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Nigerian (NSE) Banks Industry Analysis

UpdatedNov 27, 2022
DataAggregated Company Financials
Companies13
  • 7D2.6%
  • 3M2.6%
  • 1Y-2.8%
  • YTD-5.4%

The Banks industry has gained 2.6% in the last week and Access Holdings up 6.2%. Overall in the last year, the industry is flat. As for the next few years, earnings are expected to grow by 15% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Thu, 22 Sep 2022₦2.8t₦3.9t₦1.1t2.7x2.5x0.7x
Sat, 20 Aug 2022₦2.9t₦3.8t₦1.1t2.8x2.6x0.8x
Mon, 18 Jul 2022₦3.0t₦3.7t₦1.1t2.8x2.7x0.8x
Wed, 15 Jun 2022₦3.1t₦3.7t₦1.1t3x2.8x0.8x
Fri, 13 May 2022₦3.3t₦3.6t₦983.0b3.1x3.4x0.9x
Sun, 10 Apr 2022₦3.0t₦3.5t₦968.0b3x3.1x0.9x
Tue, 08 Mar 2022₦3.2t₦3.4t₦967.7b3.4x3.3x0.9x
Thu, 03 Feb 2022₦3.3t₦3.4t₦948.6b3.6x3.4x1x
Sat, 01 Jan 2022₦3.0t₦3.4t₦930.6b3.3x3.2x0.9x
Mon, 29 Nov 2021₦2.9t₦3.4t₦865.6b3.3x3.4x0.9x
Wed, 27 Oct 2021₦3.0t₦3.3t₦868.4b3.8x3.5x0.9x
Fri, 24 Sep 2021₦2.6t₦3.3t₦856.8b3.5x3.1x0.8x
Sun, 22 Aug 2021₦2.9t₦3.4t₦858.1b3.8x3.4x0.9x
Fri, 09 Jul 2021₦2.9t₦3.4t₦858.1b3.8x3.4x0.9x
Thu, 01 Apr 2021₦3.0t₦3.1t₦823.7b4.2x3.6x0.9x
Sun, 03 Jan 2021₦2.9t₦3.1t₦809.2b3.7x3.6x0.9x
Wed, 07 Oct 2020₦2.3t₦3.0t₦761.0b3.4x3x0.7x
Tue, 30 Jun 2020₦2.1t₦3.0t₦807.0b2.7x2.6x0.7x
Fri, 03 Apr 2020₦1.8t₦3.0t₦814.6b2.2x2.2x0.6x
Mon, 06 Jan 2020₦2.8t₦2.9t₦803.8b3.5x3.4x1x
Price to Earnings Ratio

3.6x


Total Market Cap: ₦2.8tTotal Earnings: ₦784.4bTotal Revenue: ₦2.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Banks Industry Price to Earnings3Y Average 3.1x202020212022
Current Industry PE
  • Investors are pessimistic on the Nigerien 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 2.4x which is lower than its 3-year average PE of 3.1x.
  • The industry is trading close to its 3-year average PS ratio of 0.84x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 13% 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 Market5.40%
Financials2.49%
Banks2.56%
Diversified Banks2.62%
Regional Banks-2.22%
Industry PE
  • Investors are most optimistic about the Regional Banks industry, which is trading close to its 3-year average PE ratio of 6.2x.
    • 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 3.1x.
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 32% 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
ACCESSCORP Access Holdings₦8.606.2%
+₦17.3b
-4.4%PB0.3x
ZENITHBANK Zenith Bank₦21.902.6%
+₦17.3b
-10.1%PB0.5x
ETI Ecobank Transnational₦10.656.5%
+₦16.0b
33.1%PB0.4x
GTCO Guaranty Trust Holding₦20.002.8%
+₦11.7b
-20.0%PB0.5x
UBA United Bank for Africa₦7.302.1%
+₦5.1b
-9.9%PB0.3x
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Latest News

UBA

₦7.30

United Bank for Africa

7D

2.1%

1Y

-9.9%

UBN

₦6.55

Union Bank of Nigeria

7D

0.8%

1Y

36.5%

GTCO

₦20.00

Guaranty Trust Holding

7D

2.8%

1Y

-20.0%

FIDELITYBK

₦4.10

Fidelity Bank

7D

1.2%

1Y

60.8%

STERLNBANK

₦1.44

Sterling Bank

7D

1.4%

1Y

-3.4%

JAIZBANK

₦0.88

Jaiz Bank

7D

-2.2%

1Y

31.3%

ACCESSCORP

₦8.60

Access Holdings

7D

6.2%

1Y

-4.4%

ZENITHBANK

₦21.90

Zenith Bank

7D

2.6%

1Y

-10.1%

ETI

₦10.65

Ecobank Transnational

7D

6.5%

1Y

33.1%