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Nigerian (NSE) Diversified Banks Industry Analysis

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies12
  • 7D1.3%
  • 3M11.8%
  • 1Y46.7%
  • YTDn/a

In the last week, the Diversified Banks industry is up 1.3%, with Zenith Bank up 5.9%. This means that the industry has gained 47% over the past year. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 21 Jan 2026₦15.9t₦14.7t₦4.8t4.1x3.3x1.1x
Fri, 19 Dec 2025₦13.7t₦14.7t₦4.8t3.8x2.9x0.9x
Sun, 16 Nov 2025₦13.1t₦14.6t₦4.7t4.1x2.8x0.9x
Tue, 14 Oct 2025₦11.4t₦14.2t₦4.7t2.8x2.4x0.8x
Thu, 11 Sep 2025₦13.1t₦14.6t₦5.1t3x2.5x0.9x
Sat, 09 Aug 2025₦14.0t₦14.6t₦5.1t3.1x2.7x1x
Mon, 07 Jul 2025₦11.1t₦14.4t₦5.1t2.8x2.2x0.8x
Wed, 04 Jun 2025₦10.1t₦14.4t₦5.1t2.2x2x0.7x
Fri, 02 May 2025₦9.7t₦14.3t₦5.1t2.4x1.9x0.7x
Sun, 30 Mar 2025₦9.1t₦14.0t₦5.3t2.2x1.7x0.7x
Tue, 25 Feb 2025₦9.0t₦13.9t₦5.5t2.2x1.7x0.6x
Thu, 23 Jan 2025₦7.7t₦13.7t₦5.3t1.7x1.5x0.6x
Sat, 21 Dec 2024₦7.4t₦13.7t₦5.3t1.7x1.4x0.5x
Mon, 18 Nov 2024₦7.2t₦13.8t₦5.3t1.7x1.3x0.5x
Wed, 16 Oct 2024₦6.3t₦12.4t₦4.7t1.8x1.3x0.5x
Fri, 13 Sep 2024₦5.9t₦11.9t₦4.8t1.6x1.2x0.5x
Sun, 11 Aug 2024₦5.9t₦11.3t₦4.4t1.5x1.3x0.5x
Tue, 09 Jul 2024₦5.8t₦11.0t₦4.4t1.6x1.3x0.5x
Thu, 06 Jun 2024₦5.3t₦10.8t₦4.4t1.4x1.2x0.5x
Sat, 04 May 2024₦5.6t₦9.5t₦3.6t1.6x1.6x0.6x
Mon, 01 Apr 2024₦7.0t₦8.1t₦3.0t2.9x2.4x0.9x
Wed, 28 Feb 2024₦5.8t₦8.1t₦2.7t2.5x2.2x0.7x
Fri, 26 Jan 2024₦7.0t₦6.8t₦2.5t3.6x2.8x1x
Sun, 24 Dec 2023₦6.0t₦6.9t₦2.5t3x2.4x0.9x
Tue, 21 Nov 2023₦5.0t₦6.7t₦2.4t2.6x2.1x0.7x
Thu, 19 Oct 2023₦4.7t₦6.1t₦2.2t2.7x2.2x0.8x
Sat, 16 Sep 2023₦4.8t₦6.0t₦2.0t3x2.4x0.8x
Mon, 14 Aug 2023₦4.8t₦5.3t₦1.4t4.4x3.5x0.9x
Wed, 12 Jul 2023₦4.9t₦5.0t₦1.2t4.8x4.2x1x
Fri, 09 Jun 2023₦3.6t₦4.4t₦1.1t3.4x3.3x0.8x
Sun, 07 May 2023₦3.2t₦4.4t₦1.1t3x2.8x0.7x
Tue, 04 Apr 2023₦3.2t₦4.1t₦1.2t2.8x2.7x0.8x
Thu, 02 Mar 2023₦3.3t₦4.2t₦1.2t3x2.8x0.8x
Sat, 28 Jan 2023₦3.1t₦4.1t₦1.2t2.9x2.7x0.8x
Price to Earnings Ratio

2.7x


Total Market Cap: ₦3.1tTotal Earnings: ₦1.2tTotal Revenue: ₦4.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Diversified Banks Industry Price to Earnings3Y Average 2.2x202420252026
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 3.3x which is higher than its 3-year average PE of 2.2x.
  • The 3-year average PS ratio of 0.74x is lower than the industry's current PS ratio of 1.1x.
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 Market-0.24%
Financials1.12%
Banks1.27%
Diversified Banks1.27%
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
ZENITHBANK Zenith Bank₦72.005.9%
+₦164.3b		52.5%PB0.6x
ETI Ecobank Transnational₦50.0011.1%
+₦118.7b		64.5%PB0.5x
STERLINGNG Sterling Financial Holdings₦7.806.1%
+₦23.5b		44.4%PB1x
FIDELITYBK Fidelity Bank₦20.252.3%
+₦22.6b		12.2%PB1x
FIRSTHOLDCO First HoldCo₦50.001.0%
+₦22.2b		74.2%PB0.7x

Latest News

GTCO
₦95.00
Guaranty Trust Holding
7D
-4.5%
1Y
61.0%

GTCO: Fair Outlook Will Hinge On Margins And Upcoming Board Decisions

Analysts have raised their price target on Guaranty Trust Holding to ₦105.37 from ₦97.18, citing updated assumptions that combine a slightly lower revenue growth outlook with a higher profit margin and a revised future P/E of about 6x. What's in the News Board meeting scheduled for January 27, 2026, to consider the audited financial statements for the year ending December 31, 2025 (Key Developments).
ZENITHBANK
₦72.00
Zenith Bank
7D
5.9%
1Y
52.5%

ZENITHBANK: Board Review And Dividend Decision Will Shape Measured Outlook

Analysts have raised their price target for Zenith Bank from ₦53.90 to ₦72.01, citing updated assumptions around revenue growth, profit margins, discount rate and forward P/E that, in their view, support a higher valuation range. What's in the News A board meeting is scheduled for January 29, 2026, to review Zenith Bank Group's audited financial statements for the year ending December 31, 2025.
NPFMCRFBK
₦4.73
NPF Microfinance Bank
7D
8.7%
1Y
178.2%
FIDELITYBK
₦20.25
Fidelity Bank
7D
2.3%
1Y
12.2%
JAIZBANK
₦7.21
Jaiz Bank
7D
6.2%
1Y
140.3%
WEMABANK
₦22.85
Wema Bank
7D
-0.4%
1Y
117.6%
ACCESSCORP
₦22.90
Access Holdings
7D
-0.2%
1Y
-5.4%
UBA
₦45.00
United Bank for Africa
7D
-2.1%
1Y
32.4%
FIRSTHOLDCO
₦50.00
First HoldCo
7D
1.0%
1Y
74.2%
ETI
₦50.00
Ecobank Transnational
7D
11.1%
1Y
64.5%

Ecobank Group – Strategic Partnership with Bank of China Strengthens China–Africa Trade and Payments Corridor

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Ecobank Group has signed a Memorandum of Understanding (MoU) with Bank of China (Mauritius) Limited on December 22, 2025, reinforcing a long-standing partnership that dates back over 15 years. The agreement is designed to deepen cooperation in trade finance, cross-border payments, and financial services that support the rapidly expanding economic relationship between China and Africa.
FCMB
₦11.70
FCMB Group
7D
4.5%
1Y
15.8%

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.
STERLINGNG
₦7.80
Sterling Financial Holdings
7D
6.1%
1Y
44.4%