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Nigerian (NSE) Financials Sector Analysis

UpdatedJun 03, 2026
DataAggregated Company Financials
Companies44
  • 7D-3.2%
  • 3M17.1%
  • 1Y90.5%
  • YTD44.4%

Over the last 7 days, the Financials industry has dropped 2.0%, driven by a pullback from Zenith Bank of 4.7%. This takes the industry's 12 month performance to a gain of 98%. 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
Wed, 03 Jun 2026₦28.2t₦17.4t₦5.1t10.6x5.5x1.6x
Fri, 01 May 2026₦27.7t₦16.7t₦4.8t9.6x5.7x1.7x
Sun, 29 Mar 2026₦23.6t₦16.6t₦4.9t10.8x4.8x1.4x
Tue, 24 Feb 2026₦23.1t₦16.6t₦4.9t12.4x4.7x1.4x
Thu, 22 Jan 2026₦19.7t₦16.8t₦5.3t9.5x3.7x1.2x
Sat, 20 Dec 2025₦17.2t₦16.8t₦5.3t7.3x3.2x1x
Mon, 17 Nov 2025₦16.7t₦16.7t₦5.3t7.8x3.2x1x
Wed, 15 Oct 2025₦15.3t₦16.1t₦5.2t10.2x2.9x0.9x
Fri, 12 Sep 2025₦16.9t₦16.5t₦5.6t8.9x3x1x
Sun, 10 Aug 2025₦17.7t₦16.5t₦5.6t8.4x3.2x1.1x
Tue, 08 Jul 2025₦14.3t₦16.1t₦5.6t5.5x2.6x0.9x
Thu, 05 Jun 2025₦12.6t₦16.1t₦5.6t5x2.3x0.8x
Sat, 03 May 2025₦11.7t₦16.0t₦5.7t4.5x2.1x0.7x
Mon, 31 Mar 2025₦11.4t₦15.6t₦5.7t4.3x2x0.7x
Wed, 26 Feb 2025₦11.1t₦15.4t₦5.9t4.3x1.9x0.7x
Fri, 24 Jan 2025₦10.4t₦15.1t₦5.8t4x1.8x0.7x
Sun, 22 Dec 2024₦9.3t₦15.1t₦5.8t3.2x1.6x0.6x
Tue, 19 Nov 2024₦8.9t₦15.2t₦5.8t2.5x1.5x0.6x
Thu, 17 Oct 2024₦8.0t₦13.8t₦5.2t2.4x1.5x0.6x
Sat, 14 Sep 2024₦7.9t₦13.1t₦5.2t2.8x1.5x0.6x
Mon, 12 Aug 2024₦7.4t₦12.4t₦4.8t2.8x1.6x0.6x
Wed, 10 Jul 2024₦7.2t₦12.1t₦4.7t3x1.5x0.6x
Fri, 07 Jun 2024₦6.7t₦12.0t₦4.7t3.1x1.4x0.6x
Sun, 05 May 2024₦7.1t₦10.9t₦4.0t4.2x1.8x0.7x
Tue, 02 Apr 2024₦8.5t₦9.1t₦3.2t4.8x2.7x0.9x
Thu, 29 Feb 2024₦6.8t₦9.2t₦3.0t4.5x2.3x0.7x
Sat, 27 Jan 2024₦8.8t₦7.8t₦2.7t6.4x3.2x1.1x
Mon, 25 Dec 2023₦7.5t₦7.8t₦2.7t4.3x2.8x1x
Wed, 22 Nov 2023₦6.5t₦7.6t₦2.7t4x2.5x0.9x
Fri, 20 Oct 2023₦6.3t₦7.0t₦2.4t4.4x2.7x0.9x
Sun, 17 Sep 2023₦6.2t₦6.9t₦2.2t4.4x2.8x0.9x
Tue, 15 Aug 2023₦6.2t₦6.0t₦1.6t4.4x4x1x
Thu, 13 Jul 2023₦6.4t₦5.7t₦1.3t5.8x4.8x1.1x
Sat, 10 Jun 2023₦4.7t₦5.1t₦1.2t5.4x3.8x0.9x
Price to Earnings Ratio

3.8x


Total Market Cap: ₦4.7tTotal Earnings: ₦1.2tTotal Revenue: ₦5.1tTotal 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 0.90x 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 60% 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-1.36%
Financials-3.19%
Insurance1.88%
Mortgage Finance0%0
Diversified Financial-2.40%
Capital Markets-3.14%
Banks-3.61%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above 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 2.4x.
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 8.8% 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
UBA United Bank for Africa₦44.500.8%
+₦15.5b		29.0%PB0.5x
NEM NEM Insurance₦32.908.9%
+₦13.5b		123.8%PE10.9x
CONHALLPLC Consolidated Hallmark Holdings₦6.7918.9%
+₦11.7b		124.8%PE8.7x
ABBEYBDS Abbey Mortgage Bank₦7.0513.7%
+₦8.6b		26.3%PE28.2x
STERLINGNG Sterling Financial Holdings₦8.001.3%
+₦6.9b		42.9%PB1x

Latest News

CONHALLPLC
₦6.79
Consolidated Hallmark Holdings
7D
18.9%
1Y
124.8%
FIDELITYBK
₦21.05
Fidelity Bank
7D
-2.5%
1Y
10.8%
STANBIC
₦169.35
Stanbic IBTC Holdings
7D
-3.0%
1Y
134.7%
ACCESSCORP
₦24.00
Access Holdings
7D
-2.4%
1Y
9.8%
ZENITHBANK
₦125.95
Zenith Bank
7D
-4.6%
1Y
159.2%
INTENEGINS
₦5.46
International Energy Insurance
7D
32.8%
1Y
205.0%
STERLINGNG
₦8.00
Sterling Financial Holdings
7D
1.3%
1Y
42.9%
ABBEYBDS
₦7.05
Abbey Mortgage Bank
7D
13.7%
1Y
26.3%
Narrative Update • May 21

Abbey Mortgage Bank Plc – Proposed N164.5 Billion Capital Raise for Strategic Recapitalisation and Expansion

Transaction Overview Author: Qudus Adebara(Research Analyst, DLM Securities) Abbey Mortgage Bank Plc (“Abbey Mortgage Bank” or “the Bank”) has announced plans to seek shareholder approval to raise up to N164.5 billion in combined equity and debt capital as part of a comprehensive restructuring and expansion programme. The proposed capital raise will be tabled at the Bank’s 34th Annual General Meeting (AGM) scheduled for May 25, 2026 , to be held virtually.
FCMB
₦11.25
FCMB Group
7D
-4.3%
1Y
12.5%
Narrative Update • May 21

FCMB Group Plc Reports Strong FY 2025 Earnings Growth Driven by Balance Sheet Expansion and Improved Core Banking Performance

FCMB, REA and Partners Launch $188 Million Renewable Energy Financing Platform Author: Qudus Adebara First City Monument Bank (FCMB), in partnership with Barton Heyman Limited, the Rural Electrification Agency (REA), UK PACT, and other stakeholders, has launched a $188 million Green Finance Investment Facility (GFIF) aimed at financing 191 megawatts of distributed solar capacity across Nigeria. The blended finance platform is designed to mobilize large-scale private and institutional capital into Nigeria’s distributed renewable energy sector, with a particular focus on underserved households, rural communities, and businesses lacking reliable electricity access.
WEMABANK
₦30.00
Wema Bank
7D
-11.1%
1Y
124.7%
Narrative Update • May 21

Wema Bank Plc Delivers Strong FY 2025 Performance with Robust Balance Sheet Expansion and Earnings Growth

Analyst: Qudus Adebara Executive Summary Wema Bank Plc delivered a strong financial performance for the year ended 31 December 2025 , reflecting solid balance sheet growth, resilient earnings momentum, and improved capital positioning. The Bank recorded Profit After Tax (PAT) of ₦193.2 billion , representing a 124% YoY increase from ₦86.3 billion in FY 2024, driven by strong net interest income growth, improved fee income, and effective cost management.
FIRSTHOLDCO
₦62.50
First HoldCo
7D
-7.4%
1Y
125.2%
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
₦136.00
Guaranty Trust Holding
7D
-2.9%
1Y
100.0%
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.
NEM
₦32.90
NEM Insurance
7D
8.9%
1Y
123.8%
UBA
₦44.50
United Bank for Africa
7D
0.8%
1Y
29.0%
WAPIC
₦2.63
Coronation Insurance
7D
6.5%
1Y
23.5%
SOVRENINS
₦2.70
Sovereign Trust Insurance
7D
8.0%
1Y
170.0%