The Proshare Bank Strength Index evaluates banks using a pool of financial metrics based on audited financial statements for the Financial Year 2023. In the report, it named Access Corp, Zenith Bank, FBNH, ETI, UBA, and GTCO as Tier-1 banks in 2024, reinforcing the Afrinvest-inspired concept of FUGAZE. In early June, the Central Bank of Nigeria revealed that banks had started to submit their recapitalisation plans. However, the Proshare report read in part, “Policymakers have associated big banks with larger economies and faster-growing gross domestic products, but the assumption is unproven. However, between 2000 and 2005, bank equity sizes grew over ten times or by 1,150% from N2bn to N25bn.

Source: Punch July 04, 2024 02:15 UTC