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Nigerian (NSE) Banks Industry Analysis

UpdatedOct 17, 2025
DataAggregated Company Financials
Companies13
  • 7D-1.0%
  • 3M-2.5%
  • 1Y54.6%
  • YTD28.9%

The Banks industry has stayed flat over the last week. The past year has been better, since the industry has gained 55% in that time. 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?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 18 Oct 2025₦11.3t₦14.2t₦4.7t2.8x2.4x0.8x
Mon, 15 Sep 2025₦13.4t₦14.6t₦5.1t3.1x2.6x0.9x
Wed, 13 Aug 2025₦13.9t₦14.7t₦5.1t3.1x2.7x1x
Fri, 11 Jul 2025₦11.9t₦14.4t₦5.1t3x2.3x0.8x
Sun, 08 Jun 2025₦10.5t₦14.4t₦5.1t2.7x2.1x0.7x
Tue, 06 May 2025₦9.4t₦14.6t₦5.3t2.5x1.8x0.6x
Thu, 03 Apr 2025₦9.3t₦14.1t₦5.4t2.2x1.7x0.7x
Sat, 01 Mar 2025₦8.9t₦13.9t₦5.5t2.5x1.6x0.6x
Mon, 27 Jan 2025₦8.5t₦13.7t₦5.3t1.9x1.6x0.6x
Wed, 25 Dec 2024₦7.6t₦13.7t₦5.3t1.9x1.4x0.6x
Fri, 22 Nov 2024₦7.2t₦13.8t₦5.4t1.7x1.3x0.5x
Sun, 20 Oct 2024₦6.3t₦12.5t₦4.8t1.9x1.3x0.5x
Tue, 17 Sep 2024₦6.1t₦12.0t₦4.8t2.2x1.3x0.5x
Thu, 15 Aug 2024₦5.7t₦11.3t₦4.4t1.6x1.3x0.5x
Sat, 13 Jul 2024₦5.7t₦11.1t₦4.4t1.7x1.3x0.5x
Mon, 10 Jun 2024₦5.4t₦10.9t₦4.4t1.8x1.2x0.5x
Wed, 08 May 2024₦5.7t₦10.4t₦4.2t2.6x1.4x0.6x
Fri, 05 Apr 2024₦6.8t₦8.1t₦3.0t3.5x2.3x0.8x
Sun, 03 Mar 2024₦6.0t₦8.1t₦2.7t3.3x2.2x0.7x
Tue, 30 Jan 2024₦7.1t₦6.9t₦2.5t3.7x2.8x1x
Thu, 28 Dec 2023₦6.1t₦6.9t₦2.5t3.1x2.5x0.9x
Sat, 25 Nov 2023₦5.2t₦6.7t₦2.4t2.7x2.1x0.8x
Mon, 23 Oct 2023₦4.8t₦6.1t₦2.2t3.1x2.2x0.8x
Wed, 20 Sep 2023₦4.9t₦6.1t₦2.0t4.2x2.4x0.8x
Fri, 18 Aug 2023₦4.8t₦5.3t₦1.4t4.6x3.5x0.9x
Sun, 16 Jul 2023₦4.3t₦5.0t₦1.2t4x3.6x0.9x
Tue, 13 Jun 2023₦3.7t₦4.4t₦1.1t3.5x3.4x0.8x
Thu, 11 May 2023₦3.3t₦4.5t₦1.1t3.2x2.8x0.7x
Sat, 08 Apr 2023₦3.2t₦4.2t₦1.2t3x2.6x0.7x
Mon, 06 Mar 2023₦3.3t₦4.2t₦1.2t3.2x2.8x0.8x
Wed, 01 Feb 2023₦3.2t₦4.2t₦1.2t3x2.7x0.8x
Fri, 30 Dec 2022₦3.0t₦4.1t₦1.2t2.9x2.6x0.7x
Sun, 27 Nov 2022₦2.8t₦4.1t₦1.2t2.5x2.4x0.7x
Tue, 25 Oct 2022₦2.6t₦3.9t₦1.1t2.5x2.4x0.7x
Price to Earnings Ratio

2.4x


Total Market Cap: ₦2.6tTotal Earnings: ₦1.1tTotal Revenue: ₦3.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Banks Industry Price to Earnings3Y Average 2.2x202320242025
Current Industry PE
  • Investors are relatively neutral on the Nigerian Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 2.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.72x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 62% per year over the last three years.
  • Revenues for these companies have grown 53% 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 Market2.10%
Financials-0.011%
Banks-0.99%
Diversified Banks-0.98%
Regional Banks-6.54%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 16.0x.
    • 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, which is trading close to its 3-year average of 2.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 15% over the next 5 years.
  • However this is lower than its past earnings growth rate of 36% per year.
  • 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?

CompanyLast Price7D1YValuation
FIRSTHOLDCO First HoldCo₦31.401.3%
+₦16.8b		20.8%PB0.5x
STERLINGNG Sterling Financial Holdings₦7.803.3%
+₦13.0b		63.2%PB1.1x
ETI Ecobank Transnational₦36.001.4%
+₦12.3b		48.8%PB0.4x
NPFMCRFBK NPF Microfinance Bank₦3.124.0%
+₦719.2m		95.0%PB1.4x

Latest News

ZENITHBANK
₦68.20
Zenith Bank
7D
-0.4%
1Y
82.1%
FCMB
₦10.55
FCMB Group
7D
-3.2%
1Y
24.9%

FCMB Group Plc H1 2025: Robust Growth in Core Banking Operations Despite Rising Costs

FCMB Group Plc: Strengthens Capital Base via Mandatory Convertible Loan Conversion Analyst Name: Adebara Qudus Sector: Banking / Financial Services Analyst View: Positive – proactive recapitalization, balance sheet strengthening ahead of CBN’s 2026 capital deadline Transaction Overview The Nigerian Exchange Limited (NGX) has listed 3.16 billion additional ordinary shares of FCMB Group Plc , following the conversion of a N23.11 billion mandatory convertible loan (including accrued interest) into equity. · Effective Date: September 23, 2025 · Conversion Price: N7.30 per share · Nominal Value: 50 kobo per share · New Total Shares Outstanding: 42.77 billion (up from 39.61 billion) · Market Capitalization: N446.96 billion (at N10.45/share) — a N33.09 billion increase This conversion forms a core component of FCMB’s ongoing recapitalization programme targeted at strengthening its balance sheet and aligning with the Central Bank of Nigeria’s (CBN) new capital adequacy requirements.
WEMABANK
₦19.00
Wema Bank
7D
-4.8%
1Y
139.0%
ETI
₦36.00
Ecobank Transnational
7D
1.4%
1Y
48.8%
UBA
₦42.00
United Bank for Africa
7D
-1.9%
1Y
65.4%
FIRSTHOLDCO
₦31.40
First HoldCo
7D
1.3%
1Y
20.8%
GTCO
₦93.30
Guaranty Trust Holding
7D
-1.8%
1Y
86.6%

HabariPay And East Africa Expansion Will Bring Opportunities And Risks

Guaranty Trust Holding’s price target has been revised upward as analysts anticipate stronger revenue growth (26.2% vs. 18.7%) and a higher future P/E, reflecting improved earnings expectations, raising fair value from NGN86.89 to NGN91.91.
STERLINGNG
₦7.80
Sterling Financial Holdings
7D
3.3%
1Y
63.2%

Sterling Financial Holdings Company Plc – H1 2025 Performance Review

Sterling Bank Legal Victory: Appeal Court Reversal Strengthens Institutional Integrity Sterling Bank’s successful appeal against the Federal High Court’s final forfeiture order involving ₦71 million marks a significant legal and reputational win. The Appeal Court judgment re-establishes Sterling Bank's compliance posture , reaffirms its rights as a licensed financial institution, and restores investor confidence shaken by prior claims of unlawful activity.
NPFMCRFBK
₦3.12
NPF Microfinance Bank
7D
4.0%
1Y
95.0%
ACCESSCORP
₦25.65
Access Holdings
7D
-1.3%
1Y
28.2%
FIDELITYBK
₦20.00
Fidelity Bank
7D
-1.5%
1Y
42.9%
LIVINGTRUST
₦4.50
Livingtrust Mortgage Bank
7D
-13.5%
1Y
50.0%