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Nigerian (NSE) Banks Industry Analysis
UpdatedJul 15, 2025
DataAggregated Company Financials
Companies14
- 7D14.3%
- 3M31.4%
- 1Y72.5%
- YTD32.2%
In the last week, the Banks industry is up 14%, with all of the companies up. This means that the industry has gained 72% over the past year. Looking forward, earnings are forecast to grow by 12% 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 |
|---|---|---|---|---|---|---|
| Tue, 15 Jul 2025 | ₦12.9t | ₦14.4t | ₦5.1t | 3.1x | 2.5x | 0.9x |
| Thu, 12 Jun 2025 | ₦10.4t | ₦14.4t | ₦5.1t | 2.7x | 2.1x | 0.7x |
| Sat, 10 May 2025 | ₦9.8t | ₦14.6t | ₦5.3t | 2.7x | 1.9x | 0.7x |
| Mon, 07 Apr 2025 | ₦9.7t | ₦14.1t | ₦5.4t | 2.7x | 1.8x | 0.7x |
| Wed, 05 Mar 2025 | ₦8.6t | ₦13.9t | ₦5.5t | 2.4x | 1.6x | 0.6x |
| Fri, 31 Jan 2025 | ₦8.8t | ₦13.6t | ₦5.3t | 2x | 1.6x | 0.6x |
| Sun, 29 Dec 2024 | ₦7.5t | ₦13.7t | ₦5.3t | 1.8x | 1.4x | 0.6x |
| Tue, 26 Nov 2024 | ₦7.0t | ₦13.8t | ₦5.4t | 1.7x | 1.3x | 0.5x |
| Thu, 24 Oct 2024 | ₦6.6t | ₦12.8t | ₦4.9t | 2.1x | 1.3x | 0.5x |
| Sat, 21 Sep 2024 | ₦6.2t | ₦11.9t | ₦4.8t | 2.1x | 1.3x | 0.5x |
| Mon, 19 Aug 2024 | ₦5.7t | ₦11.3t | ₦4.4t | 1.6x | 1.3x | 0.5x |
| Wed, 17 Jul 2024 | ₦5.9t | ₦11.2t | ₦4.4t | 1.8x | 1.3x | 0.5x |
| Fri, 14 Jun 2024 | ₦5.6t | ₦10.9t | ₦4.4t | 1.8x | 1.3x | 0.5x |
| Sun, 12 May 2024 | ₦5.7t | ₦10.5t | ₦4.2t | 2.3x | 1.4x | 0.5x |
| Tue, 09 Apr 2024 | ₦6.4t | ₦8.0t | ₦2.9t | 3.2x | 2.2x | 0.8x |
| Thu, 07 Mar 2024 | ₦6.0t | ₦8.2t | ₦2.7t | 3.6x | 2.2x | 0.7x |
| Sat, 03 Feb 2024 | ₦6.9t | ₦7.9t | ₦2.7t | 3.7x | 2.6x | 0.9x |
| Mon, 01 Jan 2024 | ₦6.1t | ₦6.8t | ₦2.5t | 3.1x | 2.5x | 0.9x |
| Wed, 29 Nov 2023 | ₦5.3t | ₦6.7t | ₦2.4t | 2.8x | 2.2x | 0.8x |
| Fri, 27 Oct 2023 | ₦4.8t | ₦6.2t | ₦2.2t | 3.1x | 2.2x | 0.8x |
| Sun, 24 Sep 2023 | ₦4.8t | ₦6.0t | ₦2.0t | 4.1x | 2.4x | 0.8x |
| Tue, 22 Aug 2023 | ₦4.8t | ₦5.2t | ₦1.4t | 4.6x | 3.5x | 0.9x |
| Thu, 20 Jul 2023 | ₦4.6t | ₦5.0t | ₦1.2t | 4.2x | 3.8x | 0.9x |
| Sat, 17 Jun 2023 | ₦4.2t | ₦4.8t | ₦1.2t | 4.2x | 3.6x | 0.9x |
| Mon, 15 May 2023 | ₦3.2t | ₦4.5t | ₦1.2t | 3.2x | 2.8x | 0.7x |
| Wed, 12 Apr 2023 | ₦3.1t | ₦4.2t | ₦1.2t | 3x | 2.6x | 0.7x |
| Fri, 10 Mar 2023 | ₦3.3t | ₦4.2t | ₦1.2t | 3.2x | 2.7x | 0.8x |
| Sun, 05 Feb 2023 | ₦3.3t | ₦4.2t | ₦1.2t | 3.1x | 2.7x | 0.8x |
| Tue, 03 Jan 2023 | ₦3.0t | ₦4.1t | ₦1.2t | 2.8x | 2.5x | 0.7x |
| Thu, 01 Dec 2022 | ₦2.8t | ₦4.1t | ₦1.2t | 2.5x | 2.4x | 0.7x |
| Sat, 29 Oct 2022 | ₦2.6t | ₦4.0t | ₦1.1t | 2.5x | 2.4x | 0.7x |
| Mon, 26 Sep 2022 | ₦2.8t | ₦3.9t | ₦1.1t | 2.7x | 2.5x | 0.7x |
| Wed, 24 Aug 2022 | ₦2.9t | ₦3.8t | ₦1.1t | 2.7x | 2.6x | 0.8x |
| Fri, 22 Jul 2022 | ₦3.0t | ₦3.7t | ₦1.1t | 2.8x | 2.7x | 0.8x |
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 2.5x 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 0.71x.
Past Earnings Growth
- The earnings for companies in the Banks industry have grown 67% per year over the last three years.
- Revenues for these companies have grown 57% 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 | 4.73% | |
| Financials | 13.12% | |
| Banks | 14.31% | |
| Diversified Banks | 14.36% | |
| Regional Banks | 0% | 0 |
Industry PE
- Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 14.0x.
- 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 12% over the next 5 years.
- However this is lower than its past earnings growth rate of 30% per year.
- In contrast, the Diversified Banks industry is expected to see its earnings grow by 12% 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 | |
|---|---|---|---|---|---|
| ZENITHBANK Zenith Bank | ₦71.50 | 24.2% +₦572.9b | 83.3% | PB0.7x | |
| UBA United Bank for Africa | ₦46.00 | 26.0% +₦389.9b | 101.3% | PB0.5x | |
| GTCO Guaranty Trust Holding | ₦93.85 | 11.1% +₦235.0b | 105.8% | PB0.8x | |
| ACCESSCORP Access Holdings | ₦24.90 | 12.9% +₦148.7b | 29.7% | PB0.4x | |
| ETI Ecobank Transnational | ₦34.50 | 11.3% +₦86.1b | 60.5% | PB0.4x |