Best Performing Stocks In Nigeria

Top Best Performing Stocks in Nigeria Banking Sector

In this post, we shall highlight the best performing stocks in Nigeria stock market with particular regards to qouted banks.

Investing in the Nigeria stock market pays.  In 2023, the local bourse, the NGX returned about 45.9%  with a market capitalization in excess of  $46 billion.

The Banking sector has always  been a major driver of the NGX.  And 2023 was no exception.  With a growth of 115%, the  NGX Banking Index finished second on the perfomance table.  After NGX Oil and Gas Index.

The Nigeria banking industry witnessed a remarkable year in 2023 as they were arguably the most beneficiary of key reforms of the Tinubu Adminsitration.  The sector earned higher interest income as well as more gains from exchange rate devaluation.

This obviously reflected on the share prices of qouted banks as investors expressed heavy buy sentiments on most of the banking stocks.

Here is the 10 best performing banking stocks in terms of price growth in 2023

UBA 8.30 25.65 209.04%
Sterling Holding 1.40 4.29 206.43%
Unity Bank 0.59 1.62 174.58%
Access Holdings 8.8 23.15 163.07%
Fidelity Bank 4.36 10.85 148.85%
Jaiz Bank 0.90 1.94 115.56%
FCMB 3.51 7.40 110.83%
FBN Holdings 11.25 23.55 109.33%
Stanbic IBTC 33.45 69.65 108.22%
ETI 10.6 20.9 97.17%

#1. United Bank for Africa

In 2023 is one of the best performing stocks in Nigeria.  It recorded the highest price gain in the  banking sector as its  appreciated 209.4% in closing the year at N25.65 .  Its 3rd quarter results to September 2023, shows a strong gain driven by fx revaluation.  Analysts believed that the stock was grossly undervalued  at the beginning of the year; prompting investors to take positions.

#2. Sterling Holding

Sterling Holding is a financial holding company with two major subsidiaries: Sterling Bank, a commercial bank with national license and Alternative Bank Ltd which is a licensed non-interest bank.  In the period to September, 2023, SterlingHoldings posted a net income of N16.5 billion which represented a 23% growth over the previous year.  The bank’s  share price appreciated by 206.4%  in the course of the year, closing 2023 at N4.29.

#3. Unity Bank

With a share price growth of 174%, Unity Bank finished as the third best performing  banking stock  on the NGX in 2023. Trading at N0.59 at the beginning of the year, Unity Bank stock closed the year at N1.62.

One would wonder what sort of sentiment drove the share price of a bank which was recording a loss of over N40 billion as at the Q3 results.  Our guess is that the news that Providus Bank was considering an acquisition of the Bank could have triggered the buy interest that drove up the share price of the bank.   It is yet to be seen if that acquisition speculation will come true in 2024.

#4. Access Holdings

On number 4 in the best performing banking stock league table in 2023 is Access Holdings.   It is the financial holding company for one of the biggest banks in Nigeria, Access Bank with tentacles in insurance, asset management  and payment services.

The share price rose by 163% to close the year at N23.15.  This was largely triggered by the bank’s strong fundamentals driven by its strong grip of the Nigerian retail banking market.  In the nine month ending September, 2023; the bank recorded a net income of N250 billion, which was 83% jump over its corresponding 2022 figures.

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#5. Fidelity Bank

Fidelity Bank finished very strong in 2023 with its share price appreciating by 148% to close at N10.85.  During the year, Fidelity Bank Plc completed its acquisition of the UK operations of Union Bank.  It also achieved very impressive financial performance printing a return on equity of about 28%.  It’s nine month (Q3) reports showed a bank that a recorded a substantial growth of about 163% in toplines.

#6. Jaiz Bank

With a price of N0.90 in January 2023, Jaiz Bank closed the year with a share price N1.94 signifying a 116% share price appreciation in one year to emerge on the best performing stock league in the banking sector.  Jaiz Bank is a premier Islamic Bank in Nigeria.  With a 96% y-o-y growth in net income, Jaiz Bank is making a strong showing as a solid nin-interest bank in Nigeria.  As a non-interest bank, Jaiz Bank earns a chunck of its income from contract financing based on Islamic finance principles, and investments.

#7. FCMB

FCMB started the year with a share price of N3.51 and ended with at  N7.40 signfying an share price appreciation of of 110% to emerge as one the top perfoming stocks in Nigeria in the banking sector in 2023.   It’s financial performance was also impressive and mirrows the sentiments at the stock market.  It achieved strong growth interest income recording a 29% at  growth in Q3 2023  over the figures of the corresponding numbers of the previous year.

#8. FBN Holdings

FBN Holdings is the holding company for First Bank and other associated firms having footprint in commercial banking, microfinance banking, asset management, mortgage banking and insurance.   The share price of FBN Holding which stood at N11.25 at the first trading day of January 2023, gained 109% during the course of the year to close 2023 at N23.55.
FBN remains a leading bank in Nigeria with a strong brand and financial stability.  Its ratings remains strong with high upside potential in its share price in 2024.

#9. Stanbic IBTC

One of the best performing stocks in Nigeria NGX obviously is StanbicIBTC.  In 2023, its share price appreciated by 108% in 2023 to close the year at N69.65.  Gradually, StanbicIBTC has grown to become one of the large cap stock in the Nigeria stock market.

#10. Ecobank Transnational Incorporated (ETI)

ETI Started the year with a share price of N10.26.  It appreciated y 97% to close the year 2023 at N20.09.  ETI prides itself as a pan African bank with operations in 35 countries accross Africa.


These are are the 10 best performing stocks in Nigeria banking sector. Banking stocks will remain a major driver of the stock market 1n 2024.  And investors are encouraged to look this way for optimal returns.

The sentiment around the Nigeria stock market is very positive as Nigeria embarks on economic reforms.  Particularly reforms around easing of capital controls has helped to drive the economy.  Remarkably in 2023, NGX was one of the best perfoming stock market in the world  with a 45% returns.

Analysts points to a better performance in 2024 all things being equal.  Thus, for those who missed the party in 2023, there are still room for you to enter.  This is because most of the stocks remains undervalued and present high buy potential.


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