SECTOR GUIDE · BANKING
Nigerian banking stocks, compared
In short
Banks are the engine of the NGX rally — the sector is up roughly 68% year-to-date after the CBN’s 350bp rate cut — yet several lenders still trade on single-digit P/E ratios and pay 7–9% dividend yields. The catch: earnings are uneven, two big banks have delayed H1 results, and one has suspended its dividend on regulatory grounds. Cheap is not the same as safe.
The six big banks side by side
Figures as of the 25 Sep 2026 close. Click a ticker for the full stock page.
| Bank | Price | P/E | Yield | Dividend |
|---|---|---|---|---|
| GTCO | ₦137 | 5.9x | 9.3% | ₦12.76 |
| ZENITHBANK | ₦134.90 | 5.3x | ~7.6% | ₦8.75 final |
| FIRSTHOLDCO | ₦156.60 | 17.7x | 0% | none (reset coming) |
| UBA | ₦45.20 | 6.1x | 0.6% | ₦0.25 |
| ACCESSCORP | ₦31.55 | 2.2x | 0% | withheld |
| STANBIC | ₦164 | 6.4x | 4.2% | ₦6.50 |
What the numbers are saying
- GTCO and Zenith are the income pair: single-digit multiples, 7–9% yields, established payout records. GTCO’s earnings retreated from an exceptional base; Zenith’s delayed H1 results (due by 9 Oct) are the next catalyst.
- First HoldCo is the turnaround story: H1 profit up 81.6% and a new 60%-of-profit payout policy — but the shares have more than quintupled off their low, so much of the recovery is priced in.
- Access is the deep-value puzzle: a 2.2x P/E, but the FY2025 dividend was withheld on regulatory grounds. The shares are cheap for a reason — the reason has to clear first.
- UBA is the caution flag: earnings fell nearly 50% in FY2025, asset quality is under pressure, and the dividend outlook is uncertain until delayed results land.
- Stanbic is the steady one: fee-income-driven, consistent dividend, modest premium to peers.
Quick summary
- Banking drove the 2026 rally, and yields of 7–9% at GTCO and Zenith remain the sector’s headline attraction.
- Single-digit P/Es reflect real risks: uneven earnings, delayed results, and one suspended dividend.
- Read the earnings trend on each stock page before assuming cheap means safe.
Go deeper
Sources: Finnhub NGX quotes, stockanalysis.com, Cowrywise, Simply Wall St, Nairametrics, Proshare — verified 26–27 Sep 2026. Not investment advice.