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Nigerian (NSE) Banks Industry Analysis

UpdatedMar 14, 2025
DataAggregated Company Financials
Companies13
  • 7D-0.2%
  • 3M8.9%
  • 1Y19.7%
  • YTD3.7%

Guaranty Trust Holding is up 2.5%, leading the way for the Banks industry, which has gained 1.6%. In the last 12 months, the industry was up 21%. Earnings are forecast to grow by 5.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 14 Mar 2025₦9.0t₦14.0t₦5.5t2.4x1.7x0.6x
Sun, 09 Feb 2025₦9.5t₦13.9t₦5.5t2.7x1.7x0.7x
Tue, 07 Jan 2025₦7.6t₦13.7t₦5.3t1.8x1.4x0.6x
Thu, 05 Dec 2024₦7.1t₦13.8t₦5.4t1.7x1.3x0.5x
Sat, 02 Nov 2024₦6.8t₦13.5t₦5.3t1.6x1.3x0.5x
Mon, 30 Sep 2024₦6.4t₦12.4t₦4.8t2.1x1.3x0.5x
Wed, 28 Aug 2024₦5.8t₦11.3t₦4.4t1.7x1.3x0.5x
Fri, 26 Jul 2024₦5.6t₦11.1t₦4.4t1.6x1.3x0.5x
Sun, 23 Jun 2024₦5.6t₦11.0t₦4.4t1.6x1.3x0.5x
Tue, 21 May 2024₦5.3t₦10.7t₦4.2t2.2x1.3x0.5x
Thu, 18 Apr 2024₦5.6t₦8.6t₦3.4t2.5x1.7x0.7x
Sat, 16 Mar 2024₦6.7t₦8.2t₦2.7t3.5x2.5x0.8x
Mon, 12 Feb 2024₦6.2t₦8.0t₦2.7t3.2x2.3x0.8x
Wed, 10 Jan 2024₦7.2t₦6.8t₦2.5t4.2x2.9x1.1x
Fri, 08 Dec 2023₦5.7t₦6.7t₦2.4t2.9x2.3x0.8x
Sun, 05 Nov 2023₦4.9t₦6.8t₦2.4t2.5x2x0.7x
Tue, 03 Oct 2023₦4.6t₦6.1t₦2.2t3.1x2.1x0.8x
Thu, 31 Aug 2023₦4.6t₦5.3t₦1.4t4.5x3.3x0.9x
Sat, 29 Jul 2023₦4.9t₦5.2t₦1.3t4.6x3.6x0.9x
Mon, 26 Jun 2023₦4.3t₦4.9t₦1.2t4.1x3.6x0.9x
Wed, 24 May 2023₦3.4t₦4.5t₦1.1t3.2x3x0.8x
Fri, 21 Apr 2023₦3.1t₦4.3t₦1.2t3.1x2.5x0.7x
Sun, 19 Mar 2023₦3.1t₦4.2t₦1.2t3x2.6x0.7x
Tue, 14 Feb 2023₦3.2t₦4.2t₦1.2t3.1x2.7x0.8x
Thu, 12 Jan 2023₦3.1t₦4.1t₦1.2t3x2.6x0.7x
Sat, 10 Dec 2022₦2.9t₦4.1t₦1.2t2.6x2.4x0.7x
Mon, 07 Nov 2022₦2.6t₦4.1t₦1.2t2.4x2.2x0.6x
Wed, 05 Oct 2022₦2.7t₦3.9t₦1.1t2.6x2.4x0.7x
Fri, 02 Sep 2022₦2.9t₦3.8t₦1.1t2.7x2.6x0.8x
Sun, 31 Jul 2022₦2.9t₦3.8t₦1.1t2.6x2.6x0.8x
Tue, 28 Jun 2022₦3.0t₦3.7t₦1.1t2.9x2.7x0.8x
Thu, 26 May 2022₦3.1t₦3.6t₦983.3b3.1x3.2x0.9x
Sat, 23 Apr 2022₦3.1t₦3.5t₦962.5b3.3x3.2x0.9x
Mon, 21 Mar 2022₦3.2t₦3.5t₦968.0b3.4x3.3x0.9x
Price to Earnings Ratio

3.3x


Total Market Cap: ₦3.2tTotal Earnings: ₦968.0bTotal Revenue: ₦3.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Banks Industry Price to Earnings3Y Average 2.3x202320242025
Current Industry PE
  • Investors are pessimistic on the Nigerian Banks industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 1.7x which is lower than its 3-year average PE of 2.3x.
  • The industry is trading close to its 3-year average PS ratio of 0.73x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 78% per year over the last three years.
  • Revenues for these companies have grown 59% 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 Market0.19%
Financials0.0033%
Banks-0.25%
Regional Banks0%0
Diversified Banks-0.25%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 11.0x.
    • 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 below its 3-year average of 2.3x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 5.7% over the next 5 years.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 5.7% 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
GTCO Guaranty Trust Holding₦60.502.5%
+₦30.6b		37.3%PB0.5x
ZENITHBANK Zenith Bank₦48.001.5%
+₦28.7b		24.7%PB0.6x
STERLINGNG Sterling Financial Holdings₦5.383.5%
+₦8.2b		5.5%PB0.9x
NPFMCRFBK NPF Microfinance Bank₦1.907.3%
+₦779.1m		-2.6%PB0.9x
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UBA

₦36.75

United Bank for Africa

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ACCESSCORP

₦23.65

Access Holdings

7D

-1.3%

1Y

1.3%

ZENITHBANK

₦48.00

Zenith Bank

7D

1.5%

1Y

24.7%

FIDELITYBK

₦17.20

Fidelity Bank

7D

-2.3%

1Y

65.4%

GTCO

₦60.50

Guaranty Trust Holding

7D

2.5%

1Y

37.3%

STERLINGNG

₦5.38

Sterling Financial Holdings

7D

3.5%

1Y

5.5%

FCMB

₦9.65

FCMB Group

7D

-2.0%

1Y

14.9%

NPFMCRFBK

₦1.90

NPF Microfinance Bank

7D

7.3%

1Y

-2.6%

WEMABANK

₦10.95

Wema Bank

7D

-0.5%

1Y

40.4%

FIRSTHOLDCO

₦28.60

First HoldCo

7D

-3.1%

1Y

-18.3%

ETI

₦29.00

Ecobank Transnational

7D

-1.7%

1Y

26.1%