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Nigerian (NSE) Financials Sector Analysis

UpdatedJan 27, 2026
DataAggregated Company Financials
Companies42
  • 7D-1.5%
  • 3M11.8%
  • 1Y38.5%
  • YTD6.5%

Over the last 7 days, the Financials industry has dropped 1.5%, driven by a pullback from First HoldCo of 3.9%. This takes the industry's 12 month performance to a gain of 39%. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 27 Jan 2026₦19.6t₦16.8t₦5.3t9x3.7x1.2x
Thu, 25 Dec 2025₦17.6t₦16.8t₦5.3t7.1x3.3x1x
Sat, 22 Nov 2025₦16.2t₦16.8t₦5.3t7.1x3.1x1x
Mon, 20 Oct 2025₦18.0t₦16.2t₦5.2t10x3.4x1.1x
Wed, 17 Sep 2025₦17.1t₦16.4t₦5.6t10.1x3x1x
Fri, 15 Aug 2025₦17.8t₦16.5t₦5.6t10x3.2x1.1x
Sun, 13 Jul 2025₦15.8t₦16.1t₦5.6t6x2.8x1x
Tue, 10 Jun 2025₦12.9t₦16.1t₦5.6t5.1x2.3x0.8x
Thu, 08 May 2025₦11.9t₦16.3t₦5.8t4.4x2.1x0.7x
Sat, 05 Apr 2025₦11.7t₦15.7t₦5.8t4.1x2x0.7x
Mon, 03 Mar 2025₦11.0t₦15.4t₦5.9t4.3x1.9x0.7x
Wed, 29 Jan 2025₦11.1t₦15.1t₦5.8t4x1.9x0.7x
Fri, 27 Dec 2024₦9.6t₦15.1t₦5.8t3.6x1.7x0.6x
Sun, 24 Nov 2024₦8.8t₦15.3t₦5.8t2.7x1.5x0.6x
Tue, 22 Oct 2024₦8.1t₦14.0t₦5.3t2.5x1.5x0.6x
Thu, 19 Sep 2024₦8.0t₦13.2t₦5.2t2.9x1.5x0.6x
Sat, 17 Aug 2024₦7.3t₦12.4t₦4.8t2.7x1.5x0.6x
Mon, 15 Jul 2024₦7.2t₦12.2t₦4.7t3.1x1.5x0.6x
Wed, 12 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Fri, 10 May 2024₦7.1t₦11.5t₦4.5t4.2x1.6x0.6x
Sun, 07 Apr 2024₦8.1t₦9.0t₦3.2t4.8x2.5x0.9x
Tue, 05 Mar 2024₦7.3t₦9.1t₦2.9t4.7x2.5x0.8x
Thu, 01 Feb 2024₦7.6t₦8.3t₦2.8t5.6x2.7x0.9x
Sat, 30 Dec 2023₦7.6t₦7.7t₦2.7t4.5x2.8x1x
Mon, 27 Nov 2023₦6.6t₦7.7t₦2.7t4.5x2.5x0.9x
Wed, 25 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Fri, 22 Sep 2023₦6.3t₦6.9t₦2.2t4.8x2.8x0.9x
Sun, 20 Aug 2023₦6.1t₦6.0t₦1.5t4.5x4x1x
Tue, 18 Jul 2023₦5.9t₦5.7t₦1.3t5.3x4.4x1x
Thu, 15 Jun 2023₦5.6t₦5.1t₦1.2t5.9x4.5x1.1x
Sat, 13 May 2023₦4.1t₦5.2t₦1.3t4.6x3.2x0.8x
Mon, 10 Apr 2023₦4.0t₦4.9t₦1.3t4.1x3x0.8x
Wed, 08 Mar 2023₦4.2t₦4.8t₦1.3t4.1x3.1x0.9x
Fri, 03 Feb 2023₦4.1t₦4.8t₦1.3t4x3.1x0.8x
Price to Earnings Ratio

3.1x


Total Market Cap: ₦4.1tTotal Earnings: ₦1.3tTotal Revenue: ₦4.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.6x202420252026
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 3.7x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.2x.
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 52% 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-0.43%
Financials-1.53%
Diversified Financial1.84%
Mortgage Finance0%0
Insurance-0.54%
Banks-1.99%
Capital Markets-2.48%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.5x.
    • 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 24% 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 16% 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₦98.503.7%
+₦111.0b		57.9%PB0.9x
JAIZBANK Jaiz Bank₦8.2514.4%
+₦46.4b		160.3%PB5.4x
ETRANZACT eTranzact International₦19.1011.7%
+₦18.4b		193.8%PE48x
STANBIC Stanbic IBTC Holdings₦108.000.9%
+₦15.9b		66.2%PE5.4x
CUSTODIAN Custodian Investment₦45.004.7%
+₦11.8b		130.2%PE5x

Latest News

ABBEYBDS
₦7.80
Abbey Mortgage Bank
7D
9.9%
1Y
151.6%
INFINITY
₦8.45
Infinity Trust Mortgage Bank
7D
20.7%
1Y
20.7%

Infinity Trust Mortgage Bank Plc Reports Strong FY 2025 Profit Growth Amid Rapid Loan Expansion and Robust Liquidity

Based on Recent Valuation
FCMB
₦11.10
FCMB Group
7D
-5.1%
1Y
-3.5%

FCMB Group’s National Banking Licence: Capital-Led De-Risking, Strategic Optionality & Pathway to International Expansion

FCMB Group Plc has secured a national banking licence for its flagship banking subsidiary, following the successful completion of a major capital raise that ensures uninterrupted domestic operations under the Central Bank of Nigeria’s (CBN) ongoing banking sector recapitalisation programme. This milestone positions the Group not only ahead of regulatory minimums for national operations, but also provides a clear and credible pathway toward international banking status ahead of the March 31, 2026 deadline.
JAIZBANK
₦8.25
Jaiz Bank
7D
14.4%
1Y
160.3%
NPFMCRFBK
₦5.80
NPF Microfinance Bank
7D
22.6%
1Y
235.3%
GTCO
₦98.50
Guaranty Trust Holding
7D
3.7%
1Y
57.9%

GTCO: Fair Outlook Will Hinge On Margins And Upcoming Board Decisions

Analysts have raised their price target on Guaranty Trust Holding to ₦105.37 from ₦97.18, citing updated assumptions that combine a slightly lower revenue growth outlook with a higher profit margin and a revised future P/E of about 6x. What's in the News Board meeting scheduled for January 27, 2026, to consider the audited financial statements for the year ending December 31, 2025 (Key Developments).
ZENITHBANK
₦70.90
Zenith Bank
7D
-1.5%
1Y
39.6%

ZENITHBANK: Board Review And Dividend Decision Will Shape Measured Outlook

Analysts have raised their price target for Zenith Bank from ₦53.90 to ₦72.01, citing updated assumptions around revenue growth, profit margins, discount rate and forward P/E that, in their view, support a higher valuation range. What's in the News A board meeting is scheduled for January 29, 2026, to review Zenith Bank Group's audited financial statements for the year ending December 31, 2025.
ETRANZACT
₦19.10
eTranzact International
7D
11.7%
1Y
193.8%
FIDELITYBK
₦19.75
Fidelity Bank
7D
-2.5%
1Y
0.8%
WEMABANK
₦22.50
Wema Bank
7D
-1.5%
1Y
104.5%
ACCESSCORP
₦22.50
Access Holdings
7D
-1.7%
1Y
-16.7%
FIRSTHOLDCO
₦47.05
First HoldCo
7D
-5.9%
1Y
60.9%
ETI
₦48.00
Ecobank Transnational
7D
-4.0%
1Y
57.9%

Ecobank Group – Strategic Partnership with Bank of China Strengthens China–Africa Trade and Payments Corridor

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Ecobank Group has signed a Memorandum of Understanding (MoU) with Bank of China (Mauritius) Limited on December 22, 2025, reinforcing a long-standing partnership that dates back over 15 years. The agreement is designed to deepen cooperation in trade finance, cross-border payments, and financial services that support the rapidly expanding economic relationship between China and Africa.
STANBIC
₦108.00
Stanbic IBTC Holdings
7D
0.9%
1Y
66.2%
STERLINGNG
₦7.30
Sterling Financial Holdings
7D
-6.4%
1Y
23.5%
CUSTODIAN
₦45.00
Custodian Investment
7D
4.7%
1Y
130.2%