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Nigerian (NSE) Banks Industry Analysis

UpdatedDec 10, 2025
DataAggregated Company Financials
Companies13
  • 7D4.0%
  • 3M-6.0%
  • 1Y36.3%
  • YTD28.6%

The Banks industry is up 4.0% in the last week, with Zenith Bank up 8.0%. This means that the industry has gained 36% over the past year. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Dec 2025₦13.3t₦14.7t₦4.8t4x2.8x0.9x
Fri, 07 Nov 2025₦12.9t₦14.7t₦4.8t4.3x2.7x0.9x
Sun, 05 Oct 2025₦11.5t₦14.2t₦4.7t2.9x2.4x0.8x
Tue, 02 Sep 2025₦13.1t₦14.6t₦5.1t3.1x2.6x0.9x
Thu, 31 Jul 2025₦13.9t₦14.5t₦5.1t3.2x2.7x1x
Sat, 28 Jun 2025₦10.9t₦14.4t₦5.1t2.9x2.1x0.8x
Mon, 26 May 2025₦9.9t₦14.4t₦5.1t2.6x2x0.7x
Wed, 23 Apr 2025₦9.1t₦14.1t₦5.1t3x1.8x0.6x
Fri, 21 Mar 2025₦8.7t₦13.9t₦5.5t2.3x1.6x0.6x
Sun, 16 Feb 2025₦9.5t₦13.9t₦5.5t2.7x1.7x0.7x
Tue, 14 Jan 2025₦7.7t₦13.7t₦5.3t1.8x1.5x0.6x
Thu, 12 Dec 2024₦7.1t₦13.7t₦5.3t1.7x1.3x0.5x
Sat, 09 Nov 2024₦7.0t₦13.8t₦5.4t1.6x1.3x0.5x
Mon, 07 Oct 2024₦6.3t₦12.4t₦4.7t1.9x1.4x0.5x
Wed, 04 Sep 2024₦5.9t₦11.6t₦4.5t1.6x1.3x0.5x
Fri, 02 Aug 2024₦5.5t₦11.2t₦4.4t1.5x1.2x0.5x
Sun, 30 Jun 2024₦5.6t₦11.0t₦4.4t1.7x1.3x0.5x
Tue, 28 May 2024₦5.1t₦10.6t₦4.2t2.1x1.2x0.5x
Thu, 25 Apr 2024₦5.4t₦8.8t₦3.4t2.3x1.6x0.6x
Sat, 23 Mar 2024₦6.9t₦7.9t₦2.7t3.5x2.6x0.9x
Mon, 19 Feb 2024₦6.2t₦8.0t₦2.7t3.3x2.3x0.8x
Wed, 17 Jan 2024₦7.8t₦6.8t₦2.5t4.2x3.2x1.1x
Fri, 15 Dec 2023₦6.0t₦6.7t₦2.4t2.9x2.5x0.9x
Sun, 12 Nov 2023₦5.1t₦6.8t₦2.4t2.7x2.1x0.8x
Tue, 10 Oct 2023₦4.7t₦6.1t₦2.2t3.1x2.2x0.8x
Thu, 07 Sep 2023₦5.0t₦5.3t₦1.4t5x3.6x1x
Sat, 05 Aug 2023₦4.8t₦5.2t₦1.4t4.3x3.5x0.9x
Mon, 03 Jul 2023₦4.5t₦4.9t₦1.2t4.6x3.8x0.9x
Wed, 31 May 2023₦3.6t₦4.5t₦1.1t3.5x3.1x0.8x
Fri, 28 Apr 2023₦3.1t₦4.4t₦1.1t3.2x2.8x0.7x
Sun, 26 Mar 2023₦3.1t₦4.2t₦1.2t3x2.6x0.7x
Tue, 21 Feb 2023₦3.2t₦4.2t₦1.2t3x2.7x0.8x
Thu, 19 Jan 2023₦3.1t₦4.1t₦1.2t3x2.6x0.8x
Sat, 17 Dec 2022₦2.9t₦4.1t₦1.2t2.6x2.5x0.7x
Price to Earnings Ratio

2.5x


Total Market Cap: ₦2.9tTotal Earnings: ₦1.2tTotal Revenue: ₦4.1tTotal 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 2.8x 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 0.73x.
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 53% 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 Market1.60%
Financials3.26%
Banks4.05%
Regional Banks17.34%
Diversified Banks4.03%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 16.9x.
    • 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 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₦64.508.0%
+₦197.1b		46.6%PB0.6x
GTCO Guaranty Trust Holding₦91.005.3%
+₦145.9b		71.7%PB0.9x
UBA United Bank for Africa₦40.004.2%
+₦65.7b		20.1%PB0.4x
ETI Ecobank Transnational₦36.505.3%
+₦45.5b		43.1%PB0.4x
FIRSTHOLDCO First HoldCo₦31.651.9%
+₦25.1b		20.1%PB0.4x

Latest News

JAIZBANK
₦4.50
Jaiz Bank
7D
-2.0%
1Y
87.5%

Jaiz Bank Becomes Africa’s First IILM Primary Dealer – Strengthening Liquidity and Islamic Finance Positioning

Jaiz Bank Plc , Nigeria’s pioneer non-interest bank, has been admitted as a Primary Dealer of the International Islamic Liquidity Management Corporation (IILM) , marking a significant milestone both for the Bank and the broader African Islamic finance market. The onboarding was formalised during the CBN–IILM Liquidity Management Capacity Building Conference in Abuja and represents the first time an African financial institution will participate at this level within the IILM global liquidity ecosystem.
GTCO
₦91.00
Guaranty Trust Holding
7D
5.3%
1Y
71.7%
ETI
₦36.50
Ecobank Transnational
7D
5.3%
1Y
43.1%
ZENITHBANK
₦64.50
Zenith Bank
7D
8.0%
1Y
46.6%
FIRSTHOLDCO
₦31.65
First HoldCo
7D
1.9%
1Y
20.1%

NOTIFICATION OF COMPLETION OF SALE OF FBNQUEST MERCHANT BANK LIMITED

Issuer: First HoldCo Plc Transaction Type: Divestment of Subsidiary Subject: Completion of Sale of 100% Ownership in FBNQuest Merchant Bank Limited Buyer: EverQuest Acquisition LLP Regulatory Approval: Central Bank of Nigeria (CBN) Transaction Update First HoldCo Plc has formally notified the Nigerian Exchange Limited (NGX) and the investing public of the successful completion of its full divestment from FBNQuest Merchant Bank Limited. This development follows the sale of 100% equity ownership in the merchant banking subsidiary to EverQuest Acquisition LLP , marking the conclusion of the transaction.
FCMB
₦10.95
FCMB Group
7D
4.3%
1Y
21.7%

Investor Concerns Deepen as FCMB Again Raises Capital Ceiling to ₦400 Billion

FCMB Group Plc’s decision to further expand its capital-raising ceiling—now lifted to ₦400 billion from ₦370 billion barely two weeks after an earlier increase—has triggered growing unease among shareholders and market analysts. Many argue that the Group’s repeatedly shifting capital targets risk diluting shareholder value and cast doubt on the clarity of its long-term capital strategy.
STERLINGNG
₦7.00
Sterling Financial Holdings
7D
-1.4%
1Y
43.1%

Sterling Financial Holdings Company Plc – H1 2025 Performance Review

recent valuation
WEMABANK
₦18.80
Wema Bank
7D
3.0%
1Y
118.6%

Wema Bank Plc (H1 2025) - Solid Earnings Momentum and Balance Sheet Expansion Support Upside Potential

recent valuation
UBA
₦40.00
United Bank for Africa
7D
4.2%
1Y
20.1%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
LIVINGTRUST
₦3.79
Livingtrust Mortgage Bank
7D
17.3%
1Y
26.3%