JAIZBANK

Jaiz Bank is a high-quality, fast-growing non-interest (Islamic) banking franchise posting a 30.6% ROE (our independent cross-check at 37.3% on a trailing basis), a ~51% net margin, and compounding EPS from ₦0.25 in FY2023 to ₦0.68 in FY2025 — a compelling fundamental story. However, the current market price of ₦8.65 implies a P/E of ~12.8x and P/B of ~3.9x, materially above the blended fair value range of ₦3.46–₦4.95 anchored by the model, meaning the stock is pricing in growth well beyond what historical and peer multiples can justify. On an honest risk/reward basis, the valuation gap overwhelms the quality case at today's entry point.

Verdict published 2026-09-05 · fundamentals through Q1-2026 · reviewed as the data changes