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Nigerian (NSE) Banks Industry Analysis

UpdatedJul 26, 2026
DataAggregated Company Financials
Companies13
  • 7D9.3%
  • 3M13.2%
  • 1Y59.9%
  • YTD60.4%

Over the last 7 days, the Banks industry has risen 9.3%, driven by gains from First HoldCo of 26%. This means that the industry has gained 60% over the past year. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 26 Jul 2026₦25.1t₦15.3t₦4.6t6.1x5.4x1.6x
Tue, 23 Jun 2026₦20.9t₦15.1t₦4.5t5.5x4.6x1.4x
Thu, 21 May 2026₦23.6t₦15.0t₦4.5t5.6x5.3x1.6x
Sat, 18 Apr 2026₦21.8t₦14.6t₦4.6t5.2x4.7x1.5x
Mon, 16 Mar 2026₦18.4t₦14.3t₦4.3t4.7x4.2x1.3x
Wed, 11 Feb 2026₦16.3t₦14.2t₦4.3t4.5x3.8x1.1x
Fri, 09 Jan 2026₦14.8t₦14.7t₦4.8t3.9x3.1x1x
Sun, 07 Dec 2025₦13.2t₦14.3t₦4.8t4x2.8x0.9x
Tue, 04 Nov 2025₦13.4t₦14.7t₦4.8t4.5x2.8x0.9x
Thu, 02 Oct 2025₦11.4t₦14.2t₦4.7t2.9x2.4x0.8x
Sat, 30 Aug 2025₦13.3t₦14.6t₦5.1t3.2x2.6x0.9x
Mon, 28 Jul 2025₦13.5t₦14.4t₦5.1t3.2x2.7x0.9x
Wed, 25 Jun 2025₦10.8t₦14.4t₦5.1t2.8x2.1x0.7x
Fri, 23 May 2025₦9.6t₦14.4t₦5.1t2.5x1.9x0.7x
Sun, 20 Apr 2025₦9.0t₦14.2t₦5.2t3x1.7x0.6x
Tue, 18 Mar 2025₦9.0t₦14.0t₦5.5t2.3x1.6x0.6x
Thu, 13 Feb 2025₦9.4t₦13.9t₦5.5t2.7x1.7x0.7x
Sat, 11 Jan 2025₦7.8t₦13.7t₦5.3t1.8x1.5x0.6x
Mon, 09 Dec 2024₦7.2t₦13.8t₦5.3t1.8x1.3x0.5x
Wed, 06 Nov 2024₦7.1t₦13.5t₦5.3t1.8x1.4x0.5x
Fri, 04 Oct 2024₦6.3t₦12.4t₦4.7t1.8x1.4x0.5x
Sun, 01 Sep 2024₦5.8t₦11.6t₦4.5t1.7x1.3x0.5x
Tue, 30 Jul 2024₦5.5t₦11.2t₦4.4t1.6x1.2x0.5x
Thu, 27 Jun 2024₦5.5t₦11.0t₦4.4t1.6x1.3x0.5x
Sat, 25 May 2024₦5.0t₦10.6t₦4.2t2.1x1.2x0.5x
Mon, 22 Apr 2024₦5.5t₦8.7t₦3.4t2.6x1.6x0.6x
Wed, 20 Mar 2024₦6.9t₦8.1t₦2.7t3.5x2.6x0.9x
Fri, 16 Feb 2024₦6.1t₦8.1t₦2.7t3x2.3x0.8x
Sun, 14 Jan 2024₦7.3t₦7.0t₦2.5t4x2.9x1x
Tue, 12 Dec 2023₦5.7t₦6.7t₦2.4t2.9x2.3x0.9x
Thu, 09 Nov 2023₦5.0t₦6.7t₦2.4t2.7x2.1x0.7x
Sat, 07 Oct 2023₦4.7t₦6.1t₦2.2t3.1x2.2x0.8x
Mon, 04 Sep 2023₦4.8t₦5.6t₦1.6t4.7x3.1x0.9x
Wed, 02 Aug 2023₦4.7t₦5.3t₦1.4t4.2x3.5x0.9x
Price to Earnings Ratio

3.5x


Total Market Cap: ₦4.7tTotal Earnings: ₦1.4tTotal Revenue: ₦5.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Banks Industry Price to Earnings3Y Average 2.5x202420252026
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 5.4x which is higher than its 3-year average PE of 2.5x.
  • The 3-year average PS ratio of 0.84x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 50% per year over the last three years.
  • Revenues for these companies have grown 43% 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 Market1.96%
Financials7.90%
Banks9.34%
Diversified Banks9.34%
Regional Banks0%0
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 2.5x.
    • Analysts are expecting annual earnings growth of 21.5%, which is higher than its past year's earnings growth of 18.4% 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 2.5x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 21% 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
FIRSTHOLDCO First HoldCo₦120.5025.6%
+₦1.2t		232.9%PB1.5x
ZENITHBANK Zenith Bank₦126.5011.0%
+₦513.4b		70.9%PB1x
ACCESSCORP Access Holdings₦29.2016.8%
+₦222.4b		5.4%PB0.4x
GTCO Guaranty Trust Holding₦132.002.2%
+₦102.3b		40.4%PB1.3x
FCMB FCMB Group₦12.0011.1%
+₦79.1b		22.4%PB0.7x

Latest News

ACCESSCORP
₦29.20
Access Holdings
7D
16.8%
1Y
5.4%
ZENITHBANK
₦126.50
Zenith Bank
7D
11.0%
1Y
70.9%
FIRSTHOLDCO
₦120.50
First HoldCo
7D
25.6%
1Y
232.9%
ETI
₦88.95
Ecobank Transnational
7D
3.8%
1Y
178.0%
Narrative Update • Jul 16

Ecobank Lists Landmark $450 Million Sustainable Agriculture & Natural Capital Bond on London Stock Exchange

Ecobank Transnational Incorporated (ETI) has achieved a significant milestone in sustainable finance with the successful listing of its $450 million Sustainable Agriculture & Natural Capital Bond on the London Stock Exchange (LSE). The transaction represents a major step in mobilising long-term capital toward agriculture, biodiversity preservation, water infrastructure, and broader environmental sustainability initiatives across Africa.
GTCO
₦132.00
Guaranty Trust Holding
7D
2.2%
1Y
40.4%
Narrative Update • Jul 15

GTCO: Higher Margins And Dividend Policy Will Support Future Upside Potential

Analysts have revised their fair value estimate for Guaranty Trust Holding to NGN147.39 from NGN86.39, citing updated assumptions for revenue growth, profit margins, and future P/E expectations as key drivers of the higher price target. What’s in the News for Guaranty Trust Holding Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, with potential discussion of half year dividend matters and other business items.
JAIZBANK
₦9.10
Jaiz Bank
7D
7.1%
1Y
131.0%
FCMB
₦12.00
FCMB Group
7D
11.1%
1Y
22.4%
Narrative Update • Jul 09

FCMB Group Plc Reports Exceptional Q1 2026 Earnings Growth Driven by Strong Net Interest Income, Capital Expansion, and Balance Sheet Growth

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) FCMB Group Plc delivered an outstanding first-quarter performance for the period ended March 31, 2026, supported by robust growth in net interest income, higher fee-based earnings, successful capital raising, and improved operating efficiency. Group Profit After Tax (PAT) surged by 137% YoY to ₦76.5 billion from ₦32.2 billion in Q1 2025, while Profit Before Tax (PBT) climbed 148% YoY to ₦87.0 billion.
FIDELITYBK
₦21.00
Fidelity Bank
7D
-3.9%
1Y
-0.9%
WEMABANK
₦31.80
Wema Bank
7D
4.4%
1Y
59.8%