Stanbic IBTC is top bank stock for 2017

Mid-Tier Nigerian lender Stanbic IBTC is the best performing bank stock for 2017 as it has rallied by 23 percent so far year to date.

The surge in the stock price has some major implications as Stanbic IBTC is now one of the top five banks in Nigeria by market capitalisation.

As at the close of trading on Friday (March 17), Stanbic IBTC Holdings had a market capitalisation of N185 billion.

The top 5 banks in Nigeria (excluding Ecobank with primary headquarters in Lome Togo) by market capitalisation are now Guaranty Trust Bank (N774.04 billion), Zenith Bank (N443.62 billion), United Bank for Africa UBA (N199.53 billion), Access Bank (N186.007 billion) and Stanbic IBTC (N185 billion).