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Nigerian (NSE) Financials Sector Analysis

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies44
  • 7D-2.3%
  • 3M7.4%
  • 1Y61.0%
  • YTD34.3%

Over the last 7 days, the Financials industry has dropped 2.5%, driven by Zenith Bank declining 10%. On the other hand eTranzact International is actually up 9.7%. In the past year, the industry has gained 66%. Looking forward, earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Jun 2026₦25.9t₦17.5t₦5.1t9.7x5x1.5x
Sun, 24 May 2026₦29.2t₦17.4t₦5.1t9.9x5.7x1.7x
Tue, 21 Apr 2026₦27.5t₦16.9t₦5.2t8.9x5.3x1.6x
Thu, 19 Mar 2026₦24.6t₦16.6t₦4.9t10.6x5x1.5x
Sat, 14 Feb 2026₦20.9t₦16.6t₦4.9t11.1x4.2x1.3x
Mon, 12 Jan 2026₦18.8t₦16.8t₦5.3t8.5x3.5x1.1x
Wed, 10 Dec 2025₦16.8t₦16.8t₦5.3t7.1x3.2x1x
Fri, 07 Nov 2025₦16.7t₦16.7t₦5.4t7.6x3.1x1x
Sun, 05 Oct 2025₦15.3t₦16.2t₦5.2t8.1x2.9x0.9x
Tue, 02 Sep 2025₦16.8t₦16.5t₦5.6t8.6x3x1x
Thu, 31 Jul 2025₦17.3t₦16.3t₦5.6t7.5x3.1x1.1x
Sat, 28 Jun 2025₦13.8t₦16.1t₦5.6t5.4x2.5x0.9x
Mon, 26 May 2025₦12.3t₦16.1t₦5.6t4.8x2.2x0.8x
Wed, 23 Apr 2025₦11.1t₦15.7t₦5.6t3.9x2x0.7x
Fri, 21 Mar 2025₦10.8t₦15.5t₦5.9t4x1.8x0.7x
Sun, 16 Feb 2025₦11.8t₦15.4t₦5.9t4.5x2x0.8x
Tue, 14 Jan 2025₦9.9t₦15.1t₦5.8t4.2x1.7x0.7x
Thu, 12 Dec 2024₦8.9t₦15.1t₦5.8t2.7x1.5x0.6x
Sat, 09 Nov 2024₦8.8t₦15.2t₦5.8t2.4x1.5x0.6x
Mon, 07 Oct 2024₦8.1t₦13.6t₦5.1t2.9x1.6x0.6x
Wed, 04 Sep 2024₦7.6t₦12.9t₦4.9t2.8x1.5x0.6x
Fri, 02 Aug 2024₦6.9t₦12.4t₦4.8t2.8x1.5x0.6x
Sun, 30 Jun 2024₦7.0t₦12.1t₦4.7t3.3x1.5x0.6x
Tue, 28 May 2024₦6.4t₦11.6t₦4.5t4.2x1.4x0.6x
Thu, 25 Apr 2024₦6.6t₦9.8t₦3.6t4.2x1.8x0.7x
Sat, 23 Mar 2024₦8.4t₦8.9t₦2.9t4.6x2.9x0.9x
Mon, 19 Feb 2024₦7.7t₦9.0t₦2.9t5.1x2.6x0.9x
Wed, 17 Jan 2024₦9.4t₦7.7t₦2.7t6x3.5x1.2x
Fri, 15 Dec 2023₦7.4t₦7.6t₦2.7t4x2.8x1x
Sun, 12 Nov 2023₦6.6t₦7.6t₦2.7t3.4x2.5x0.9x
Tue, 10 Oct 2023₦6.3t₦6.9t₦2.4t4.4x2.7x0.9x
Thu, 07 Sep 2023₦6.4t₦6.0t₦1.6t5x4.1x1.1x
Sat, 05 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Mon, 03 Jul 2023₦5.8t₦5.6t₦1.3t5.9x4.3x1x
Price to Earnings Ratio

4.3x


Total Market Cap: ₦5.8tTotal Earnings: ₦1.3tTotal Revenue: ₦5.6tTotal 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 5.1x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.92x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 57% per year over the last three years.
  • Revenues for these companies have grown 46% 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-3.72%
Financials-2.28%
Mortgage Finance0%0
Banks-1.96%
Diversified Financial-2.49%
Capital Markets-4.02%
Insurance-5.56%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 15.1x.
    • 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 2.5x.
Forecasted Growth
  • Analysts are most optimistic on the Banks industry, expecting annual earnings growth of 22% 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 8.8% 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
GTCO Guaranty Trust Holding₦130.001.3%
+₦60.3b		56.6%PB1.3x
INTENEGINS International Energy Insurance₦6.4336.5%
+₦4.4b		267.4%PE32.9x
VFDGROUP VFD Group₦10.501.4%
+₦1.9b		-30.0%PE17.3x
MANSARD AXA Mansard Insurance₦13.001.2%
+₦1.3b		36.1%PE1189.7x
AFRIPRUD Africa Prudential₦12.002.6%
+₦1.2b		-25.0%PE17.4x

Latest News

ZENITHBANK
₦115.00
Zenith Bank
7D
-0.4%
1Y
97.3%
UBA
₦39.10
United Bank for Africa
7D
-3.2%
1Y
8.6%
ABBEYBDS
₦8.70
Abbey Mortgage Bank
7D
-13.9%
1Y
50.0%
GTCO
₦130.00
Guaranty Trust Holding
7D
1.3%
1Y
56.6%
Narrative Update • Jun 17

GTCO: Higher Dividend Payout Will Deepen Share Price Downside Risk

Analysts have raised their price target for Guaranty Trust Holding from NGN72.96 to NGN86.39, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple. What's in the News for Guaranty Trust Holding Guaranty Trust Holding Company Plc proposed a final dividend of NGN 11.76K per 50 Kobo ordinary share for the financial year ended December 31, 2025, bringing the total dividend for the year to NGN 12.76K per share, subject to withholding tax and approvals, according to a company announcement.
NGXGROUP
₦115.00
Nigerian Exchange Group
7D
-6.5%
1Y
272.2%
Narrative Update • Jun 16

Nigerian Exchange Group (NGX Group) – Strategic Partnership Discussions with Abu Dhabi Securities Exchange (ADX)

Overview Author: Qudus Adebara (Research Analyst, DLM Capital Group) The Nigerian Exchange Group (NGX Group) and the Abu Dhabi Securities Exchange (ADX) are exploring a strategic partnership aimed at deepening cross-border capital market activities and attracting greater Middle Eastern investment flows into Africa. The proposed collaboration aligns with Nigeria’s broader objective of positioning its capital market as a gateway for international investors seeking exposure to high-growth opportunities across sectors such as energy, infrastructure, technology, manufacturing, and oil & gas.
INTENEGINS
₦6.43
International Energy Insurance
7D
36.5%
1Y
267.4%
FCMB
₦9.90
FCMB Group
7D
-9.2%
1Y
4.2%
WEMABANK
₦27.00
Wema Bank
7D
-7.7%
1Y
80.0%
Narrative Update • Jun 04

Wema Bank Plc – Positions for Tier-One Banking Status Through Capital Retention and Potential Acquisitions

Author: Qudus Adebara (Research Analyst, DLM Capital Group) Wema Bank Plc has signaled a major strategic shift aimed at accelerating its transition into Nigeria’s tier-one banking category, with management indicating that the Bank is deliberately conserving capital to fund potential acquisitions and future inorganic growth opportunities. The disclosure was made by the Managing Director/CEO, Moruf Oseni, during the Bank’s Annual General Meeting (AGM) held in Lagos.
JAIZBANK
₦8.10
Jaiz Bank
7D
-3.6%
1Y
158.0%
VFDGROUP
₦10.50
VFD Group
7D
1.4%
1Y
-30.0%
AFRIPRUD
₦12.00
Africa Prudential
7D
2.6%
1Y
-25.0%
Narrative Update • May 21

Africa Prudential Plc Launches “Sabivest” Digital Investment Management Platform

Author: Qudus Adebara Africa Prudential Plc has launched Sabivest, a digital shareholder and investment management application designed to enhance investor access, improve portfolio visibility, and deepen participation within Nigeria’s capital market ecosystem. The platform, unveiled in Lagos, provides retail and institutional investors with a centralized digital solution for managing shareholdings, monitoring investment performance, and accessing multiple financial products through a single interface.
LIVINGTRUST
₦4.00
Livingtrust Mortgage Bank
7D
5.3%
1Y
-41.2%
MANSARD
₦13.00
AXA Mansard Insurance
7D
1.2%
1Y
36.1%
CUSTODIAN
₦73.15
Custodian Investment
7D
-10.0%
1Y
192.6%
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.