Nigerian (NSE) Banks Industry Analysis

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, 11 Jun 2026	₦22.4t	₦15.1t	₦4.5t	6x	5x	1.5x
Sat, 09 May 2026	₦22.1t	₦14.9t	₦4.3t	5.4x	5.2x	1.5x
Mon, 06 Apr 2026	₦18.8t	₦14.6t	₦4.6t	4.8x	4.1x	1.3x
Wed, 04 Mar 2026	₦18.8t	₦14.3t	₦4.3t	4.8x	4.4x	1.3x
Fri, 30 Jan 2026	₦15.6t	₦14.6t	₦4.7t	3.9x	3.3x	1.1x
Sun, 28 Dec 2025	₦14.1t	₦14.7t	₦4.8t	3.8x	2.9x	1x
Tue, 25 Nov 2025	₦12.6t	₦14.7t	₦4.7t	4.3x	2.7x	0.9x
Thu, 23 Oct 2025	₦14.0t	₦14.2t	₦4.7t	2.9x	3x	1x
Sat, 20 Sep 2025	₦13.0t	₦14.4t	₦5.0t	3x	2.6x	0.9x
Mon, 18 Aug 2025	₦13.8t	₦14.6t	₦5.1t	3.1x	2.7x	0.9x
Wed, 16 Jul 2025	₦12.9t	₦14.4t	₦5.1t	3.1x	2.5x	0.9x
Fri, 13 Jun 2025	₦10.4t	₦14.4t	₦5.1t	2.7x	2.1x	0.7x
Sun, 11 May 2025	₦9.8t	₦14.6t	₦5.3t	2.7x	1.9x	0.7x
Tue, 08 Apr 2025	₦9.1t	₦14.2t	₦5.4t	2.7x	1.7x	0.6x
Thu, 06 Mar 2025	₦8.5t	₦13.9t	₦5.5t	2.4x	1.6x	0.6x
Sat, 01 Feb 2025	₦8.9t	₦13.8t	₦5.5t	2.7x	1.6x	0.6x
Mon, 30 Dec 2024	₦7.5t	₦13.7t	₦5.3t	1.8x	1.4x	0.6x
Wed, 27 Nov 2024	₦7.0t	₦13.9t	₦5.4t	1.6x	1.3x	0.5x
Fri, 25 Oct 2024	₦6.8t	₦12.8t	₦4.9t	2.1x	1.4x	0.5x
Sun, 22 Sep 2024	₦6.2t	₦12.2t	₦4.8t	2.1x	1.3x	0.5x
Tue, 20 Aug 2024	₦5.7t	₦11.3t	₦4.4t	1.5x	1.3x	0.5x
Thu, 18 Jul 2024	₦6.0t	₦11.1t	₦4.4t	1.8x	1.4x	0.5x
Sat, 15 Jun 2024	₦5.6t	₦11.0t	₦4.4t	1.7x	1.3x	0.5x
Mon, 13 May 2024	₦5.7t	₦10.5t	₦4.2t	2.3x	1.4x	0.5x
Wed, 10 Apr 2024	₦6.4t	₦8.4t	₦3.2t	3.2x	2x	0.8x
Fri, 08 Mar 2024	₦5.9t	₦8.2t	₦2.7t	3.6x	2.2x	0.7x
Sun, 04 Feb 2024	₦6.9t	₦8.0t	₦2.7t	3.7x	2.6x	0.9x
Tue, 02 Jan 2024	₦6.1t	₦6.8t	₦2.5t	3.1x	2.5x	0.9x
Thu, 30 Nov 2023	₦5.3t	₦6.7t	₦2.4t	2.8x	2.2x	0.8x
Sat, 28 Oct 2023	₦4.8t	₦6.4t	₦2.3t	3x	2.1x	0.7x
Mon, 25 Sep 2023	₦4.8t	₦6.0t	₦2.0t	4.1x	2.4x	0.8x
Wed, 23 Aug 2023	₦4.7t	₦5.2t	₦1.4t	4.6x	3.5x	0.9x
Fri, 21 Jul 2023	₦4.6t	₦5.0t	₦1.2t	4.3x	3.8x	0.9x
Sun, 18 Jun 2023	₦4.2t	₦4.8t	₦1.2t	4.2x	3.6x	0.9x

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 5.0x which is higher than its 3-year average PE of 2.5x.

The 3-year average PS ratio of 0.82x is lower than the industry's current PS ratio of 1.5x.

Past Earnings Growth

The earnings for companies in the Banks industry have grown 57% per year over the last three years.
Revenues for these companies have grown 47% 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	-0.19%
Financials	2.33%
Banks	2.96%
Diversified Banks	2.96%
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 expect its future annual earnings growth (17.6%) to be largely in line with prior year's earnings growth.

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 18% 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 18% 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	₦67.25	15.5% +₦400.1b	125.7%	PB0.9x
GTCO Guaranty Trust Holding	₦136.00	1.9% +₦95.0b	91.5%	PB1.4x
ZENITHBANK Zenith Bank	₦127.00	1.7% +₦86.2b	153.5%	PB1x
ACCESSCORP Access Holdings	₦25.00	4.2% +₦53.0b	12.4%	PB0.3x
FCMB FCMB Group	₦11.90	4.4% +₦33.0b	13.3%	PB0.7x

New Risk • May 22

New major risk - Shareholder dilution

The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.

Nigerian (NSE) Banks Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment improves as stock rises 15%

FCMB Group Plc announces Annual dividend, payable on June 30, 2026

Now 21% undervalued

Wema Bank Plc – Positions for Tier-One Banking Status Through Capital Retention and Potential Acquisitions

ZENITHBANK: April Board Review Will Support Stronger Profitability Outlook

GTCO: Dividend Payouts And Richer P/E Assumptions Will Support Future Upside

Jaiz Bank Plc, Annual General Meeting, Jun 24, 2026

Consensus revenue estimates increase by 33%

New major risk - Shareholder dilution

Upcoming dividend of ₦0.20 per share