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Nigerian (NSE) Financials Sector Analysis

UpdatedDec 03, 2025
DataAggregated Company Financials
Companies43
  • 7D0.8%
  • 3M-7.0%
  • 1Y39.8%
  • YTD29.1%

Last week, the Financials industry hasn't moved much but United Bank for Africa is up 7.0% in that time. As for the the longer term, the industry is up 40% over the past 12 months. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 03 Dec 2025₦16.3t₦16.8t₦5.3t7.2x3.1x1x
Fri, 31 Oct 2025₦17.1t₦16.5t₦5.3t8.8x3.2x1x
Sun, 28 Sep 2025₦15.2t₦16.2t₦5.2t8.6x2.9x0.9x
Tue, 26 Aug 2025₦17.4t₦16.5t₦5.6t9.1x3.1x1.1x
Thu, 24 Jul 2025₦16.6t₦16.1t₦5.6t6.1x3x1x
Sat, 21 Jun 2025₦13.2t₦16.1t₦5.6t5.2x2.4x0.8x
Mon, 19 May 2025₦12.2t₦16.2t₦5.6t4.7x2.2x0.8x
Wed, 16 Apr 2025₦11.3t₦15.8t₦5.8t4x1.9x0.7x
Fri, 14 Mar 2025₦11.1t₦15.5t₦5.9t4.1x1.9x0.7x
Sun, 09 Feb 2025₦11.7t₦15.4t₦5.9t4.5x2x0.8x
Tue, 07 Jan 2025₦9.8t₦15.1t₦5.8t4x1.7x0.7x
Thu, 05 Dec 2024₦8.9t₦15.2t₦5.8t2.9x1.5x0.6x
Sat, 02 Nov 2024₦8.6t₦14.8t₦5.7t2.4x1.5x0.6x
Mon, 30 Sep 2024₦8.1t₦13.6t₦5.2t3x1.6x0.6x
Wed, 28 Aug 2024₦7.4t₦12.5t₦4.8t2.8x1.5x0.6x
Fri, 26 Jul 2024₦7.1t₦12.2t₦4.7t3.1x1.5x0.6x
Sun, 23 Jun 2024₦6.9t₦12.0t₦4.7t3.1x1.5x0.6x
Tue, 21 May 2024₦6.6t₦11.7t₦4.5t4.2x1.5x0.6x
Thu, 18 Apr 2024₦7.0t₦9.6t₦3.6t4.2x1.9x0.7x
Sat, 16 Mar 2024₦8.0t₦9.2t₦3.0t4.6x2.7x0.9x
Mon, 12 Feb 2024₦7.8t₦8.9t₦2.9t5.2x2.7x0.9x
Wed, 10 Jan 2024₦8.8t₦7.7t₦2.7t5.2x3.3x1.1x
Fri, 08 Dec 2023₦7.1t₦7.6t₦2.7t4.4x2.7x0.9x
Sun, 05 Nov 2023₦6.5t₦7.5t₦2.6t4.1x2.4x0.9x
Tue, 03 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Thu, 31 Aug 2023₦5.9t₦6.1t₦1.6t4.5x3.7x1x
Sat, 29 Jul 2023₦6.3t₦5.9t₦1.5t5.5x4.3x1.1x
Mon, 26 Jun 2023₦5.4t₦5.6t₦1.3t5.6x4.1x1x
Wed, 24 May 2023₦4.3t₦5.2t₦1.3t4.7x3.4x0.8x
Fri, 21 Apr 2023₦3.9t₦5.0t₦1.4t4.4x2.9x0.8x
Sun, 19 Mar 2023₦4.0t₦4.8t₦1.3t4x3x0.8x
Tue, 14 Feb 2023₦4.1t₦4.8t₦1.3t4x3.1x0.8x
Thu, 12 Jan 2023₦3.8t₦4.7t₦1.3t4.2x2.9x0.8x
Sat, 10 Dec 2022₦3.6t₦4.7t₦1.3t3.9x2.8x0.8x
Price to Earnings Ratio

2.8x


Total Market Cap: ₦3.6tTotal Earnings: ₦1.3tTotal Revenue: ₦4.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.5x202320242025
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 3.1x which is higher than its 3-year average PE of 2.5x.
  • The industry is trading close to its 3-year average PS ratio of 0.82x.
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 53% 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 Market0.85%
Financials0.79%
Capital Markets3.68%
Insurance0.98%
Banks0.85%
Mortgage Finance0%0
Diversified Financial-0.57%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.4x.
    • 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 2.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 26% over the next 5 years.
  • However this is lower than its past earnings growth rate of 50% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 15% 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₦39.6010.3%
+₦151.8b		18.4%PB0.4x
GTCO Guaranty Trust Holding₦87.001.2%
+₦31.7b		65.2%PB0.8x
NGXGROUP Nigerian Exchange Group₦61.8020.9%
+₦23.6b		147.2%PE10.1x
FIRSTHOLDCO First HoldCo₦31.451.3%
+₦16.8b		20.7%PB0.4x
UCAP United Capital₦17.254.9%
+₦14.4b		-2.5%PE10.6x

Latest News

NGXGROUP
₦61.80
Nigerian Exchange Group
7D
20.9%
1Y
147.2%
ZENITHBANK
₦60.00
Zenith Bank
7D
-0.5%
1Y
34.1%

ZENITHBANK: Future Earnings Momentum Will Drive Upside As Margins Improve

Analysts have raised their price target for Zenith Bank from ₦77.48 to ₦78.33, citing expectations of stronger revenue growth and improved profit margins in recent forecasts. What's in the News Board meeting scheduled for October 30, 2025, to review unaudited financial statements for the third quarter ended September 30, 2025 (Key Developments).
FIRSTHOLDCO
₦31.45
First HoldCo
7D
1.3%
1Y
20.7%

NOTIFICATION OF COMPLETION OF SALE OF FBNQUEST MERCHANT BANK LIMITED

Issuer: First HoldCo Plc Transaction Type: Divestment of Subsidiary Subject: Completion of Sale of 100% Ownership in FBNQuest Merchant Bank Limited Buyer: EverQuest Acquisition LLP Regulatory Approval: Central Bank of Nigeria (CBN) Transaction Update First HoldCo Plc has formally notified the Nigerian Exchange Limited (NGX) and the investing public of the successful completion of its full divestment from FBNQuest Merchant Bank Limited. This development follows the sale of 100% equity ownership in the merchant banking subsidiary to EverQuest Acquisition LLP , marking the conclusion of the transaction.
ABBEYBDS
₦5.85
Abbey Mortgage Bank
7D
-10.0%
1Y
108.9%
FCMB
₦10.50
FCMB Group
7D
-1.4%
1Y
18.0%

Investor Concerns Deepen as FCMB Again Raises Capital Ceiling to ₦400 Billion

FCMB Group Plc’s decision to further expand its capital-raising ceiling—now lifted to ₦400 billion from ₦370 billion barely two weeks after an earlier increase—has triggered growing unease among shareholders and market analysts. Many argue that the Group’s repeatedly shifting capital targets risk diluting shareholder value and cast doubt on the clarity of its long-term capital strategy.
NEM
₦26.00
NEM Insurance
7D
3.2%
1Y
176.6%
ETI
₦34.00
Ecobank Transnational
7D
-1.9%
1Y
33.3%
UCAP
₦17.25
United Capital
7D
4.9%
1Y
-2.5%

UNITED CAPITAL PLC – Solid Earnings Momentum and Balance Sheet Expansion Underscore Strong Q3 2025 Performance

Strategic Context United Capital Plc delivered a resilient performance for the nine months ended 30 September 2025, reflecting robust earnings growth, sustained profitability, and a significantly strengthened balance sheet. The Group’s results highlight its ability to navigate a dynamic macroeconomic landscape marked by elevated interest rates, tighter liquidity, and fluctuating market yields.
STERLINGNG
₦7.35
Sterling Financial Holdings
7D
-5.8%
1Y
66.7%

Sterling Financial Holdings Company Plc – H1 2025 Performance Review

recent valuation
GTCO
₦87.00
Guaranty Trust Holding
7D
1.2%
1Y
65.2%

Guaranty Trust Holding Company Plc (H1 2025 Results)

GUARANTY TRUST HOLDING COMPANY PLC (GTCO) – Solid Core Earnings Offset High 2024 Base as Balance Sheet Strengthens Further Executive Summary Guaranty Trust Holding Company Plc sustained its strong operational momentum in Q3 2025, delivering robust core banking performance despite a high comparative base from the previous year, which benefited from outsized foreign exchange (FX) gains. The Group’s results underscore the resilience of its franchise, underpinned by steady growth in interest-earning assets, improved fee-based income, and a strengthened balance sheet.
UBA
₦39.60
United Bank for Africa
7D
10.3%
1Y
18.4%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
ACCESSCORP
₦21.00
Access Holdings
7D
1.0%
1Y
-14.3%

ACCESS HOLDINGS PLC Q3 Result – Sustained Earnings Growth Anchored by Strong Interest Income and Balance Sheet Expansion

Wane_Investment_House made no meaningful changes to valuation assumptions.
ETRANZACT
₦14.00
eTranzact International
7D
-3.1%
1Y
107.4%
JAIZBANK
₦4.65
Jaiz Bank
7D
2.2%
1Y
95.4%
WAPIC
₦2.36
Coronation Insurance
7D
-5.6%
1Y
131.4%
CORNERST
₦5.60
Cornerstone Insurance
7D
-3.4%
1Y
86.7%