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Nigerian (NSE) Banks Industry Analysis

UpdatedAug 20, 2025
DataAggregated Company Financials
Companies14
  • 7D-3.0%
  • 3M33.5%
  • 1Y84.5%
  • YTD38.4%

Over the last 7 days, the Banks industry has dropped 1.0%, driven by Zenith Bank declining 9.4%. In the past year, the industry has gained 88%. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 20 Aug 2025₦13.5t₦14.6t₦5.1t3.1x2.6x0.9x
Fri, 18 Jul 2025₦13.5t₦14.4t₦5.1t3.1x2.6x0.9x
Sun, 15 Jun 2025₦10.4t₦14.4t₦5.1t2.6x2x0.7x
Tue, 13 May 2025₦9.8t₦14.7t₦5.3t2.7x1.8x0.7x
Thu, 10 Apr 2025₦9.1t₦14.2t₦5.4t2.7x1.7x0.6x
Sat, 08 Mar 2025₦8.6t₦13.9t₦5.5t2.4x1.6x0.6x
Mon, 03 Feb 2025₦8.9t₦13.9t₦5.5t2.7x1.6x0.6x
Wed, 01 Jan 2025₦7.5t₦13.7t₦5.3t1.8x1.4x0.5x
Fri, 29 Nov 2024₦7.0t₦13.9t₦5.4t1.7x1.3x0.5x
Sun, 27 Oct 2024₦6.8t₦12.8t₦4.9t2.1x1.4x0.5x
Tue, 24 Sep 2024₦6.2t₦12.2t₦4.8t2.1x1.3x0.5x
Thu, 22 Aug 2024₦5.7t₦11.3t₦4.4t1.5x1.3x0.5x
Sat, 20 Jul 2024₦5.8t₦11.1t₦4.4t1.7x1.3x0.5x
Mon, 17 Jun 2024₦5.6t₦11.0t₦4.4t1.7x1.3x0.5x
Wed, 15 May 2024₦5.6t₦10.6t₦4.2t2.2x1.3x0.5x
Fri, 12 Apr 2024₦6.4t₦8.9t₦3.5t2.9x1.8x0.7x
Sun, 10 Mar 2024₦5.9t₦8.2t₦2.7t3.5x2.2x0.7x
Tue, 06 Feb 2024₦6.5t₦7.9t₦2.7t3.3x2.5x0.8x
Thu, 04 Jan 2024₦6.6t₦6.9t₦2.5t3.4x2.7x1x
Sat, 02 Dec 2023₦5.3t₦6.7t₦2.4t2.8x2.2x0.8x
Mon, 30 Oct 2023₦4.8t₦6.5t₦2.3t3x2.1x0.7x
Wed, 27 Sep 2023₦4.6t₦6.2t₦2.2t2.9x2.1x0.7x
Fri, 25 Aug 2023₦4.6t₦5.3t₦1.4t4.5x3.4x0.9x
Sun, 23 Jul 2023₦5.0t₦5.1t₦1.3t4.6x3.8x1x
Tue, 20 Jun 2023₦4.2t₦4.8t₦1.2t4.3x3.7x0.9x
Thu, 18 May 2023₦3.3t₦4.5t₦1.1t3.1x2.9x0.7x
Sat, 15 Apr 2023₦3.1t₦4.3t₦1.2t3x2.6x0.7x
Mon, 13 Mar 2023₦3.2t₦4.2t₦1.2t3.1x2.7x0.8x
Wed, 08 Feb 2023₦3.3t₦4.2t₦1.2t3x2.7x0.8x
Fri, 06 Jan 2023₦3.1t₦4.1t₦1.2t3x2.6x0.7x
Sun, 04 Dec 2022₦2.9t₦4.1t₦1.2t2.6x2.4x0.7x
Tue, 01 Nov 2022₦2.6t₦4.1t₦1.2t2.5x2.2x0.6x
Thu, 29 Sep 2022₦2.8t₦3.9t₦1.1t2.7x2.5x0.7x
Sat, 27 Aug 2022₦2.9t₦3.8t₦1.1t2.8x2.6x0.8x
Price to Earnings Ratio

2.6x


Total Market Cap: ₦2.9tTotal Earnings: ₦1.1tTotal Revenue: ₦3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Banks Industry Price to Earnings3Y Average 2.2x202320242025
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 2.7x which is higher than its 3-year average PE of 2.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.71x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 67% per year over the last three years.
  • Revenues for these companies have grown 57% 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-2.51%
Financials-4.04%
Banks-2.99%
Diversified Banks-2.98%
Regional Banks-8.70%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 14.9x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • 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 13% over the next 5 years.
  • However this is lower than its past earnings growth rate of 27% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 13% 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
ETI Ecobank Transnational₦39.204.5%
+₦41.8b		91.7%PB0.4x
WEMABANK Wema Bank₦23.709.0%
+₦41.8b		264.6%PB1.6x

Latest News

ZENITHBANK
₦67.05
Zenith Bank
7D
-9.4%
1Y
76.4%

Digital Transformation And Global Expansion Will Improve Banking Operations

Despite a substantial drop in projected revenue growth, Zenith Bank’s consensus price target has been raised, primarily driven by a notable improvement in net profit margin, which has boosted fair value from NGN65.57 to NGN69.28. What's in the News Board meeting scheduled to review audited H1 2025 financial statements.
FCMB
₦10.80
FCMB Group
7D
-3.1%
1Y
42.1%

FCMB Group Plc H1 2025: Robust Growth in Core Banking Operations Despite Rising Costs

FCMB Group Plc has emerged as one of the most dynamic financial institutions in Nigeria’s mid-tier banking space, delivering robust revenue growth, expanding margins, and digital-led transformation. In H1 2025, the Group reported strong top-line momentum (+41.3% YoY), efficient balance sheet management, and resilient profitability despite macroeconomic headwinds.
STERLINGNG
₦7.80
Sterling Financial Holdings
7D
-3.6%
1Y
92.6%

Sterling Financial Holdings Company Plc – H1 2025 Performance Review

Sterling Bank Legal Victory: Appeal Court Reversal Strengthens Institutional Integrity Sterling Bank’s successful appeal against the Federal High Court’s final forfeiture order involving ₦71 million marks a significant legal and reputational win. The Appeal Court judgment re-establishes Sterling Bank's compliance posture , reaffirms its rights as a licensed financial institution, and restores investor confidence shaken by prior claims of unlawful activity.
JAIZBANK
₦4.32
Jaiz Bank
7D
-16.9%
1Y
89.5%
ETI
₦39.20
Ecobank Transnational
7D
4.5%
1Y
91.7%

Ecobank Delivers Strong Q2/H1 2025 result

Here’s the full professional equity research report for Ecobank (ETI) based on the provided data: Ecobank Transnational Incorporated (ETI) – Equity Research Report Ticker: ETI | Current Price: ₦37.45 | 52-Week High: ₦37.50 | Target Price: ₦46.00 | Recommendation: BUY Ecobank has delivered strong half-year performance with double-digit profit growth, improved cost efficiency, and enhanced asset quality. The bank’s profit after tax (PAT) surged 22.7% YoY to $278.8m , driven by robust non-interest income and disciplined cost management.
WEMABANK
₦23.70
Wema Bank
7D
9.0%
1Y
264.6%
ACCESSCORP
₦27.45
Access Holdings
7D
-0.4%
1Y
44.9%
UBA
₦48.00
United Bank for Africa
7D
-1.4%
1Y
114.3%
GTCO
₦95.00
Guaranty Trust Holding
7D
-4.0%
1Y
107.4%
FIDELITYBK
₦20.85
Fidelity Bank
7D
-0.7%
1Y
94.9%