Analysts Predict Strong 2026 Returns for Nigerian Banks

Analysts from CardinalStone Research forecast a strong upside for Access Holdings, UBA, and Zenith Bank by 2026, as detailed in their latest banking strategy report published on February 10, 2026. They project a total return of 92.3% for Access Holdings, the highest among major lenders, reflecting a significant valuation discount as it currently trades at a price-to-book ratio of 0.4x, below the EMEA peer average of 1.3x.

UBA is expected to achieve a total return of 40.6%, while Zenith Bank is projected to return 36.6%, driven by an average capital appreciation of 36.6% and a dividend yield of 7.7%. Zenith Bank's earnings per share are forecasted to rise from N26.82 in FY2025 to N38.70 in FY2026, supported by improved profitability and previous loan restructuring.

Analyst Kunle Adeyemi notes that these projections reflect an improved fundamental landscape for Nigeria's tier 1 banks.