Nigerian Banks: Holding on to high-teens ROAE

2014 shaping up as expected

H1 2014 results for our universe of Nigerian banks did not throw up any surprises. We expect the average ROAE for our universe to fall by 75bps to 17.7% in 2014E. Accessbank (outperform) and Stanbic IBTC Holdings (Neutral), two of our four preferred names over an end-2015 timeframe, are the only banks we forecast to deliver meaningful ROAE expansion of over 300bps and 700bps respectivly in 2014E. Our other two prefrerred names are Diamond Bank and United Bank for Africa, both rated Outperform. Longer term, GT Bank and Zenith Bank, both rated Neutral, are favoured for their track record.

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