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Nigerian (NSE) Financials Sector Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies45
  • 7D10.8%
  • 3M2.4%
  • 1Y55.0%
  • YTD50.0%

In the last week, the Financials industry is up 11%, with First HoldCo up 46%. This means that the industry has gained 55% over the past year. Looking forward, earnings are forecast to grow by 19% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Jul 2026₦29.0t₦17.7t₦5.3t9.9x5.5x1.6x
Sat, 20 Jun 2026₦25.8t₦17.5t₦5.1t9.8x5x1.5x
Mon, 18 May 2026₦28.8t₦17.4t₦5.1t9.8x5.6x1.7x
Wed, 15 Apr 2026₦25.4t₦17.0t₦5.2t9.5x4.9x1.5x
Fri, 13 Mar 2026₦23.1t₦16.7t₦4.9t11.1x4.7x1.4x
Sun, 08 Feb 2026₦20.3t₦16.5t₦4.9t11.1x4.1x1.2x
Tue, 06 Jan 2026₦19.0t₦16.8t₦5.3t8.5x3.6x1.1x
Thu, 04 Dec 2025₦16.4t₦16.8t₦5.3t7.2x3.1x1x
Sat, 01 Nov 2025₦17.3t₦16.5t₦5.3t8.3x3.2x1x
Mon, 29 Sep 2025₦15.2t₦16.2t₦5.2t8.6x2.9x0.9x
Wed, 27 Aug 2025₦17.4t₦16.5t₦5.6t9x3.1x1.1x
Fri, 25 Jul 2025₦16.8t₦16.1t₦5.6t6.2x3x1x
Sun, 22 Jun 2025₦13.2t₦16.1t₦5.6t5.2x2.4x0.8x
Tue, 20 May 2025₦12.1t₦16.2t₦5.6t4.7x2.2x0.7x
Thu, 17 Apr 2025₦10.9t₦15.8t₦5.6t4.2x1.9x0.7x
Sat, 15 Mar 2025₦11.1t₦15.5t₦5.9t4.1x1.9x0.7x
Mon, 10 Feb 2025₦11.7t₦15.4t₦5.9t4.5x2x0.8x
Wed, 08 Jan 2025₦9.8t₦15.1t₦5.8t3.7x1.7x0.6x
Fri, 06 Dec 2024₦8.9t₦15.2t₦5.8t2.8x1.5x0.6x
Sun, 03 Nov 2024₦8.6t₦14.8t₦5.7t2.4x1.5x0.6x
Tue, 01 Oct 2024₦8.2t₦13.5t₦5.2t3x1.6x0.6x
Thu, 29 Aug 2024₦7.5t₦12.5t₦4.8t2.8x1.6x0.6x
Sat, 27 Jul 2024₦7.1t₦12.3t₦4.8t3.1x1.5x0.6x
Mon, 24 Jun 2024₦6.9t₦12.0t₦4.7t3.1x1.5x0.6x
Wed, 22 May 2024₦6.7t₦11.7t₦4.5t4.1x1.5x0.6x
Fri, 19 Apr 2024₦6.9t₦9.6t₦3.6t4.3x1.9x0.7x
Sun, 17 Mar 2024₦8.0t₦9.2t₦3.0t4.6x2.7x0.9x
Tue, 13 Feb 2024₦7.7t₦9.0t₦2.9t5.3x2.6x0.9x
Thu, 11 Jan 2024₦8.6t₦7.8t₦2.7t5.4x3.2x1.1x
Sat, 09 Dec 2023₦7.1t₦7.6t₦2.7t4.4x2.7x0.9x
Mon, 06 Nov 2023₦6.5t₦7.5t₦2.6t4.1x2.4x0.9x
Wed, 04 Oct 2023₦6.2t₦7.0t₦2.4t4.1x2.6x0.9x
Fri, 01 Sep 2023₦6.0t₦6.1t₦1.6t4.5x3.8x1x
Sun, 30 Jul 2023₦6.3t₦6.0t₦1.5t5.2x4.2x1.1x
Price to Earnings Ratio

4.2x


Total Market Cap: ₦6.3tTotal Earnings: ₦1.5tTotal Revenue: ₦6.0tTotal 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 5.5x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.93x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 53% per year over the last three years.
  • Revenues for these companies have grown 44% 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 Market2.49%
Financials10.82%
Banks12.45%
Insurance7.36%
Capital Markets5.56%
Diversified Financial2.20%
Mortgage Finance0%0
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 15.2x.
    • 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
FIRSTHOLDCO First HoldCo₦110.0038.6%
+₦1.5t		243.8%PB1.4x
ZENITHBANK Zenith Bank₦121.0011.0%
+₦492.8b		69.2%PB1x
UBA United Bank for Africa₦47.0014.6%
+₦265.2b		0.6%PB0.5x
GTCO Guaranty Trust Holding₦129.102.6%
+₦120.6b		37.3%PB1.3x
FCMB FCMB Group₦12.2516.7%
+₦115.4b		30.3%PB0.7x

Latest News

FIRSTHOLDCO
₦110.00
First HoldCo
7D
38.6%
1Y
243.8%
UBA
₦47.00
United Bank for Africa
7D
14.6%
1Y
0.6%
CUSTODIAN
₦78.45
Custodian Investment
7D
13.7%
1Y
161.5%
ABBEYBANK
₦9.40
Abbey Bank
7D
-3.1%
1Y
17.5%
ZENITHBANK
₦121.00
Zenith Bank
7D
11.0%
1Y
69.2%
Narrative Update • Jul 16

ZENITHBANK: Higher Profitability And Lower Discount Rate Will Support Returns

Analysts have revised their Zenith Bank price target from NGN82.52 to NGN149.39, reflecting updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News for Zenith Bank Zenith Bank scheduled a board meeting for Jun 29, 2026, to review and approve the group’s financial results for the half year ending Jun 30, 2026.
GTCO
₦129.10
Guaranty Trust Holding
7D
2.6%
1Y
37.3%
Narrative Update • Jul 15

GTCO: Higher Margins And Dividend Policy Will Support Future Upside Potential

Analysts have revised their fair value estimate for Guaranty Trust Holding to NGN147.39 from NGN86.39, citing updated assumptions for revenue growth, profit margins, and future P/E expectations as key drivers of the higher price target. What’s in the News for Guaranty Trust Holding Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, with potential discussion of half year dividend matters and other business items.
VFDGROUP
₦10.15
VFD Group
7D
-5.1%
1Y
-23.7%
Narrative Update • Jul 13

VFD Group Plc Reports Strong Q1 2026 Earnings Growth Driven by Investment Income Expansion Despite Elevated Finance Costs

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) VFD Group Plc delivered a solid financial performance for the period ended March 31, 2026, underpinned by strong growth in investment income and diversified revenue streams. Gross earnings rose significantly by 37% YoY to ₦27.1 billion, supported by expansion in investment and similar income across multiple asset classes.
CONHALLPLC
₦6.60
Consolidated Hallmark Holdings
7D
-1.8%
1Y
120.0%
REGALINS
₦0.86
Regency Alliance Insurance
7D
-9.5%
1Y
50.9%
FCMB
₦12.25
FCMB Group
7D
16.7%
1Y
30.3%
Narrative Update • Jul 09

FCMB Group Plc Reports Exceptional Q1 2026 Earnings Growth Driven by Strong Net Interest Income, Capital Expansion, and Balance Sheet Growth

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) FCMB Group Plc delivered an outstanding first-quarter performance for the period ended March 31, 2026, supported by robust growth in net interest income, higher fee-based earnings, successful capital raising, and improved operating efficiency. Group Profit After Tax (PAT) surged by 137% YoY to ₦76.5 billion from ₦32.2 billion in Q1 2025, while Profit Before Tax (PBT) climbed 148% YoY to ₦87.0 billion.
SUNUASSUR
₦3.60
Sunu Assurances Nigeria
7D
-10.0%
1Y
-22.6%
MBENEFIT
₦3.55
Mutual Benefits Assurance
7D
-2.5%
1Y
136.7%
STANBIC
₦163.00
Stanbic IBTC Holdings
7D
-2.3%
1Y
63.8%
WEMABANK
₦32.00
Wema Bank
7D
8.8%
1Y
77.8%
ROYALEX
₦1.38
Royal Exchange
7D
-12.1%
1Y
13.1%
ACCESSCORP
₦26.55
Access Holdings
7D
7.3%
1Y
-6.8%