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Nigerian (NSE) Financials Sector Analysis

UpdatedMay 20, 2026
DataAggregated Company Financials
Companies44
  • 7D-2.1%
  • 3M28.7%
  • 1Y105.2%
  • YTD52.2%

Over the last 7 days, the Financials industry has dropped 2.1%, driven by pullbacks in Guaranty Trust Holding and Wema Bank of 1.8% and 6.4%, respectively. This takes the industry's 12 month performance to a gain of 105%. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

Has the Nigerian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 20 May 2026₦29.1t₦17.4t₦5.1t9.7x5.7x1.7x
Fri, 17 Apr 2026₦26.7t₦16.9t₦5.2t9x5.1x1.6x
Sun, 15 Mar 2026₦23.2t₦16.6t₦4.9t11.1x4.7x1.4x
Tue, 10 Feb 2026₦20.3t₦16.5t₦4.9t11.1x4.1x1.2x
Thu, 08 Jan 2026₦18.9t₦16.8t₦5.3t8.7x3.6x1.1x
Sat, 06 Dec 2025₦16.7t₦16.8t₦5.3t7.4x3.2x1x
Mon, 03 Nov 2025₦17.3t₦16.8t₦5.4t8.2x3.2x1x
Wed, 01 Oct 2025₦15.2t₦16.2t₦5.2t8.5x2.9x0.9x
Fri, 29 Aug 2025₦17.2t₦16.5t₦5.6t8.8x3.1x1x
Sun, 27 Jul 2025₦16.9t₦16.1t₦5.6t6.3x3x1.1x
Tue, 24 Jun 2025₦13.3t₦16.1t₦5.6t5.3x2.4x0.8x
Thu, 22 May 2025₦12.0t₦16.1t₦5.6t4.8x2.1x0.7x
Sat, 19 Apr 2025₦11.0t₦15.8t₦5.6t4x2x0.7x
Mon, 17 Mar 2025₦11.1t₦15.5t₦5.9t4.1x1.9x0.7x
Wed, 12 Feb 2025₦11.6t₦15.4t₦5.9t4.5x2x0.8x
Fri, 10 Jan 2025₦9.9t₦15.1t₦5.8t4x1.7x0.7x
Sun, 08 Dec 2024₦8.9t₦15.2t₦5.8t2.7x1.5x0.6x
Tue, 05 Nov 2024₦8.6t₦14.8t₦5.7t2.4x1.5x0.6x
Thu, 03 Oct 2024₦8.2t₦13.6t₦5.1t3.2x1.6x0.6x
Sat, 31 Aug 2024₦7.5t₦12.5t₦4.8t2.8x1.6x0.6x
Mon, 29 Jul 2024₦7.1t₦12.3t₦4.8t3.1x1.5x0.6x
Wed, 26 Jun 2024₦6.9t₦12.1t₦4.7t3.2x1.5x0.6x
Fri, 24 May 2024₦6.5t₦11.6t₦4.5t4.2x1.4x0.6x
Sun, 21 Apr 2024₦6.8t₦9.6t₦3.6t4.2x1.9x0.7x
Tue, 19 Mar 2024₦8.3t₦9.1t₦3.0t4.8x2.8x0.9x
Thu, 15 Feb 2024₦7.7t₦9.0t₦2.9t5.2x2.6x0.9x
Sat, 13 Jan 2024₦8.9t₦7.8t₦2.7t5.4x3.3x1.1x
Mon, 11 Dec 2023₦7.1t₦7.6t₦2.7t4.4x2.7x0.9x
Wed, 08 Nov 2023₦6.5t₦7.5t₦2.6t3.7x2.5x0.9x
Fri, 06 Oct 2023₦6.2t₦6.9t₦2.4t4.1x2.6x0.9x
Sun, 03 Sep 2023₦6.2t₦6.3t₦1.8t4.7x3.5x1x
Tue, 01 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Thu, 29 Jun 2023₦5.7t₦5.6t₦1.3t5.8x4.3x1x
Sat, 27 May 2023₦4.5t₦5.2t₦1.3t4.8x3.4x0.9x
Price to Earnings Ratio

3.4x


Total Market Cap: ₦4.5tTotal Earnings: ₦1.3tTotal Revenue: ₦5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.8x202420252026
Current Industry PE
  • Investors are optimistic on the Nigerian Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 5.7x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.89x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 58% per year over the last three years.
  • Revenues for these companies have grown 50% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Financials sector?

NG Market-0.43%
Financials-2.10%
Insurance2.58%
Mortgage Finance0%0
Capital Markets-0.52%
Diversified Financial-2.21%
Banks-2.42%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 15.0x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 2.4x.
Forecasted Growth
  • Analysts are most optimistic on the Banks industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified Financial industry is expected to see its earnings grow by 8.0% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
UBA United Bank for Africa₦45.002.7%
+₦53.0b		32.7%PB0.5x
FIDELITYBK Fidelity Bank₦22.952.9%
+₦32.6b		23.1%PB1.1x
UCAP United Capital₦18.8010.6%
+₦32.4b		0.3%PE10.6x
CUSTODIAN Custodian Investment₦84.854.4%
+₦21.2b		332.9%PE7.1x
STERLINGNG Sterling Financial Holdings₦7.752.6%
+₦10.9b		29.2%PB0.8x

Latest News

JAIZBANK
₦9.20
Jaiz Bank
7D
2.2%
1Y
172.2%
Narrative Update • May 19

Jaiz Bank Plc Delivers Strong FY 2025 Profit Growth on Robust Financing & Investment Income

Analyst: Qudus Adebara Executive Summary Jaiz Bank Plc delivered a strong financial performance for the year ended 31 December 2025, supported by solid growth in financing and investment income, disciplined cost management, and balance sheet expansion. Gross earnings increased to ₦102.1 billion in FY 2025 from ₦82.9 billion in FY 2024, driven by higher income from financing contracts and investment activities, particularly Sukuk investments.
STERLINGNG
₦7.75
Sterling Financial Holdings
7D
2.6%
1Y
29.2%
Narrative Update • May 19

Delivers Strong FY 2025 Earnings Growth Driven by Expanding Interest Income, Strong Trading Gains, and Improved Fee-Based Income

Sterling Financial Holdings Company Plc Delivers Strong FY 2025 Earnings Growth Driven by Expanding Interest Income, Strong Trading Gains, and Improved Fee-Based Income Despite Rising Credit Costs Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Sterling Financial Holdings Company Plc recorded a robust financial performance for the year ended 31 December 2025, supported by strong growth in interest income, improved non-interest revenue, and resilient core banking operations. Group Profit After Tax (PAT) rose 75% YoY to ₦76.3 billion, driven by higher earning asset yields, strong treasury income, and improved fee generation.
ZENITHBANK
₦130.80
Zenith Bank
7D
-0.2%
1Y
172.8%
Narrative Update • May 19

ZENITHBANK: Upcoming Board Meeting Will Highlight Continuing Downside Pricing Risk

Analysts have trimmed their Zenith Bank price target to NGN72.01, reflecting updated views on a slightly lower revenue growth outlook, a somewhat higher profit margin, and a revised P/E assumption. What's in the News Zenith Bank has scheduled a board meeting for April 30, 2026, to review the group’s unaudited financial statements for the first quarter ending March 31, 2026, and to address other business matters (Key Developments).
FIRSTHOLDCO
₦70.00
First HoldCo
7D
-1.7%
1Y
185.7%
Narrative Update • May 14

Reports Sharp Earnings Decline in FY 2025 Amid Elevated Impairments, Trading Losses, and Rising Operating Costs Despite Strong Balance Sheet

Executive Summary Analyst: Qudus Adebara (Research Analyst) First HoldCo Plc delivered a significantly weaker financial performance for the year ended December 31, 2025, as elevated impairment charges, trading losses, and higher operating expenses offset strong growth in interest income and balance sheet expansion. Gross earnings remained resilient, supported by a 25% YoY increase in interest income to ₦2.99 trillion, driven by growth in customer lending and investment securities yields.
GTCO
₦144.90
Guaranty Trust Holding
7D
-1.8%
1Y
107.7%
Narrative Update • May 14

GTCO: Dividend Timetable And Margin Assumptions Will Shape Measured Future Upside

Analysts have raised their NGN fair value estimate for Guaranty Trust Holding from NGN131.83 to NGN162.00, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Shareholders approved a final dividend for the 2025 financial year totaling NGN 429,830,699,084.64K, payable at NGN 11.76K per 50 Kobo ordinary share, bringing total dividend for 2025 to NGN 12.76K per ordinary share.
WEMABANK
₦32.75
Wema Bank
7D
-6.4%
1Y
144.4%
FIDELITYBK
₦22.95
Fidelity Bank
7D
2.9%
1Y
23.1%
Narrative Update • May 12

Fidelity Bank Delivers Resilient 9M 2025 Performance with Strong Balance Sheet Expansion Despite Cost Pressures

Executive Summary Analyst: Qudus Adebara (Research Analyst) Fidelity Bank Plc delivered a resilient and well-rounded performance for the nine months ended September 30, 2025, supported by strong interest income growth, sustained customer deposit mobilization, and significant foreign currency revaluation gains amid a volatile macroeconomic environment. Despite elevated funding costs and higher operating expenses tied to scale expansion and inflationary pressures, the Group recorded a solid earnings uplift.
MANSARD
₦14.10
AXA Mansard Insurance
7D
3.3%
1Y
49.5%
NEM
₦31.00
NEM Insurance
7D
7.1%
1Y
112.3%
UBA
₦45.00
United Bank for Africa
7D
2.7%
1Y
32.7%
ETRANZACT
₦17.20
eTranzact International
7D
-7.0%
1Y
173.0%
STANBIC
₦167.50
Stanbic IBTC Holdings
7D
-1.8%
1Y
142.2%
Narrative Update • May 06

Stanbic IBTC Holdings Plc Delivers Strong FY 2025 Earnings Growth Driven by Interest Income Expansion and Improved Asset Quality

Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Executive Summary Stanbic IBTC Holdings Plc recorded a strong financial performance for the year ended 31 December 2025, underpinned by robust growth in interest income, higher non-interest revenue, and improved asset quality. Net interest income rose to ₦585.01 billion (+43% YoY), supported by growth in loans and investment yields.
CUSTODIAN
₦84.85
Custodian Investment
7D
4.4%
1Y
324.3%
Narrative Update • May 06

Custodian Investment Plc Reports Strong FY 2025 Earnings Growth Driven by Investment Gains and Insurance Expansion

Analyst: Qudus Adebara Executive Summary Custodian Investment Plc delivered a robust FY 2025 performance , supported by strong growth in investment income, improved insurance service results, and significant fair value gains across financial assets. For the Group, Profit Before Tax (PBT) rose 25% YoY to ₦75.97 billion , while Profit After Tax (PAT) increased 25% YoY to ₦67.04 billion.
NGXGROUP
₦151.00
Nigerian Exchange Group
7D
-1.0%
1Y
459.3%
Narrative Update • May 05

Nigerian Exchange Group Plc Delivers Solid FY 2025 Profit Growth Supported by Strong Operating Performance and Investment Gains

Analyst: Qudus Adebara (Research Analyst) Executive Summary Nigerian Exchange Group Plc (NGX Group) recorded a solid financial performance for the year ended 31 December 2025, supported by strong revenue growth, improved operating efficiency, and resilient investment income. Group revenue increased by 36% YoY to ₦22.98 billion , driven by higher transaction activity and treasury income.
UCAP
₦18.80
United Capital
7D
10.6%
1Y
0.3%
MBENEFIT
₦4.23
Mutual Benefits Assurance
7D
-3.0%
1Y
323.0%