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Nigerian (NSE) Financials Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies43
  • 7D4.2%
  • 3M24.5%
  • 1Y82.9%
  • YTD30.5%

Over the last 7 days, the Financials industry has risen 4.2%, driven by gains from Guaranty Trust Holding of 11%. Meanwhile, United Capital actually underperformed within the industry, shrinking 11% in the last week. In the last 12 months, the industry was up 83%. 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
Sun, 12 Apr 2026₦24.6t₦17.0t₦5.2t10.4x4.7x1.5x
Tue, 10 Mar 2026₦23.3t₦16.7t₦4.9t11.2x4.7x1.4x
Thu, 05 Feb 2026₦20.1t₦16.6t₦4.9t11.2x4.1x1.2x
Sat, 03 Jan 2026₦18.1t₦16.8t₦5.3t7.8x3.4x1.1x
Mon, 01 Dec 2025₦16.3t₦16.8t₦5.3t7.3x3.1x1x
Wed, 29 Oct 2025₦17.7t₦16.2t₦5.2t9.3x3.4x1.1x
Fri, 26 Sep 2025₦16.8t₦16.2t₦5.2t8.5x3.2x1x
Sun, 24 Aug 2025₦17.2t₦16.5t₦5.6t8.4x3.1x1x
Tue, 22 Jul 2025₦16.6t₦16.1t₦5.6t6.1x3x1x
Thu, 19 Jun 2025₦12.7t₦16.1t₦5.6t4.9x2.3x0.8x
Sat, 17 May 2025₦12.2t₦16.2t₦5.6t4.7x2.2x0.8x
Mon, 14 Apr 2025₦11.5t₦15.7t₦5.8t3.8x2x0.7x
Wed, 12 Mar 2025₦11.2t₦15.5t₦5.9t4.3x1.9x0.7x
Fri, 07 Feb 2025₦11.5t₦15.4t₦5.9t4.5x1.9x0.7x
Sun, 05 Jan 2025₦9.8t₦15.1t₦5.8t3.6x1.7x0.7x
Tue, 03 Dec 2024₦8.8t₦15.3t₦5.8t2.9x1.5x0.6x
Thu, 31 Oct 2024₦8.5t₦14.3t₦5.4t2.5x1.6x0.6x
Sat, 28 Sep 2024₦8.1t₦13.6t₦5.2t3x1.6x0.6x
Mon, 26 Aug 2024₦7.4t₦12.5t₦4.8t2.7x1.5x0.6x
Wed, 24 Jul 2024₦7.3t₦12.1t₦4.7t3.2x1.5x0.6x
Fri, 21 Jun 2024₦7.0t₦12.0t₦4.7t3.2x1.5x0.6x
Sun, 19 May 2024₦6.7t₦11.6t₦4.5t4.1x1.5x0.6x
Tue, 16 Apr 2024₦7.3t₦9.6t₦3.6t4.5x2x0.8x
Thu, 14 Mar 2024₦7.7t₦9.2t₦3.0t4.6x2.6x0.8x
Sat, 10 Feb 2024₦7.8t₦8.9t₦2.9t4.9x2.7x0.9x
Mon, 08 Jan 2024₦8.5t₦7.8t₦2.7t4.8x3.1x1.1x
Wed, 06 Dec 2023₦7.0t₦7.6t₦2.7t4.4x2.6x0.9x
Fri, 03 Nov 2023₦6.5t₦7.5t₦2.7t4x2.5x0.9x
Sun, 01 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Tue, 29 Aug 2023₦5.9t₦6.0t₦1.6t4.5x3.8x1x
Thu, 27 Jul 2023₦6.5t₦5.8t₦1.5t5.7x4.4x1.1x
Sat, 24 Jun 2023₦5.5t₦5.7t₦1.3t5.7x4.1x1x
Mon, 22 May 2023₦4.3t₦5.2t₦1.3t4.6x3.3x0.8x
Wed, 19 Apr 2023₦3.8t₦4.9t₦1.3t4.6x2.8x0.8x
Price to Earnings Ratio

2.8x


Total Market Cap: ₦3.8tTotal Earnings: ₦1.3tTotal Revenue: ₦4.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.7x202420252026
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 4.7x which is higher than its 3-year average PE of 2.7x.
  • The 3-year average PS ratio of 0.87x 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 51% 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 Market0.86%
Financials4.20%
Banks5.02%
Diversified Financial3.02%
Capital Markets0.75%
Mortgage Finance0%0
Insurance-2.47%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 14.8x.
    • 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 2.3x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 23% over the next 5 years.
  • However this is lower than its past earnings growth rate of 70% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 14% 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₦135.0010.7%
+₦475.2b		98.5%PB1.5x
ZENITHBANK Zenith Bank₦112.008.7%
+₦369.6b		124.2%PB0.9x
FIRSTHOLDCO First HoldCo₦52.054.1%
+₦91.1b		108.2%PB0.7x
STANBIC Stanbic IBTC Holdings₦138.003.7%
+₦77.9b		122.6%PE5.8x
NGXGROUP Nigerian Exchange Group₦188.0013.9%
+₦50.7b		445.7%PE39.6x

Latest News

WAPIC
₦2.92
Coronation Insurance
7D
-8.5%
1Y
32.7%
MANSARD
₦15.00
AXA Mansard Insurance
7D
-6.3%
1Y
88.2%

AXA MANSARD INSURANCE PLC – Strong Investment Income Drives Solid 9M 2025 Earnings Despite Higher Insurance Service Costs

Analyst: Qudus Adebara (Research Analyst) Executive Summary AXA MANSARD Insurance Plc recorded a resilient performance for the nine months ended 30 September 2025, supported by a robust investment return and improved underwriting discipline. Insurance revenue grew by 22.7% YoY to ₦120.53 billion (9M’24: ₦98.24 billion), driven by stronger premium generation across retail and corporate lines.
VFDGROUP
₦10.30
VFD Group
7D
-9.6%
1Y
-29.5%
ZENITHBANK
₦112.00
Zenith Bank
7D
8.7%
1Y
124.2%

Zenith Bank Plc – Completion of Acquisition of Paramount Bank Kenya Limited

Author: Qudus Adebara (Research Analyst, DLM Capital Group) Transaction Overview Zenith Bank Plc (“the Bank”) has announced the successful completion of its acquisition of 100% equity stake in Paramount Bank Kenya Limited (“PBL” or “the Target”). The transaction follows the receipt of all required regulatory approvals in both Nigeria and Kenya , marking the formal conclusion of a process initially announced in November 2025.
GTCO
₦135.00
Guaranty Trust Holding
7D
10.7%
1Y
98.5%

GTCO Q3 Earning Result – Strong Core Earnings Momentum Sustained Despite Absence of Exceptional FX Gains

Analyst: Qudus Adebara Executive Summary Guaranty Trust Holding Company Plc (GTCO or “the Group”) released its unaudited financial statements for the nine months ended 30 September 2025 , demonstrating sustained growth in core banking operations despite a high base effect from 2024’s exceptional FX revaluation gains. The Group reported a profit before tax (PBT) of ₦900.8 billion , representing a 26% year-on-year decline from ₦1.22 trillion in 2024, primarily reflecting the non-recurrence of last year’s outsized foreign exchange gains.
NGXGROUP
₦188.00
Nigerian Exchange Group
7D
13.9%
1Y
445.7%

Nigerian Exchange Group Plc – Pan-African Capital Market Integration & Cross-Border Listings Initiative

Author: Qudus Adebara (Research Analyst, DLM Capital Group) Initiative Overview Nigerian Exchange Group Plc (“NGX Group”) has convened a high-level strategic forum in Lagos, bringing together chief executives and senior representatives of leading African stock exchanges to accelerate cross-border listings and capital market integration across the continent. The engagement reflects NGX Group’s growing leadership role in shaping a unified African capital market ecosystem , aimed at improving capital mobility, deepening liquidity, and expanding investment access across jurisdictions.
ACCESSCORP
₦26.00
Access Holdings
7D
0.2%
1Y
27.1%
STANBIC
₦138.00
Stanbic IBTC Holdings
7D
3.7%
1Y
122.6%
FIDELITYBK
₦19.50
Fidelity Bank
7D
1.0%
1Y
0.5%
FCMB
₦11.60
FCMB Group
7D
-3.3%
1Y
24.1%
STERLINGNG
₦7.65
Sterling Financial Holdings
7D
-3.2%
1Y
47.1%
UBA
₦47.00
United Bank for Africa
7D
2.3%
1Y
33.1%
UCAP
₦16.20
United Capital
7D
-10.7%
1Y
6.2%
FIRSTHOLDCO
₦52.05
First HoldCo
7D
4.1%
1Y
108.2%
JAIZBANK
₦9.70
Jaiz Bank
7D
-2.0%
1Y
208.9%
WEMABANK
₦26.00
Wema Bank
7D
-0.8%
1Y
136.4%

last Report

Wema Bank Plc – Strong Loan Growth and Profitability Drive Solid 9M 2025 Performance Analyst: Qudus Adebara Executive Summary Wema Bank Plc delivered a robust performance for the nine months ended September 30, 2025, with strong revenue growth, expanded loan book, and improved profitability metrics. The Bank’s financial results reflect strong net interest income, effective cost management, and disciplined credit risk control.