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Nigerian (NSE) Banks Industry Analysis
UpdatedApr 27, 2026
DataAggregated Company Financials
Companies12
- 7D9.3%
- 3M45.7%
- 1Y109.0%
- YTD54.1%
In the last week, the Banks industry is up 9.3%, with First HoldCo up 17%. In the same time, Jaiz Bank was down 7.0%. This means that the industry has gained 109% over the past year. Looking forward, earnings are forecast to grow by 15% 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 |
|---|---|---|---|---|---|---|
| Mon, 27 Apr 2026 | ₦23.8t | ₦14.6t | ₦4.6t | 5.5x | 5.2x | 1.6x |
| Wed, 25 Mar 2026 | ₦18.9t | ₦14.3t | ₦4.3t | 5x | 4.4x | 1.3x |
| Fri, 20 Feb 2026 | ₦17.3t | ₦14.2t | ₦4.3t | 4.7x | 4x | 1.2x |
| Sun, 18 Jan 2026 | ₦15.7t | ₦14.7t | ₦4.8t | 4.1x | 3.3x | 1.1x |
| Tue, 16 Dec 2025 | ₦13.3t | ₦14.7t | ₦4.8t | 4x | 2.8x | 0.9x |
| Thu, 13 Nov 2025 | ₦12.8t | ₦14.7t | ₦4.8t | 4.4x | 2.7x | 0.9x |
| Sat, 11 Oct 2025 | ₦11.5t | ₦14.2t | ₦4.7t | 2.9x | 2.4x | 0.8x |
| Mon, 08 Sep 2025 | ₦13.1t | ₦14.6t | ₦5.1t | 3.1x | 2.5x | 0.9x |
| Wed, 06 Aug 2025 | ₦14.0t | ₦14.6t | ₦5.1t | 3.2x | 2.7x | 1x |
| Fri, 04 Jul 2025 | ₦11.0t | ₦14.4t | ₦5.1t | 3x | 2.2x | 0.8x |
| Sun, 01 Jun 2025 | ₦10.0t | ₦14.4t | ₦5.1t | 2.5x | 2x | 0.7x |
| Tue, 29 Apr 2025 | ₦9.7t | ₦14.2t | ₦5.1t | 3.2x | 1.9x | 0.7x |
| Thu, 27 Mar 2025 | ₦9.2t | ₦13.9t | ₦5.6t | 2.6x | 1.7x | 0.7x |
| Sat, 22 Feb 2025 | ₦9.2t | ₦13.9t | ₦5.5t | 2.5x | 1.7x | 0.7x |
| Mon, 20 Jan 2025 | ₦7.7t | ₦13.7t | ₦5.3t | 1.8x | 1.5x | 0.6x |
| Wed, 18 Dec 2024 | ₦7.2t | ₦13.7t | ₦5.3t | 1.7x | 1.3x | 0.5x |
| Fri, 15 Nov 2024 | ₦7.2t | ₦13.9t | ₦5.4t | 1.7x | 1.3x | 0.5x |
| Sun, 13 Oct 2024 | ₦6.3t | ₦12.5t | ₦4.8t | 1.9x | 1.3x | 0.5x |
| Tue, 10 Sep 2024 | ₦5.9t | ₦11.7t | ₦4.6t | 1.8x | 1.3x | 0.5x |
| Thu, 08 Aug 2024 | ₦5.6t | ₦11.3t | ₦4.5t | 1.6x | 1.3x | 0.5x |
| Sat, 06 Jul 2024 | ₦5.9t | ₦11.0t | ₦4.4t | 1.8x | 1.3x | 0.5x |
| Mon, 03 Jun 2024 | ₦5.4t | ₦10.9t | ₦4.4t | 1.8x | 1.2x | 0.5x |
| Wed, 01 May 2024 | ₦5.4t | ₦9.1t | ₦3.4t | 2.3x | 1.6x | 0.6x |
| Fri, 29 Mar 2024 | ₦7.1t | ₦8.3t | ₦3.0t | 3.5x | 2.4x | 0.8x |
| Sun, 25 Feb 2024 | ₦6.0t | ₦8.0t | ₦2.7t | 3.6x | 2.3x | 0.8x |
| Tue, 23 Jan 2024 | ₦7.3t | ₦6.9t | ₦2.5t | 3.8x | 2.9x | 1.1x |
| Thu, 21 Dec 2023 | ₦6.0t | ₦6.7t | ₦2.4t | 3x | 2.5x | 0.9x |
| Sat, 18 Nov 2023 | ₦5.1t | ₦6.8t | ₦2.4t | 2.7x | 2.1x | 0.8x |
| Mon, 16 Oct 2023 | ₦4.7t | ₦6.2t | ₦2.2t | 3.1x | 2.1x | 0.8x |
| Wed, 13 Sep 2023 | ₦4.7t | ₦5.5t | ₦1.6t | 4.6x | 3x | 0.8x |
| Fri, 11 Aug 2023 | ₦4.9t | ₦5.3t | ₦1.4t | 4.5x | 3.6x | 0.9x |
| Sun, 09 Jul 2023 | ₦5.0t | ₦5.0t | ₦1.2t | 4.9x | 4.2x | 1x |
| Tue, 06 Jun 2023 | ₦3.7t | ₦4.4t | ₦1.1t | 3.3x | 3.4x | 0.8x |
| Thu, 04 May 2023 | ₦3.1t | ₦4.4t | ₦1.1t | 3.1x | 2.7x | 0.7x |
Price to Earnings Ratio
2.7x
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 5.2x which is higher than its 3-year average PE of 2.4x.
- The 3-year average PS ratio of 0.78x 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 59% per year over the last three years.
- Revenues for these companies have grown 49% 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 | 4.66% | |
| Financials | 5.80% | |
| Banks | 9.27% | |
| Diversified Banks | 9.27% | |
| Regional Banks | 0% | 0 |
Industry PE
- Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 2.4x.
- Analysts are expecting annual earnings growth of 15.1%, which is lower than the prior year's 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 2.4x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 15% 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 15% 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 | |
|---|---|---|---|---|---|
| FIRSTHOLDCO First HoldCo | ₦75.00 | 17.2% +₦489.0b | 200.0% | PB1.1x | |
| ZENITHBANK Zenith Bank | ₦135.90 | 7.9% +₦406.6b | 192.3% | PB1.1x | |
| UBA United Bank for Africa | ₦55.00 | 14.6% +₦309.4b | 61.8% | PB0.6x | |
| ETI Ecobank Transnational | ₦78.00 | 15.9% +₦253.9b | 143.8% | PB0.7x | |
| GTCO Guaranty Trust Holding | ₦133.80 | 4.1% +₦193.7b | 112.4% | PB1.4x |