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Nigerian (NSE) Diversified Banks Industry Analysis

UpdatedJul 10, 2026
DataAggregated Company Financials
Companies13
  • 7D9.4%
  • 3M4.1%
  • 1Y51.4%
  • YTDn/a

The Diversified Banks industry is up 5.3% in the last week, with First HoldCo up 11%. In the same time, Ecobank Transnational was down 10.0%. This means that the industry has gained 56% over the past year. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Jul 2026₦21.0t₦15.1t₦4.5t5.6x4.7x1.4x
Mon, 08 Jun 2026₦22.7t₦15.0t₦4.5t6x5.1x1.5x
Wed, 06 May 2026₦21.9t₦14.9t₦4.3t5.6x5.1x1.5x
Fri, 03 Apr 2026₦18.8t₦14.3t₦4.3t4.9x4.3x1.3x
Sun, 01 Mar 2026₦18.8t₦14.3t₦4.3t4.7x4.4x1.3x
Tue, 27 Jan 2026₦15.6t₦14.6t₦4.8t3.9x3.3x1.1x
Thu, 25 Dec 2025₦14.1t₦14.7t₦4.8t3.8x3x1x
Sat, 22 Nov 2025₦12.6t₦14.6t₦4.7t4.1x2.7x0.9x
Mon, 20 Oct 2025₦13.9t₦14.2t₦4.7t2.9x3x1x
Wed, 17 Sep 2025₦13.3t₦14.6t₦5.1t3x2.6x0.9x
Fri, 15 Aug 2025₦13.8t₦14.6t₦5.1t3x2.7x0.9x
Sun, 13 Jul 2025₦12.6t₦14.4t₦5.1t3x2.5x0.9x
Tue, 10 Jun 2025₦10.4t₦14.4t₦5.1t2.3x2.1x0.7x
Thu, 08 May 2025₦9.7t₦14.6t₦5.3t2.3x1.8x0.7x
Sat, 05 Apr 2025₦9.6t₦14.1t₦5.4t2.3x1.8x0.7x
Mon, 03 Mar 2025₦8.8t₦13.9t₦5.5t2.2x1.6x0.6x
Wed, 29 Jan 2025₦8.9t₦13.6t₦5.3t1.9x1.7x0.7x
Fri, 27 Dec 2024₦7.6t₦13.6t₦5.3t1.8x1.4x0.6x
Sun, 24 Nov 2024₦7.1t₦13.9t₦5.4t1.6x1.3x0.5x
Tue, 22 Oct 2024₦6.4t₦12.8t₦4.9t1.7x1.3x0.5x
Thu, 19 Sep 2024₦6.3t₦12.0t₦4.8t1.9x1.3x0.5x
Sat, 17 Aug 2024₦5.7t₦11.3t₦4.4t1.5x1.3x0.5x
Mon, 15 Jul 2024₦5.7t₦11.1t₦4.4t1.5x1.3x0.5x
Wed, 12 Jun 2024₦5.5t₦10.9t₦4.4t1.4x1.3x0.5x
Fri, 10 May 2024₦5.6t₦10.5t₦4.2t1.4x1.3x0.5x
Sun, 07 Apr 2024₦6.5t₦8.0t₦2.9t2.8x2.2x0.8x
Tue, 05 Mar 2024₦5.8t₦8.1t₦2.7t2.7x2.2x0.7x
Thu, 01 Feb 2024₦6.0t₦7.4t₦2.6t2.8x2.3x0.8x
Sat, 30 Dec 2023₦6.0t₦6.8t₦2.5t3x2.4x0.9x
Mon, 27 Nov 2023₦5.1t₦6.8t₦2.4t2.6x2.1x0.8x
Wed, 25 Oct 2023₦4.7t₦6.1t₦2.2t2.7x2.2x0.8x
Fri, 22 Sep 2023₦4.7t₦6.1t₦2.0t3x2.3x0.8x
Sun, 20 Aug 2023₦4.7t₦5.2t₦1.4t4.4x3.5x0.9x
Tue, 18 Jul 2023₦4.5t₦4.9t₦1.2t4.1x3.8x0.9x
Price to Earnings Ratio

3.8x


Total Market Cap: ₦4.5tTotal Earnings: ₦1.2tTotal Revenue: ₦4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Diversified Banks Industry Price to Earnings3Y Average 2.5x202420252026
Current Industry PE
  • Investors are optimistic on the Nigerian Diversified Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 4.6x which is higher than its 3-year average PE of 2.5x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Diversified Banks industry have grown 56% per year over the last three years.
  • Revenues for these companies have grown 45% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Nigerian Diversified Banks compare with similar industries?

NG Market7.41%
Financials8.18%
Banks9.44%
Diversified Banks9.44%
Regional Banks0%0
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
FIRSTHOLDCO First HoldCo₦69.2025.8%
+₦631.2b		137.4%PB0.9x
GTCO Guaranty Trust Holding₦126.004.2%
+₦184.6b		33.9%PB1.3x
ZENITHBANK Zenith Bank₦110.803.8%
+₦166.3b		59.0%PB0.9x
ACCESSCORP Access Holdings₦24.9510.4%
+₦124.4b		0.6%PB0.3x
WEMABANK Wema Bank₦30.0011.1%
+₦120.4b		87.5%PB1.9x

Latest News

FIRSTHOLDCO
₦69.20
First HoldCo
7D
25.8%
1Y
137.4%
FCMB
₦10.80
FCMB Group
7D
10.2%
1Y
6.9%
Narrative Update • Jul 09

FCMB Group Plc Reports Exceptional Q1 2026 Earnings Growth Driven by Strong Net Interest Income, Capital Expansion, and Balance Sheet Growth

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) FCMB Group Plc delivered an outstanding first-quarter performance for the period ended March 31, 2026, supported by robust growth in net interest income, higher fee-based earnings, successful capital raising, and improved operating efficiency. Group Profit After Tax (PAT) surged by 137% YoY to ₦76.5 billion from ₦32.2 billion in Q1 2025, while Profit Before Tax (PBT) climbed 148% YoY to ₦87.0 billion.
ZENITHBANK
₦110.80
Zenith Bank
7D
3.8%
1Y
59.0%
Narrative Update • Jul 02

ZENITHBANK: Higher Margins And P/E Repricing Will Drive Future Upside

Analysts have lifted their fair value estimate for Zenith Bank from NGN72.01 to NGN145.20, citing updated assumptions that include slightly higher projected revenue growth, a stronger profit margin profile, and a higher future P/E multiple. What’s in the News for Zenith Bank Zenith Bank has scheduled a board meeting for June 29, 2026, to consider and approve the group’s financial results for the half year ending June 30, 2026.
FIDELITYBK
₦19.00
Fidelity Bank
7D
5.6%
1Y
-10.4%
GTCO
₦126.00
Guaranty Trust Holding
7D
4.2%
1Y
33.9%
Narrative Update • Jul 01

GTCO: Higher Future Earnings Multiple Will Support Returns If Margins Hold

Analysts have lifted their price target fair value estimate for Guaranty Trust Holding from NGN116.17 to NGN154.61, reflecting updated assumptions around revenue growth, profit margins and a revised future P/E outlook. What's in the News Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, and to discuss issues relating to the half year dividend, along with other business matters.
ETI
₦85.70
Ecobank Transnational
7D
-10.0%
1Y
152.4%
WEMABANK
₦30.00
Wema Bank
7D
11.1%
1Y
87.5%
JAIZBANK
₦9.20
Jaiz Bank
7D
15.0%
1Y
157.7%
Narrative Update • Jun 29

Jaiz Bank Plc – Shareholders Approve ₦150 Billion Capital Raise to Support Expansion and Lending Growth

Transaction Overview Author: Qudus Adebara (Research Analyst, DLM Securities) Jaiz Bank Plc has received shareholder approval to raise an additional ₦150 billion in capital as part of its growth and expansion strategy. The approval was granted at the Bank’s 14th Annual General Meeting (AGM) held in Abuja.
ACCESSCORP
₦24.95
Access Holdings
7D
10.4%
1Y
0.6%
STERLINGNG
₦7.60
Sterling Financial Holdings
7D
-1.9%
1Y
23.4%