The banking stocks that distinguished themselves in 2025 offer valuable insights into where investor confidence is concentrated. Here are the top 10 performers from Nigeria’s banking sector in 2025, ranked by their annual returns.
Nigeria’s equity market delivered its strongest performance in nearly two decades during 2025, with the All-Share Index yielding an impressive 51.2%. This remarkable outing marked the best showing since 2007, when equities returned 74.7%. The market capitalisation of the 151 quoted stocks on the Nigerian Exchange surged to ₦99.4 trillion by year-end, up from ₦62.8 trillion the previous year.
Nigeria’s banking stocks delivered a more measured performance. The NGX Banking Index closed the year up 39.77%. This was however, below the broader market’s gain of 51.19%. While the sector underperformed the overall market, investor interest remained highly selective.
Out of the 12 banking stocks listed on the Exchange, only five outperformed the broader market benchmark.
The Best 10 Performing Banking Stocks of 2025
1. Wema Bank Plc – 124.18%
Wema Bank emerged as the undisputed champion of Nigerian banking stocks in 2025. It climbed from ₦9.10 to ₦20.40 to deliver a spectacular 124.18% return to shareholders. The rally reflected growing optimism around the bank’s digital banking strategy, expanding retail footprint, and improving profitability metrics. July marked the peak of investor enthusiasm with a remarkable 47.16 per cent surge in a single month. Wema’s transformation from a struggling tier-two bank to a digital banking frontrunner captured the imagination of investors betting on the future of retail banking in Nigeria. It’s ALAT platform and its aggressive push into retail banking positioned it as a compelling growth story in a sector dominated by legacy institutions.
2. Stanbic IBTC Holdings Plc – 73.61%
Stanbic IBTC delivered a robust 73.61 per cent return, rising from ₦57.60 to ₦100.00 by year-end. The diversified financial services group benefited from its multiple earnings streams across banking, asset management, and pensions, as well as its strong dividend appeal. Mid-year rallies reflected renewed interest in fundamentally strong stocks with predictable cash flows. Stanbic’s position as the Nigerian subsidiary of Standard Bank Group provided additional confidence to investors seeking exposure to well-capitalised institutions with international backing and governance standards.
3. First HoldCo Plc – 70.77%
First HoldCo surged 70.77% from ₦28.05 to ₦47.90. The rally was driven by renewed confidence in its restructuring efforts, capital position, and earnings outlook. December’s extraordinary 54.27% rally dominated its annual performance and signalled that investors had regained faith in the bank’s turnaround story. The holding company structure and the bank’s efforts to strengthen its capital base while improving asset quality resonated with investors looking for recovery plays in the banking sector.
4. Guaranty Trust Holding Company Plc – 59.12%
GTCO closed 2025 at ₦90.70, posting a 59.12% gain that underscored investor preference for well-capitalised tier-one banks with predictable cash flows. Strong rallies in June and July reflected sector-wide optimism, but GTCO’s performance was anchored in its reputation for consistent earnings, robust capital position, and reliable dividend payments.
5. Jaiz Bank Plc – 51.67%
Jaiz Bank climbed 51.67% from ₦3.00 to ₦4.55, reflecting growing acceptance of its non-interest banking model. The performance was driven largely by speculative momentum, particularly in the second half of the year, as investors began to recognize the potential of Islamic banking in Nigeria’s diverse market. While smaller in scale compared to conventional banks, Jaiz’s unique positioning in the non-interest banking segment attracted investors seeking differentiated exposure within the banking sector.
6. Ecobank Transnational Incorporated – 49.64%
Ecobank’s share price rose 49.64% from ₦28.00 to ₦41.90, supported by diversified pan-African revenues and operational efficiency improvements. Strong gains in July and December reflected investor appreciation for the bank’s geographic diversification across multiple African markets, which provided a hedge against Nigeria-specific risks. Ecobank’s pan-African footprint became increasingly attractive as investors sought banking exposures with revenue streams beyond Nigeria’s borders.
7. Zenith Bank Plc – 35.82%
Zenith Bank closed 2025 at ₦61.80 from ₦45.50, delivering a 35.82% return while reinforcing its reputation for earnings consistency, liquidity strength, and reliable dividend payouts. July delivered its strongest rally at 34.33 per cent. As one of Nigeria’s premier tier-one banks, Zenith maintained its appeal among conservative investors seeking stability and predictable returns in an uncertain macroeconomic environment.
8. FCMB Group Plc – 28.19%
FCMB advanced 28.19% from ₦9.40 to ₦12.05, buoyed by its retail-led growth strategy and digital banking expansion. Gains were spread across the year, with January’s 17.55 per cent increase leading monthly performances. The bank’s focus on retail banking and digital channels positioned it favorably among investors betting on the democratization of financial services in Nigeria.
9. Sterling Financial Holding Company Plc – 25.89%
Sterling climbed 25.89% from ₦5.60 to ₦7.05, reflecting improving sentiment around its retail banking push and asset quality improvements. July and August proved particularly strong, with gains of 22.81 per cent and 11.43 per cent respectively. The bank’s efforts to strengthen its retail franchise and clean up its balance sheet earned recognition from investors seeking turnaround stories in the mid-tier banking segment.
10. United Bank for Africa – 22.50%
UBA’s share price rose 22.50% from ₦34.00 to ₦41.65, supported by confidence in its pan-African footprint, steady earnings, and expanding digital banking initiatives. July stood out with a sharp 96.33 per cent rally, marking the strongest single-month performance among Nigerian banks in 2025. UBA’s extensive African network and consistent track record made it a preferred choice for investors seeking continental banking exposure.
Disclaimer
This article is for informational purposes only and should not be construed as investment advice. Past performance is not indicative of future results. Be sure to conduct their own research and consult with qualified financial advisors before making investment decisions. Stock prices are subject to market risks, and the value of investments can go down as well as up. SimplVest assumes no responsibility for investment decisions made based on information contained in this or any of our articles.
