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Nigerian (NSE) Financials Sector Analysis

UpdatedJun 15, 2026
DataAggregated Company Financials
Companies44
  • 7D0.9%
  • 3M15.1%
  • 1Y84.3%
  • YTD44.1%

The Financials is pretty flat in the last 7 days, but First HoldCo has stood out, gaining 11%. The past year has been better, since the industry has gained 84% in that time. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Jun 2026₦27.8t₦17.5t₦5.1t10.8x5.4x1.6x
Wed, 13 May 2026₦29.7t₦17.4t₦5.0t9.6x5.9x1.7x
Fri, 10 Apr 2026₦24.5t₦16.9t₦5.2t10.2x4.7x1.4x
Sun, 08 Mar 2026₦23.5t₦16.6t₦4.9t11x4.8x1.4x
Tue, 03 Feb 2026₦19.4t₦17.0t₦5.5t8.6x3.6x1.1x
Thu, 01 Jan 2026₦17.7t₦16.8t₦5.3t7.6x3.3x1.1x
Sat, 29 Nov 2025₦16.3t₦16.8t₦5.3t7.3x3.1x1x
Mon, 27 Oct 2025₦17.8t₦16.2t₦5.2t9.2x3.4x1.1x
Wed, 24 Sep 2025₦16.5t₦16.2t₦5.2t8.6x3.2x1x
Fri, 22 Aug 2025₦17.0t₦16.5t₦5.6t7.6x3x1x
Sun, 20 Jul 2025₦16.6t₦16.1t₦5.6t6.1x3x1x
Tue, 17 Jun 2025₦12.4t₦16.1t₦5.6t4.8x2.2x0.8x
Thu, 15 May 2025₦12.1t₦16.3t₦5.8t4.7x2.1x0.7x
Sat, 12 Apr 2025₦11.5t₦15.7t₦5.9t3.7x2x0.7x
Mon, 10 Mar 2025₦10.7t₦15.5t₦5.9t4.3x1.8x0.7x
Wed, 05 Feb 2025₦11.1t₦15.4t₦5.9t4.1x1.9x0.7x
Fri, 03 Jan 2025₦9.7t₦15.1t₦5.8t3.6x1.7x0.6x
Sun, 01 Dec 2024₦8.8t₦15.3t₦5.8t3x1.5x0.6x
Tue, 29 Oct 2024₦8.5t₦14.1t₦5.3t2.5x1.6x0.6x
Thu, 26 Sep 2024₦8.2t₦13.5t₦5.2t3x1.6x0.6x
Sat, 24 Aug 2024₦7.4t₦12.5t₦4.8t2.7x1.5x0.6x
Mon, 22 Jul 2024₦7.3t₦12.2t₦4.7t3.2x1.5x0.6x
Wed, 19 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Fri, 17 May 2024₦6.7t₦11.7t₦4.5t4.2x1.5x0.6x
Sun, 14 Apr 2024₦7.5t₦9.8t₦3.6t4.8x2.1x0.8x
Tue, 12 Mar 2024₦7.4t₦9.2t₦3.0t4.5x2.5x0.8x
Thu, 08 Feb 2024₦7.9t₦8.9t₦2.9t4.8x2.7x0.9x
Sat, 06 Jan 2024₦8.2t₦7.8t₦2.7t4.8x3.1x1.1x
Mon, 04 Dec 2023₦6.7t₦7.6t₦2.7t4.4x2.5x0.9x
Wed, 01 Nov 2023₦6.5t₦7.6t₦2.6t3.8x2.5x0.8x
Fri, 29 Sep 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Sun, 27 Aug 2023₦5.9t₦6.0t₦1.6t4.5x3.8x1x
Tue, 25 Jul 2023₦6.5t₦5.8t₦1.5t5.7x4.5x1.1x
Thu, 22 Jun 2023₦5.5t₦5.5t₦1.3t5.7x4.2x1x
Price to Earnings Ratio

4.2x


Total Market Cap: ₦5.5tTotal Earnings: ₦1.3tTotal Revenue: ₦5.5tTotal 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 5.4x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.91x 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 58% per year over the last three years.
  • Revenues for these companies have grown 47% 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 Market0.027%
Financials0.92%
Diversified Financial1.30%
Banks0.96%
Insurance0.27%
Mortgage Finance0%0
Capital Markets-0.39%
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 17% 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₦66.604.7%
+₦133.4b		151.3%PB0.9x
GTCO Guaranty Trust Holding₦135.700.5%
+₦25.6b		89.8%PB1.4x
CONHALLPLC Consolidated Hallmark Holdings₦9.0724.8%
+₦19.5b		202.3%PE11.6x
INFINITY Infinity Trust Mortgage Bank₦11.2520.3%
+₦15.8b		192.2%PE31.2x
STANBIC Stanbic IBTC Holdings₦165.000.6%
+₦15.1b		107.9%PE6.4x

Latest News

ETRANZACT
₦14.90
eTranzact International
7D
-17.2%
1Y
125.8%
FIDELITYBK
₦19.55
Fidelity Bank
7D
-5.1%
1Y
6.8%
ZENITHBANK
₦121.05
Zenith Bank
7D
-5.8%
1Y
157.6%
INFINITY
₦11.25
Infinity Trust Mortgage Bank
7D
20.3%
1Y
192.2%
FIRSTHOLDCO
₦66.60
First HoldCo
7D
4.7%
1Y
151.3%
FCMB
₦11.50
FCMB Group
7D
-4.2%
1Y
24.3%
WEMABANK
₦30.90
Wema Bank
7D
1.0%
1Y
123.9%
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.
CONHALLPLC
₦9.07
Consolidated Hallmark Holdings
7D
24.8%
1Y
202.3%
Narrative Update • Jun 03

Consolidated Hallmark Holdings Plc Delivers Strong FY 2025 Earnings Growth Driven by Insurance Revenue Expansion and Investment Income Amid

Consolidated Hallmark Holdings Plc Delivers Strong FY 2025 Earnings Growth Driven by Insurance Revenue Expansion and Investment Income Amid FX Volatility Analyst: Qudus Adebara Executive Summary Consolidated Hallmark Holdings Plc delivered a strong financial performance for the year ended 31 December 2025, underpinned by robust growth in insurance revenue, strong investment income, and an expanded balance sheet. Despite material foreign exchange losses and higher insurance service expenses, the Group recorded solid profitability, supported by improved underwriting scale, higher interest income, and fair value gains on financial assets.
GTCO
₦135.70
Guaranty Trust Holding
7D
0.5%
1Y
89.8%
Narrative Update • Jun 02

GTCO: Dividend Payouts And Richer P/E Assumptions Will Support Future Upside

Analysts kept their NGN 162.00 price target on Guaranty Trust Holding unchanged, attributing this to updated assumptions that combine a higher revenue growth outlook with a lower profit margin and a slightly richer future P/E multiple. What's in the News Final dividend of NGN 11.76K per 50 Kobo ordinary share approved at the April 28, 2026 AGM, bringing total dividend for the 2025 financial year to NGN 12.76K per share, subject to withholding tax and based on the register as at April 13, 2026.
JAIZBANK
₦8.85
Jaiz Bank
7D
-1.7%
1Y
184.6%
STANBIC
₦165.00
Stanbic IBTC Holdings
7D
0.6%
1Y
107.9%
MANSARD
₦13.70
AXA Mansard Insurance
7D
1.5%
1Y
48.1%
NEM
₦31.90
NEM Insurance
7D
6.7%
1Y
112.7%
UBA
₦43.10
United Bank for Africa
7D
-0.9%
1Y
26.4%
CUSTODIAN
₦81.25
Custodian Investment
7D
-2.1%
1Y
226.3%
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.
CORNERST
₦5.45
Cornerstone Insurance
7D
-6.0%
1Y
36.6%