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Nigerian (NSE) Banks Industry Analysis
UpdatedMar 12, 2026
DataAggregated Company Financials
Companies12
- 7D-2.0%
- 3M32.1%
- 1Y62.6%
- YTD20.3%
Over the last 7 days, the Banks industry has dropped 2.0%, driven by a pullback from First HoldCo of 5.6%. In the past year, the industry has gained 63%. Earnings are forecast to grow by 16% annually.
Industry Valuation and Performance
Has the Nigerian Banks Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 12 Mar 2026 | ₦18.2t | ₦14.3t | ₦4.3t | 4.5x | 4.2x | 1.3x |
| Sat, 07 Feb 2026 | ₦16.0t | ₦14.2t | ₦4.3t | 4.4x | 3.7x | 1.1x |
| Mon, 05 Jan 2026 | ₦14.4t | ₦14.7t | ₦4.8t | 3.9x | 3x | 1x |
| Wed, 03 Dec 2025 | ₦12.7t | ₦14.7t | ₦4.7t | 4.4x | 2.7x | 0.9x |
| Fri, 31 Oct 2025 | ₦13.3t | ₦14.4t | ₦4.8t | 4.6x | 2.8x | 0.9x |
| Sun, 28 Sep 2025 | ₦11.4t | ₦14.2t | ₦4.7t | 2.7x | 2.4x | 0.8x |
| Tue, 26 Aug 2025 | ₦13.7t | ₦14.7t | ₦5.1t | 3.1x | 2.7x | 0.9x |
| Thu, 24 Jul 2025 | ₦13.3t | ₦14.4t | ₦5.1t | 3.2x | 2.6x | 0.9x |
| Sat, 21 Jun 2025 | ₦10.6t | ₦14.4t | ₦5.1t | 2.7x | 2.1x | 0.7x |
| Mon, 19 May 2025 | ₦9.9t | ₦14.5t | ₦5.1t | 2.7x | 1.9x | 0.7x |
| Wed, 16 Apr 2025 | ₦9.3t | ₦14.2t | ₦5.4t | 3x | 1.7x | 0.7x |
| Fri, 14 Mar 2025 | ₦9.0t | ₦14.0t | ₦5.5t | 2.4x | 1.7x | 0.6x |
| Sun, 09 Feb 2025 | ₦9.5t | ₦13.9t | ₦5.5t | 2.7x | 1.7x | 0.7x |
| Tue, 07 Jan 2025 | ₦7.6t | ₦13.7t | ₦5.3t | 1.8x | 1.4x | 0.6x |
| Thu, 05 Dec 2024 | ₦7.1t | ₦13.8t | ₦5.4t | 1.7x | 1.3x | 0.5x |
| Sat, 02 Nov 2024 | ₦6.8t | ₦13.5t | ₦5.3t | 1.6x | 1.3x | 0.5x |
| Mon, 30 Sep 2024 | ₦6.4t | ₦12.4t | ₦4.8t | 2.1x | 1.3x | 0.5x |
| Wed, 28 Aug 2024 | ₦5.8t | ₦11.3t | ₦4.4t | 1.7x | 1.3x | 0.5x |
| Fri, 26 Jul 2024 | ₦5.6t | ₦11.1t | ₦4.4t | 1.6x | 1.3x | 0.5x |
| Sun, 23 Jun 2024 | ₦5.6t | ₦11.0t | ₦4.4t | 1.6x | 1.3x | 0.5x |
| Tue, 21 May 2024 | ₦5.3t | ₦10.7t | ₦4.2t | 2.2x | 1.3x | 0.5x |
| Thu, 18 Apr 2024 | ₦5.6t | ₦8.6t | ₦3.4t | 2.5x | 1.7x | 0.7x |
| Sat, 16 Mar 2024 | ₦6.7t | ₦8.2t | ₦2.7t | 3.5x | 2.5x | 0.8x |
| Mon, 12 Feb 2024 | ₦6.2t | ₦8.0t | ₦2.7t | 3.2x | 2.3x | 0.8x |
| Wed, 10 Jan 2024 | ₦7.2t | ₦6.8t | ₦2.5t | 4.2x | 2.9x | 1.1x |
| Fri, 08 Dec 2023 | ₦5.7t | ₦6.7t | ₦2.4t | 2.9x | 2.3x | 0.8x |
| Sun, 05 Nov 2023 | ₦4.9t | ₦6.8t | ₦2.4t | 2.5x | 2x | 0.7x |
| Tue, 03 Oct 2023 | ₦4.6t | ₦6.1t | ₦2.2t | 3.1x | 2.1x | 0.8x |
| Thu, 31 Aug 2023 | ₦4.6t | ₦5.3t | ₦1.4t | 4.5x | 3.3x | 0.9x |
| Sat, 29 Jul 2023 | ₦4.9t | ₦5.2t | ₦1.3t | 4.6x | 3.6x | 0.9x |
| Mon, 26 Jun 2023 | ₦4.3t | ₦4.9t | ₦1.2t | 4.1x | 3.6x | 0.9x |
| Wed, 24 May 2023 | ₦3.4t | ₦4.5t | ₦1.1t | 3.2x | 3x | 0.8x |
| Fri, 21 Apr 2023 | ₦3.1t | ₦4.3t | ₦1.2t | 3.1x | 2.5x | 0.7x |
| Sun, 19 Mar 2023 | ₦3.1t | ₦4.2t | ₦1.2t | 3x | 2.6x | 0.7x |
Price to Earnings Ratio
2.6x
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 4.2x which is higher than its 3-year average PE of 2.3x.
- The 3-year average PS ratio of 0.76x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
- The earnings for companies in the Banks industry have grown 54% per year over the last three years.
- Revenues for these companies have grown 51% 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 | -0.42% | |
| Financials | -0.73% | |
| Banks | -2.04% | |
| Regional Banks | 0% | 0 |
| Diversified Banks | -2.04% | |
Industry PE
- Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 2.3x.
- Analysts are expecting annual earnings growth of 16.5%, which is lower than the prior year's growth of 23.2% 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 2.3x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 16% over the next 5 years.
- However this is lower than its past earnings growth rate of 23% 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?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| ZENITHBANK Zenith Bank | ₦93.00 | 1.1% +₦41.1b | 94.8% | PB0.8x | |
| ETI Ecobank Transnational | ₦46.00 | 2.2% +₦23.7b | 56.5% | PB0.4x | |
| FCMB FCMB Group | ₦13.00 | 1.6% +₦8.6b | 35.4% | PB0.7x | |
| NPFMCRFBK NPF Microfinance Bank | ₦7.50 | 15.4% +₦6.0b | 307.6% | PB3x | |
| JAIZBANK Jaiz Bank | ₦10.89 | 0.8% +₦4.0b | 210.3% | PB7.1x |
