• Nigerian banks: Resilience built in


    The report shows the remarkable resilience of Nigerian banks’ earnings and provides some insight into  banks’ Net Interest Margins, spreads, growth and overall profitability.

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  • Comparing Mutual Funds - Apples and Oranges


    This report addresses developments in Nigeria’s fast-growing Mutual Fund industry where the total assets under management grew by 50% to Naira 1.57 trillion last year.

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  • Shifting the Appetite of Nigerian Investors: From Savings to Mutual Funds


    A growing industry in need of risk management and performance data

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  • Navigating the Capital Market: The Investors Dilemma


    A report on Nigerian Investments

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  • Asset management

    We are a trusted fiduciary that is focused on delivering investment solutions for our diverse range of clients based on our broad and accurate insight of financial markets.

Nigerian Banks - Resilience built in

By Guy Czartoryski

Coronation Asset Management today releases its report on Nigerian Banks “Nigerian Banks, Resilience Built In”. The report shows that Nigerian banks’ earnings have been remarkably resilient over the interest rate cycle, their profitability is improving over time and their stock values are remarkably cheap compared to Ghanaian and Kenyan bank stocks.

Our 10-year study of Nigerian banks shows that their Net Interest Margins and spreads are remarkably resilient over the interest rate cycle, while their profitability is improving over time. In a year of fluctuating interest rates like 2021 this provides investors with a degree of confidence about future earnings.

Nigerian bank stocks are cheap relative to their own history, with a median price to earnings ratio of 2.5x in prospect for 2021. And they are cheap compared with Ghanaian and Kenyan bank stocks.

The report features six listed Nigerian banks:  Zenith Bank; GT Bank; Access Bank; FBN Holdings; UBA, and Stanbic IBTC with forecasts, stock recommendations and price targets for each one.

Other topics examined are the long-term growth record of Nigerian banks and the competitive challenge of Fintech.

To get the full report, please click the link below.

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We build strategic partnerships with each one of our clients – including retail, ultra and high net-worth individuals, financial advisers and institutions – in order to fully understand their financial requirements, and to develop products and services that deliver optimal returns while effectively managing risk.
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We are committed to value investing; as such, we strongly believe that asset prices will reflect their true value over time. Through diligent research and the application of qualitative skills based on experience and quantitative investment tools, we identify underlying assets and securities that will outperform over time when building investment solutions for our clients. Our research is carried out using a combination of top-down and bottom-up approaches, beginning with the evaluation of trends in global financial markets and assessing their implications on regional and domestic markets.

Our investment management approach involves five integrated steps: a comprehensive understanding of our clients, the assessment of economic and capital market expectations, the design and implementation of an agreed investment strategy, the continuous monitoring and rebalancing of our clients’ portfolios, and the transparent reporting of performance.
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