As 2025 draws to a close, the Fantastic Five (First HoldCo, UBA, GTCO, Access, and Zenith) tier-one Bank stocks have delivered a mixed but generally positive performance.
The year was defined by the CBN’s recapitalization deadline, which forced banks to shore up their capital bases, leading to massive rights issues and a surge in institutional interest.
While the broader NGX-All Share Index has returned 49% year-to-date (YTD), the banking sector saw significant divergence as investors moved from “growth-at-all-costs” to “fortress balance sheets.”
First Holdco has led the charge so far in 2025 rising by +88.95% YTD, followed by Guaranty Trust Holding Company (GTCO) +55.53%, Zenith Bank +38.46%, United Bank for Africa (UBA) +23.53% and Access Holdings the major laggard with negative returns YTD at -14%.
The primary catalyst for the year to date rally in bank was the race to meet the new ₦500 billion capital floor. First HoldCo and GTCO were particularly successful in attracting fresh foreign portfolio investment (FPI).
In 2025, GTCO successfully priced its new $105 million equity offering on the London Stock Exchange (LSE).
First HoldCo Plc also successfully completed its N150 billion Rights Issue in 2025 which was oversubscribed by 25% and embarked on the next phase of its capital raising programme, a N350 billion private placement.
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