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Nigerian (NSE) Banks Industry Analysis

UpdatedApr 26, 2024
DataAggregated Company Financials
Companies13
  • 7D-5.5%
  • 3M-25.0%
  • 1Y79.7%
  • YTD-11.6%

Over the last 7 days, the Banks industry has dropped 4.8%, driven by FBN Holdings declining 31%. Over the past 12 months, the industry was up 81%. In the next few years, earnings are forecast to decline by 6.6% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Apr 2024₦5.3t₦8.9t₦3.4t2.2x1.6x0.6x
Sun, 24 Mar 2024₦7.0t₦7.9t₦2.7t3.5x2.6x0.9x
Tue, 20 Feb 2024₦6.1t₦8.0t₦2.7t3.3x2.3x0.8x
Thu, 18 Jan 2024₦7.7t₦6.8t₦2.5t4x3.1x1.1x
Sat, 16 Dec 2023₦5.9t₦6.7t₦2.4t3x2.4x0.9x
Mon, 13 Nov 2023₦5.1t₦6.8t₦2.4t2.7x2.1x0.8x
Wed, 11 Oct 2023₦4.7t₦6.1t₦2.2t3.1x2.2x0.8x
Fri, 08 Sep 2023₦5.0t₦5.5t₦1.6t4.9x3.2x0.9x
Sun, 06 Aug 2023₦4.8t₦5.3t₦1.4t4.3x3.5x0.9x
Tue, 04 Jul 2023₦4.6t₦4.9t₦1.2t4.8x3.9x0.9x
Thu, 01 Jun 2023₦3.7t₦4.5t₦1.1t3.4x3.3x0.8x
Sat, 29 Apr 2023₦3.1t₦4.4t₦1.1t3.2x2.8x0.7x
Mon, 27 Mar 2023₦3.1t₦4.2t₦1.2t3x2.6x0.7x
Wed, 22 Feb 2023₦3.2t₦4.2t₦1.2t3x2.7x0.8x
Fri, 20 Jan 2023₦3.1t₦4.1t₦1.2t3x2.6x0.8x
Sun, 18 Dec 2022₦2.9t₦4.1t₦1.2t2.6x2.5x0.7x
Tue, 15 Nov 2022₦2.6t₦4.1t₦1.2t2.4x2.2x0.6x
Thu, 13 Oct 2022₦2.7t₦3.9t₦1.1t2.5x2.4x0.7x
Sat, 10 Sep 2022₦2.9t₦3.9t₦1.1t2.7x2.6x0.7x
Mon, 08 Aug 2022₦2.9t₦3.8t₦1.1t2.7x2.7x0.8x
Wed, 06 Jul 2022₦3.0t₦3.7t₦1.1t2.9x2.7x0.8x
Fri, 03 Jun 2022₦3.2t₦3.7t₦1.1t3x3x0.9x
Sun, 01 May 2022₦3.3t₦3.5t₦966.5b3.7x3.4x0.9x
Tue, 29 Mar 2022₦3.0t₦3.5t₦968.0b3x3.1x0.9x
Thu, 24 Feb 2022₦3.2t₦3.4t₦955.0b3.6x3.4x1x
Sat, 22 Jan 2022₦3.1t₦3.4t₦931.2b3.4x3.3x0.9x
Mon, 20 Dec 2021₦3.0t₦3.4t₦930.3b3.3x3.2x0.9x
Wed, 17 Nov 2021₦3.0t₦3.4t₦865.5b3.5x3.5x0.9x
Fri, 15 Oct 2021₦3.0t₦3.3t₦856.8b3.9x3.5x0.9x
Sun, 12 Sep 2021₦2.7t₦3.3t₦856.8b3.5x3.1x0.8x
Tue, 10 Aug 2021₦2.9t₦3.4t₦858.1b3.8x3.4x0.9x
Mon, 03 May 2021₦2.6t₦3.1t₦823.7b3.7x3.2x0.8x
Price to Earnings Ratio

3.2x


Total Market Cap: ₦2.6tTotal Earnings: ₦823.7bTotal Revenue: ₦3.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Banks Industry Price to Earnings3Y Average 2.9x202220232024
Current Industry PE
  • Investors are pessimistic on the Nigerian Banks industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 1.6x which is lower than its 3-year average PE of 2.9x.
  • The industry is trading close to its 3-year average PS ratio of 0.82x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 60% per year over the last three years.
  • Revenues for these companies have grown 41% 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-1.09%
Financials-6.02%
Banks-5.54%
Regional Banks-2.43%
Diversified Banks-5.59%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 6.5x.
    • 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, which is trading below its 3-year average of 2.9x.
Forecasted Growth
  • Despite it being negative, analysts are least pessimistic on the Diversified Banks industry since they expect its earnings to decline by only 6.6% per year over the next 5 years, which isn't as bad as the other industries.
  • This is a reversal from its past annual earnings growth rate of 202% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings decline by 6.6% 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
GTCO Guaranty Trust Holding₦35.954.7%
+₦34.1b		44.4%PB0.5x
ZENITHBANK Zenith Bank₦36.401.1%
+₦12.6b		59.6%PB0.5x
FIDELITYBK Fidelity Bank₦9.003.4%
+₦10.6b		73.1%PB0.7x
UBA United Bank for Africa₦22.800.4%
+₦3.4b		190.4%PB0.4x
UNITYBNK Unity Bank₦1.831.7%
+₦350.7m		238.9%PE-0.4x
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Latest News

FBNH

₦18.50

FBN Holdings

7D

-31.4%

1Y

68.2%

FIDELITYBK

₦9.00

Fidelity Bank

7D

3.4%

1Y

73.1%

STERLINGNG

₦3.82

Sterling Financial Holdings

7D

-10.1%

1Y

134.4%

GTCO

₦35.95

Guaranty Trust Holding

7D

4.7%

1Y

44.4%

ZENITHBANK

₦36.40

Zenith Bank

7D

1.1%

1Y

59.6%

ACCESSCORP

₦16.00

Access Holdings

7D

-7.2%

1Y

60.0%

UBA

₦22.80

United Bank for Africa

7D

0.4%

1Y

190.4%

WEMABANK

₦6.70

Wema Bank

7D

-6.3%

1Y

80.1%

JAIZBANK

₦1.94

Jaiz Bank

7D

-3.0%

1Y

115.6%

FCMB

₦7.00

FCMB Group

7D

-2.8%

1Y

66.7%

UNITYBNK

₦1.83

Unity Bank

7D

1.7%

1Y

238.9%