With most listed banks expected to publish full-year 2022 earnings over the coming weeks, we look at the major themes that shaped banks' financial performance during 2022 and delineate our expectations for FY 2022 results before presenting our views on the banking industry for the year 2023.

In 2023 we expect the Nigerian banking industry to face pressures stemming from stringent regulations, high inflation, continuous dollar shortages and even asset quality issues. Nonetheless, we expect modest growth in earnings from the banks featured, driven by rising interest rates, a strong contribution from non-interest revenue derived from FX revaluation gains, growth in non-bank businesses and digital banking.

We believe Nigerian banks currently trade at significant discounts to peers and thus offer an attractive entry point with a further case made by attractive dividend yields. We have bank-specific sections, three-year financial forecasts and recommendations for six listed banks: Zenith Bank; Guaranty Trust Holding Company (GTCO); Access Holdings; FBN Holdings (FBNH); UBA; and Stanbic IBTC.

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