 2024 with the likes of GTCO and Zenith Bank posting over N1 trillion each in profit-after-tax, signalling strong market hold.
But what do these numbers tell us? Analysis by BusinessDay examines the top five banks and what their share price looks like so far in 2025.
A share price is the cost of a single share of a company’s stock. It reflects the company’s market value as determined by supply and demand in the stock market.
Share prices fluctuate based on investor sentiment, company performance, economic conditions, and industry trends.
The market’s favourites: GTCO and Zenith Bank
GTCO’s N68.80 per share valuation makes it the most expensive among its peers, reinforcing investor confidence in its profitability, brand strength, and digital banking dominance.
This is as the bank delivered the most return on equity (ROE) at 37.53 percent, utilising shareholders’ funds more than any other bank.
The bank’s strategic expansion into fintech and wealth management appears to be paying off, attracting both retail and institutional investors.
Zenith Bank follows closely with a N47.00 share price, a sign of its continued market leadership in corporate banking and dividend payouts.
Investors seem to favour its strong balance sheet, reflecting resilience in the face of macroeconomic uncertainties.
UBA’s strong rally: breaking into the big league?
UBA’s share price at N36.90 suggests a growing market perception that the bank is no longer playing second fiddle to its peers
EdThe increase could be attributed to its aggressive African expansion strategy, which has strengthened its revenue base beyond Nigeria. If this momentum continues, UBA could be on track to challenge GTCO and Zenith in valuation.
FirstHoldco and Access Bank: undervalued or underperforming?
FirstHoldco’s N28.50 share price and Access Bank’s N22.35 suggest that the market is pricing them lower than their competitors.
Access Bank’s relatively lower valuation is surprising given its status as Nigeria’s largest bank by assets. This could indicate investor concerns about the bank’s aggressive acquisitions and integration risks.
However, for long-term investors, this presents a potential bargain opportunity if the bank successfully translates its expansion into higher earnings.
Similarly, FirstHoldco—formerly First Bank—seems to be navigating a period of transformation. Despite its rich history and strong retail banking network, its share price indicates that investors may still be cautious about governance issues or its ability to compete with more tech-savvy rivals.
What does this mean for investors?
Growth investors may see GTCO and Zenith as solid picks, given their premium pricing and market confidence whereas value investors might consider Access Bank and FirstHoldco as stocks with potential upside if they execute their strategies effectively.
UBA stands out as a bank that is actively reshaping its market perception, possibly positioning itself as the next major force in Nigeria’s banking sector.
As the economy continues to evolve, these banks’ share price movements will serve as a barometer for investor confidence, operational efficiency, and strategic execution in 2025.