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Nigerian (NSE) Banks Industry Analysis

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies12
  • 7D-1.6%
  • 3M11.1%
  • 1Y39.4%
  • YTD5.9%

Over the last 7 days, the Banks industry has dropped 1.6%, driven by First HoldCo declining 5.8%. Over the past 12 months, the industry was up 39%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

Has the Nigerian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026₦15.6t₦14.7t₦4.8t4x3.3x1.1x
Tue, 23 Dec 2025₦13.7t₦14.7t₦4.8t3.7x2.9x0.9x
Thu, 20 Nov 2025₦12.7t₦14.6t₦4.7t4.3x2.7x0.9x
Sat, 18 Oct 2025₦11.3t₦14.2t₦4.7t2.8x2.4x0.8x
Mon, 15 Sep 2025₦13.4t₦14.6t₦5.1t3.1x2.6x0.9x
Wed, 13 Aug 2025₦13.9t₦14.7t₦5.1t3.1x2.7x1x
Fri, 11 Jul 2025₦11.9t₦14.4t₦5.1t3x2.3x0.8x
Sun, 08 Jun 2025₦10.5t₦14.4t₦5.1t2.7x2.1x0.7x
Tue, 06 May 2025₦9.4t₦14.6t₦5.3t2.5x1.8x0.6x
Thu, 03 Apr 2025₦9.3t₦14.1t₦5.4t2.2x1.7x0.7x
Sat, 01 Mar 2025₦8.9t₦13.9t₦5.5t2.5x1.6x0.6x
Mon, 27 Jan 2025₦8.5t₦13.7t₦5.3t1.9x1.6x0.6x
Wed, 25 Dec 2024₦7.6t₦13.7t₦5.3t1.9x1.4x0.6x
Fri, 22 Nov 2024₦7.2t₦13.8t₦5.4t1.7x1.3x0.5x
Sun, 20 Oct 2024₦6.3t₦12.5t₦4.8t1.9x1.3x0.5x
Tue, 17 Sep 2024₦6.1t₦12.0t₦4.8t2.2x1.3x0.5x
Thu, 15 Aug 2024₦5.7t₦11.3t₦4.4t1.6x1.3x0.5x
Sat, 13 Jul 2024₦5.7t₦11.1t₦4.4t1.7x1.3x0.5x
Mon, 10 Jun 2024₦5.4t₦10.9t₦4.4t1.8x1.2x0.5x
Wed, 08 May 2024₦5.7t₦10.4t₦4.2t2.6x1.4x0.6x
Fri, 05 Apr 2024₦6.8t₦8.1t₦3.0t3.5x2.3x0.8x
Sun, 03 Mar 2024₦6.0t₦8.1t₦2.7t3.3x2.2x0.7x
Tue, 30 Jan 2024₦7.1t₦6.9t₦2.5t3.7x2.8x1x
Thu, 28 Dec 2023₦6.1t₦6.9t₦2.5t3.1x2.5x0.9x
Sat, 25 Nov 2023₦5.2t₦6.7t₦2.4t2.7x2.1x0.8x
Mon, 23 Oct 2023₦4.8t₦6.1t₦2.2t3.1x2.2x0.8x
Wed, 20 Sep 2023₦4.9t₦6.1t₦2.0t4.2x2.4x0.8x
Fri, 18 Aug 2023₦4.8t₦5.3t₦1.4t4.6x3.5x0.9x
Sun, 16 Jul 2023₦4.3t₦5.0t₦1.2t4x3.6x0.9x
Tue, 13 Jun 2023₦3.7t₦4.4t₦1.1t3.5x3.4x0.8x
Thu, 11 May 2023₦3.3t₦4.5t₦1.1t3.2x2.8x0.7x
Sat, 08 Apr 2023₦3.2t₦4.2t₦1.2t3x2.6x0.7x
Mon, 06 Mar 2023₦3.3t₦4.2t₦1.2t3.2x2.8x0.8x
Wed, 01 Feb 2023₦3.2t₦4.2t₦1.2t3x2.7x0.8x
Price to Earnings Ratio

2.7x


Total Market Cap: ₦3.2tTotal Earnings: ₦1.2tTotal Revenue: ₦4.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Banks Industry Price to Earnings3Y Average 2.2x202420252026
Current Industry PE
  • Investors are optimistic on the Nigerian Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 3.3x which is higher than its 3-year average PE of 2.2x.
  • The 3-year average PS ratio of 0.74x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 59% per year over the last three years.
  • Revenues for these companies have grown 52% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Financials industry?

NG Market-0.46%
Financials-1.25%
Banks-1.61%
Regional Banks0%0
Diversified Banks-1.61%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 2.2x.
    • Analysts are expecting annual earnings growth of 16.3%, which is higher than its past year's earnings growth of 11.8% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 2.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings growth rate of 12% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 16% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ZENITHBANK Zenith Bank₦71.001.6%
+₦47.2b		43.1%PB0.6x
NPFMCRFBK NPF Microfinance Bank₦5.1021.4%
+₦5.4b		200.0%PB2.2x
FCMB FCMB Group₦11.700.4%
+₦2.1b		8.3%PB0.6x

Latest News

JAIZBANK
₦8.05
Jaiz Bank
7D
-1.7%
1Y
167.4%
NPFMCRFBK
₦5.10
NPF Microfinance Bank
7D
21.4%
1Y
200.0%
GTCO
₦98.50
Guaranty Trust Holding
7D
-0.5%
1Y
60.8%

GTCO: Fair Outlook Will Hinge On Margins And Upcoming Board Decisions

Analysts have raised their price target on Guaranty Trust Holding to ₦105.37 from ₦97.18, citing updated assumptions that combine a slightly lower revenue growth outlook with a higher profit margin and a revised future P/E of about 6x. What's in the News Board meeting scheduled for January 27, 2026, to consider the audited financial statements for the year ending December 31, 2025 (Key Developments).
ZENITHBANK
₦71.00
Zenith Bank
7D
1.6%
1Y
43.1%

ZENITHBANK: Board Review And Dividend Decision Will Shape Measured Outlook

Analysts have raised their price target for Zenith Bank from ₦53.90 to ₦72.01, citing updated assumptions around revenue growth, profit margins, discount rate and forward P/E that, in their view, support a higher valuation range. What's in the News A board meeting is scheduled for January 29, 2026, to review Zenith Bank Group's audited financial statements for the year ending December 31, 2025.
FIDELITYBK
₦19.00
Fidelity Bank
7D
-5.7%
1Y
-0.5%
WEMABANK
₦22.70
Wema Bank
7D
-1.1%
1Y
118.3%
ACCESSCORP
₦22.40
Access Holdings
7D
-1.5%
1Y
-11.5%
UBA
₦43.90
United Bank for Africa
7D
-2.9%
1Y
20.3%
FIRSTHOLDCO
₦49.00
First HoldCo
7D
-5.8%
1Y
70.7%
FCMB
₦11.70
FCMB Group
7D
0.4%
1Y
8.3%

FCMB Group Plc Secures Shareholder Approval to Raise N400 Billion to Strengthen Capital and Support Strategic Growth

Key Highlights Offer Size: Up to N400 billion Offer Structure: Fresh equity capital through public/private placement Share Capital Increase: From N30.00 billion to reflect new share issuance Existing Shares: 60,004,339,565 ordinary shares of 50 kobo each Eligibility: Existing and potential investors, subject to regulatory approvals Regulatory Approvals: SEC, CBN, and NGX Strategic Objective: Align with CBN minimum capital requirements for international banks Overview FCMB Group Plc, a leading Nigerian financial services conglomerate, has obtained shareholder approval to raise up to N400 billion in fresh equity capital. The approval was granted during an Extraordinary General Meeting (EGM) held in Lagos, reflecting strong shareholder confidence in the Group’s leadership and growth ambitions.
STERLINGNG
₦7.50
Sterling Financial Holdings
7D
-3.2%
1Y
32.7%