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Nigerian (NSE) Diversified Banks Industry Analysis

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies12
  • 7D3.1%
  • 3M0.9%
  • 1Y37.1%
  • YTDn/a

The Diversified Banks industry is up 3.1% in the last week, with First HoldCo up 18%. This takes the industry's 12 month performance to a gain of 37%. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025₦14.1t₦14.7t₦4.8t3.8x2.9x1x
Wed, 26 Nov 2025₦12.6t₦14.7t₦4.7t4x2.7x0.9x
Fri, 24 Oct 2025₦14.0t₦14.2t₦4.7t3x3x1x
Sun, 21 Sep 2025₦12.9t₦14.4t₦5.0t3x2.6x0.9x
Tue, 19 Aug 2025₦13.8t₦14.6t₦5.1t3x2.7x0.9x
Thu, 17 Jul 2025₦13.7t₦14.4t₦5.1t3.1x2.7x1x
Sat, 14 Jun 2025₦10.3t₦14.4t₦5.1t2.3x2x0.7x
Mon, 12 May 2025₦9.8t₦14.7t₦5.3t2.3x1.8x0.7x
Wed, 09 Apr 2025₦9.3t₦14.1t₦5.4t2.3x1.7x0.7x
Fri, 07 Mar 2025₦8.6t₦13.9t₦5.5t2.2x1.6x0.6x
Sun, 02 Feb 2025₦8.9t₦13.8t₦5.5t2.3x1.6x0.6x
Tue, 31 Dec 2024₦7.5t₦13.7t₦5.3t1.7x1.4x0.6x
Thu, 28 Nov 2024₦6.9t₦13.9t₦5.4t1.6x1.3x0.5x
Sat, 26 Oct 2024₦6.8t₦12.8t₦4.9t1.9x1.4x0.5x
Mon, 23 Sep 2024₦6.2t₦12.2t₦4.8t1.7x1.3x0.5x
Wed, 21 Aug 2024₦5.7t₦11.3t₦4.4t1.5x1.3x0.5x
Fri, 19 Jul 2024₦5.8t₦11.1t₦4.4t1.6x1.3x0.5x
Sun, 16 Jun 2024₦5.5t₦10.9t₦4.4t1.4x1.3x0.5x
Tue, 14 May 2024₦5.6t₦10.6t₦4.2t1.4x1.3x0.5x
Thu, 11 Apr 2024₦6.4t₦8.6t₦3.4t1.9x1.9x0.7x
Sat, 09 Mar 2024₦5.8t₦8.2t₦2.7t2.6x2.1x0.7x
Mon, 05 Feb 2024₦6.8t₦8.0t₦2.7t3.3x2.5x0.8x
Wed, 03 Jan 2024₦6.1t₦6.8t₦2.5t3x2.5x0.9x
Fri, 01 Dec 2023₦5.3t₦6.7t₦2.4t2.6x2.2x0.8x
Sun, 29 Oct 2023₦4.7t₦6.4t₦2.3t2.4x2.1x0.7x
Tue, 26 Sep 2023₦4.6t₦6.1t₦2.2t2.5x2.1x0.8x
Thu, 24 Aug 2023₦4.6t₦5.2t₦1.4t4.4x3.4x0.9x
Sat, 22 Jul 2023₦4.9t₦5.1t₦1.3t4.6x3.8x1x
Mon, 19 Jun 2023₦4.1t₦4.7t₦1.1t4x3.6x0.9x
Wed, 17 May 2023₦3.2t₦4.4t₦1.1t3x2.8x0.7x
Fri, 14 Apr 2023₦3.1t₦4.2t₦1.2t2.7x2.6x0.7x
Sun, 12 Mar 2023₦3.2t₦4.2t₦1.2t2.9x2.7x0.8x
Tue, 07 Feb 2023₦3.2t₦4.2t₦1.2t3.1x2.7x0.8x
Thu, 05 Jan 2023₦3.0t₦4.1t₦1.2t2.7x2.5x0.7x
Price to Earnings Ratio

2.5x


Total Market Cap: ₦3.0tTotal Earnings: ₦1.2tTotal Revenue: ₦4.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Diversified Banks Industry Price to Earnings3Y Average 2.2x20242025
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 2.9x 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 0.73x.
Past Earnings Growth
  • The earnings for companies in the Diversified Banks industry have grown 59% 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 Comparison

How does Nigerian Diversified Banks compare with similar industries?

NG Market1.15%
Financials2.50%
Banks3.07%
Diversified Banks3.07%
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₦49.307.2%
+₦138.2b		74.8%PB0.6x
ETI Ecobank Transnational₦41.8010.0%
+₦90.2b		49.3%PB0.4x
UBA United Bank for Africa₦41.005.1%
+₦82.1b		19.5%PB0.4x
GTCO Guaranty Trust Holding₦89.551.6%
+₦46.0b		57.1%PB0.9x
ACCESSCORP Access Holdings₦21.002.4%
+₦25.9b		-12.5%PB0.3x

Latest News

FCMB
₦10.90
FCMB Group
7D
3.3%
1Y
17.2%

FCMB Group Plc Secures Shareholder Approval to Raise N400 Billion to Strengthen Capital and Support Strategic Growth

Key Highlights Offer Size: Up to N400 billion Offer Structure: Fresh equity capital through public/private placement Share Capital Increase: From N30.00 billion to reflect new share issuance Existing Shares: 60,004,339,565 ordinary shares of 50 kobo each Eligibility: Existing and potential investors, subject to regulatory approvals Regulatory Approvals: SEC, CBN, and NGX Strategic Objective: Align with CBN minimum capital requirements for international banks Overview FCMB Group Plc, a leading Nigerian financial services conglomerate, has obtained shareholder approval to raise up to N400 billion in fresh equity capital. The approval was granted during an Extraordinary General Meeting (EGM) held in Lagos, reflecting strong shareholder confidence in the Group’s leadership and growth ambitions.
ACCESSCORP
₦21.00
Access Holdings
7D
2.4%
1Y
-12.5%

Access Holdings Plc Secures Shareholder Approval for N40 Billion Private Placement to Strengthen Capital Base

Key Highlights Offer Size: Up to N40 billion (or foreign currency equivalent) Offer Structure: Private placement of newly created ordinary shares Offer Price: N20.25 per share (or as determined by the board) New Shares to be Issued: 1.98 billion ordinary shares of 50 kobo each Post-Transaction Share Capital: Increase from N26.66 billion to N27.65 billion Post-Transaction Total Issued Shares: From ~53.32 billion to ~55.29 billion Approval Date: December 18, 2025 Regulatory Approvals Required: CBN, SEC, NGX Overview Access Holdings Plc, a leading financial holding company in Nigeria, has received shareholder approval to raise up to N40 billion through a private placement. The approval, granted at a virtual Extraordinary General Meeting (EGM) on December 18, 2025, empowers the board to execute the capital raise, restructure share capital, and engage selected strategic or institutional investors.
ETI
₦41.80
Ecobank Transnational
7D
10.0%
1Y
49.3%
NPFMCRFBK
₦3.73
NPF Microfinance Bank
7D
-0.5%
1Y
123.4%
GTCO
₦89.55
Guaranty Trust Holding
7D
1.6%
1Y
57.1%

GTCO Margins Are Expected To Support Higher Future Share Price

Analysts have raised their price target on Guaranty Trust Holding from ₦121.05 to ₦130.00, citing expectations of structurally higher profit margins and a modestly richer valuation multiple that more than offsets slightly slower projected revenue growth. What's in the News Board meeting scheduled for January 27, 2026, to review audited financial statements for the year ending December 31, 2025 (company filing) Full year dividend considerations are expected to be tabled at the January 27, 2026, board meeting (company filing) Directors will also discuss other strategic and operational business matters during the upcoming board session (company filing) Valuation Changes The fair value estimate has risen modestly from NGN 121.05 to NGN 130.00, reflecting a higher assessed intrinsic value per share.
FIRSTHOLDCO
₦49.30
First HoldCo
7D
7.2%
1Y
74.8%
ZENITHBANK
₦62.70
Zenith Bank
7D
-0.5%
1Y
36.5%

ZENITHBANK: Future Earnings Momentum Will Drive Upside As Margins Improve

Analysts have raised their price target for Zenith Bank by approximately 7 percent to align with an updated fair value estimate of about $84. This change reflects slightly stronger expected revenue growth and a marginally lower discount rate, which more than offset a small reduction in projected profit margins and a modestly higher future price-to-earnings multiple.
STERLINGNG
₦7.00
Sterling Financial Holdings
7D
-4.1%
1Y
23.9%
JAIZBANK
₦4.60
Jaiz Bank
7D
-0.6%
1Y
50.8%

Jaiz Bank Becomes Africa’s First IILM Primary Dealer – Strengthening Liquidity and Islamic Finance Positioning

Jaiz Bank Plc , Nigeria’s pioneer non-interest bank, has been admitted as a Primary Dealer of the International Islamic Liquidity Management Corporation (IILM) , marking a significant milestone both for the Bank and the broader African Islamic finance market. The onboarding was formalised during the CBN–IILM Liquidity Management Capacity Building Conference in Abuja and represents the first time an African financial institution will participate at this level within the IILM global liquidity ecosystem.
FIDELITYBK
₦19.00
Fidelity Bank
7D
-0.3%
1Y
9.8%
UBA
₦41.00
United Bank for Africa
7D
5.1%
1Y
19.5%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.