Nigeria’s banking shares delivered a combined fairness efficiency in 2025, with the NGX Banking Index closing the 12 months up 39.77%, lagging the broader market’s 51.19% achieve recorded by the NGX All-Share Index (ASI).
That is in response to NGX year-end market information on listed banking equities.
Whereas the sector underperformed the general market, investor curiosity remained selective, rewarding banks with resilient stability sheets, enhancing earnings visibility, and clearer strategic execution. Out of the 12 banking shares listed on the Trade, solely 5 outperformed the broader market benchmark.
Wema Bank Plc emerged because the standout performer, returning over 100% in 2025, whereas a number of tier-one and mid-tier lenders posted sturdy double-digit positive aspects, underscoring renewed urge for food for essentially sound banks working in a difficult macroeconomic setting.
What the info is saying
The NGX Banking Index’s 39.77% achieve in 2025 alerts a restoration in banking equities, albeit at a slower tempo than the general market. Efficiency throughout the sector was uneven, reflecting differentiated investor notion of earnings sustainability, asset high quality, capital buffers, and strategic readability.
Notably, Fidelity Bank Plc and Entry Holdings Plc have been excluded from the highest performers. Fidelity Bank posted a modest year-to-date achieve of 8.57%, whereas Entry Holdings closed the 12 months with an 11.95% decline, reflecting investor warning round integration dangers, capital calls for, and earnings pressures.
Total, banking shares that delivered stronger returns have been these perceived as higher positioned to navigate FX volatility, rising funding prices, and regulatory headwinds.
Greatest-performing banking shares on the NGX in 2025
United Bank for Africa (UBA) – 22.50%
UBA’s share worth rose from N34.00 to N41.65, supported by confidence in its pan-African footprint, regular earnings, and increasing digital banking initiatives. July stood out with a pointy 96.33% rally, the strongest single-month efficiency amongst Nigerian banks in 2025.
Sterling Monetary Holding Firm Plc – 25.89%
Sterling climbed from N5.60 to N7.05, reflecting enhancing sentiment round its retail banking push and asset high quality enhancements. July and August have been notably sturdy, with positive aspects of twenty-two.81% and 11.43%, respectively.
FCMB Group Plc – 28.19%
FCMB superior from N9.40 to N12.05, buoyed by its retail-led development technique and digital banking growth. Positive factors have been unfold throughout the 12 months, with January’s 17.55% improve main month-to-month performances.
Zenith Bank Plc – 35.82%
Zenith Bank closed 2025 at N61.80 from N45.50, reinforcing its status for earnings consistency, liquidity energy, and dependable dividend payouts. July delivered its strongest rally at 34.33%.
Ecobank Transnational Included – 49.64%
Ecobank’s share worth rose from N28.00 to N41.90, supported by diversified pan-African revenues and operational effectivity enhancements. Robust positive aspects have been recorded in July and December.
Jaiz Bank Plc – 51.67%
Jaiz Bank climbed from N3.00 to N4.55, reflecting rising acceptance of its non-interest banking mannequin. Efficiency was pushed by speculative momentum, notably within the second half of the 12 months.
Guaranty Trust Holding Company Plc (GTCO) – 59.12%
GTCO closed 2025 at N90.70, benefiting from investor desire for well-capitalised tier-one banks with predictable money flows. Robust rallies have been recorded in June and July amid sector-wide optimism.
First HoldCo Plc – 70.77%
First HoldCo surged from N28.05 to N47.90, pushed by renewed confidence in its restructuring efforts, capital place, and earnings outlook. December’s 54.27% rally dominated its annual efficiency.
Stanbic IBTC Holdings Plc – 73.61%
Stanbic IBTC rose from N57.60 to N100.00, supported by diversified earnings throughout banking, asset administration, and pensions, in addition to sturdy dividend enchantment. Mid-year rallies mirrored renewed curiosity in essentially sturdy shares.
Wema Bank Plc – 124.18%
Wema Bank led the sector, climbing from N9.10 to N20.40 by year-end. The rally mirrored optimism round its digital banking technique, increasing retail footprint, and enhancing profitability metrics, with July’s 47.16% surge marking the height of investor enthusiasm.
Why this matter
The efficiency of Nigeria’s banking shares in 2025 highlights a shift towards selective investing reasonably than broad-based sector publicity. Traders more and more prioritised earnings resilience, stability sheet energy, and strategic readability amid macroeconomic uncertainty.
The divergence between the Banking Index and the broader ASI additionally means that whereas confidence is returning to the sector, it stays cautious and extremely discriminating.
What you must know
- Banking shares stay among the many most actively traded equities on the NGX attributable to their dividend enchantment and systemic significance.
- Tier-one banks proceed to draw long-term buyers, whereas mid-tier lenders benefited from re-rating alternatives tied to digital development and retail growth.
- Efficiency in 2026 will doubtless hinge on rate of interest dynamics, FX stability, regulatory reforms, and banks’ capability to maintain earnings momentum.
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