Banking stocks 2026: First HoldCo leads with 169% gain, UBA trails at 6%

First HoldCo delivered the biggest banking stock gain in 2026, turning ₦100,000 into about ₦269,311 in eight months. UBA managed just 6% growth over the same period, the weakest among five major lenders examined.

Nigerians are returning to the stock market in growing numbers. Between January and May 2026, retail participation on the Nigerian Exchange (NGX) jumped 138.76% year-on-year, with equities worth ₦2.86 trillion traded during the period. The renewed interest followed a recapitalisation exercise that saw Nigerian banks raise billions of naira from domestic investors.

How the five banks performed

Between March 2024 and March 2026, Nigerian banks raised ₦3.37 trillion in fresh capital. The additional capital is expected to expand balance sheets, grow lending, strengthen digital payments and help lenders compete for bigger business opportunities.

First HoldCo started 2026 at ₦47.90 per share. An investor who put ₦100,000 into the company would have acquired approximately 2,087.68 shares. At ₦129 per share on August 26, those shares would be worth about ₦269,311, representing a 169.3% gain, or roughly ₦169,311 in share-price appreciation, excluding dividends and transaction costs. First HoldCo said in July that it planned to distribute at least 60% of annual post-tax profit as dividends.

Zenith Bank recorded the second-biggest gain. The bank began the year at ₦61.80 per share. A ₦100,000 investment would have purchased approximately 1,618.12 shares. At ₦119.40 on August 26, the investment would be worth approximately ₦193,204, a 93.2% gain. Zenith declared a ₦10 per-share dividend for its 2025 financial year.

GTCO opened 2026 at ₦90.70. A ₦100,000 investment would have bought about 1,102.54 shares. At ₦127.60 on August 26, the holding would be worth about ₦140,684, a 40.7% gain. GTCO declared ₦12.76 per share for the 2025 financial year.

Access Holdings began the year at ₦21 per share. A ₦100,000 investment would have bought approximately 4,761.91 shares. At ₦27.55 on August 26, the investment would be worth approximately ₦131,190, a 31.2% gain.

UBA lags on dividend concerns

UBA started 2026 at ₦41.65 per share. A ₦100,000 investment would have purchased approximately 2,400.96 shares. At ₦44.15 on August 26, the investment would be worth approximately ₦106,002, just a 6% gain. UBA's performance was affected by investor concerns after it decided not to declare a dividend for the 2025 financial year amid regulatory-driven provisioning. The bank has indicated it intends to resume dividend payments in 2026.

Based strictly on share-price appreciation, the ranking is clear: First HoldCo ₦269,311 (169.3%), Zenith Bank ₦193,204 (93.2%), GTCO ₦140,684 (40.7%), Access Holdings ₦131,190 (31.2%), UBA ₦106,002 (6.0%). The calculations use each stock's first trading price of 2026 and its August 26 price. They exclude dividends, brokerage fees, taxes and other transaction costs.

The original material referred to six banks, but provided complete calculations for only five. The figures above cover the five banks for which data was supplied.

What it means for investors

Banking stocks have not moved in lockstep. An investor who chose First HoldCo saw far more appreciation than someone who put the same ₦100,000 into UBA. That gap matters in a market where the NGX has more than 150 listed companies, but only 25 had crossed the N1 trillion market-capitalisation mark as of August 7, 2026, making up more than 90% of total market value.