Nigerian Banks: Glass Half Full; Risk-reward Still Favourable

On track to deliver significant ROE expansion in 2012

After a nervous start to the year, reminiscent of 2011, Nigerian banks’ earnings momentum has grown through H1 2012. The banks under our coverage are on course to deliver, on average, ROAE expansion of around 1,500bps in 2012E to 18.8%. Ytd, our coverage has seen an average capital appreciation of 31% (ASI: 22%); Outperform-rated Access Bank leads the group with a 93% ytd gain.

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