Coronation Asset Management has released its report on financial institutions titled “Nigerian Banks, Resilience Built In”.
It confirms that their profitability is improving over time and their stock values are remarkably cheap compared to Ghanaian and Kenyan bank stocks. It conducted a 10-year study of the margins and profitability of six listed banks: Zenith Bank; GT Bank; Access Bank; FBN Holdings; UBA, and Stanbic IBTC.
Guy Czatoryski a Senior Research Analyst at Coronation Research said while underlying growth in assets has been elusive, especially when data are adjusted for inflation, profitability has generally improved.
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