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Nigerian (NSE) Financials Sector Analysis

UpdatedSep 12, 2026
DataAggregated Company Financials
Companies45
  • 7D-3.9%
  • 3M7.1%
  • 1Y54.5%
  • YTD54.2%

Over the last 7 days, the Financials industry has dropped 4.4%, driven by First HoldCo declining 9.3%. This takes the industry's 12 month performance to a gain of 54%. As for the next few years, earnings are expected to grow by 20% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 12 Sep 2026₦29.9t₦17.8t₦5.4t7.1x5.6x1.7x
Mon, 10 Aug 2026₦30.7t₦17.9t₦5.4t8.1x5.7x1.7x
Wed, 08 Jul 2026₦25.6t₦17.5t₦5.1t9x5x1.5x
Fri, 05 Jun 2026₦27.8t₦17.4t₦5.1t10.1x5.5x1.6x
Sun, 03 May 2026₦27.7t₦16.9t₦4.8t9.6x5.7x1.6x
Tue, 31 Mar 2026₦23.6t₦16.6t₦4.9t10.7x4.8x1.4x
Thu, 26 Feb 2026₦23.5t₦16.6t₦4.9t11.6x4.8x1.4x
Sat, 24 Jan 2026₦19.6t₦16.8t₦5.3t9.3x3.7x1.2x
Mon, 22 Dec 2025₦17.2t₦16.8t₦5.3t7.3x3.2x1x
Wed, 19 Nov 2025₦16.6t₦16.7t₦5.3t7.6x3.1x1x
Fri, 17 Oct 2025₦15.3t₦16.2t₦5.2t9.9x2.9x0.9x
Sun, 14 Sep 2025₦17.1t₦16.5t₦5.6t9.8x3x1x
Tue, 12 Aug 2025₦17.9t₦16.5t₦5.6t8.4x3.2x1.1x
Thu, 10 Jul 2025₦14.5t₦16.1t₦5.6t5.8x2.6x0.9x
Sat, 07 Jun 2025₦12.9t₦16.1t₦5.6t4.9x2.3x0.8x
Mon, 05 May 2025₦11.7t₦16.3t₦5.8t4.5x2x0.7x
Wed, 02 Apr 2025₦11.4t₦16.1t₦5.8t4.3x1.9x0.7x
Fri, 28 Feb 2025₦11.1t₦15.4t₦5.9t4.3x1.9x0.7x
Sun, 26 Jan 2025₦10.6t₦15.1t₦5.8t4.1x1.8x0.7x
Tue, 24 Dec 2024₦9.5t₦15.1t₦5.8t3.5x1.6x0.6x
Thu, 21 Nov 2024₦8.9t₦15.3t₦5.8t2.5x1.5x0.6x
Sat, 19 Oct 2024₦8.0t₦13.7t₦5.2t2.5x1.6x0.6x
Mon, 16 Sep 2024₦7.8t₦13.1t₦5.2t2.8x1.5x0.6x
Wed, 14 Aug 2024₦7.3t₦12.4t₦4.8t2.8x1.5x0.6x
Fri, 12 Jul 2024₦7.2t₦12.2t₦4.7t3.1x1.5x0.6x
Sun, 09 Jun 2024₦6.7t₦12.0t₦4.7t2.9x1.4x0.6x
Tue, 07 May 2024₦7.3t₦10.9t₦4.0t4.2x1.8x0.7x
Thu, 04 Apr 2024₦8.4t₦9.1t₦3.2t5x2.6x0.9x
Sat, 02 Mar 2024₦7.4t₦9.1t₦2.9t4.8x2.5x0.8x
Mon, 29 Jan 2024₦8.8t₦7.8t₦2.7t6.4x3.2x1.1x
Wed, 27 Dec 2023₦7.5t₦7.8t₦2.7t4.3x2.8x1x
Fri, 24 Nov 2023₦6.6t₦7.6t₦2.7t4.5x2.5x0.9x
Sun, 22 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Tue, 19 Sep 2023₦6.3t₦6.8t₦2.2t4.5x2.8x0.9x
Price to Earnings Ratio

2.8x


Total Market Cap: ₦6.3tTotal Earnings: ₦2.2tTotal Revenue: ₦6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.9x202420252026
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 5.5x which is higher than its 3-year average PE of 2.9x.
  • The 3-year average PS ratio of 0.96x 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 34% per year over the last three years.
  • Revenues for these companies have grown 37% 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-2.60%
Financials-3.88%
Capital Markets1.34%
Mortgage Finance0%0
Diversified Financial-2.04%
Banks-4.21%
Insurance-4.71%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 15.2x.
    • 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 2.6x.
Forecasted Growth
  • Analysts are most optimistic on the Banks industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • 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
NGXGROUP Nigerian Exchange Group₦148.0013.8%
+₦47.1b		228.1%PE23.3x
WEMABANK Wema Bank₦30.402.7%
+₦32.1b		38.5%PB1.7x
ETRANZACT eTranzact International₦13.005.7%
+₦6.4b		-13.0%PE54.9x
CONHALLPLC Consolidated Hallmark Holdings₦6.501.2%
+₦867.2m		58.9%PE2.2x
REGALINS Regency Alliance Insurance₦0.78-10.3%
₦645.6m		-37.3%PE22.9x

Latest News

WEMABANK
₦30.40
Wema Bank
7D
2.7%
1Y
38.5%
Narrative Update • Sep 10

Reports (Unaudited) Strong H1 2026 Earnings Growth Driven by Robust Interest Income, Trading Gains, and Balance Sheet Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Wema Bank Plc delivered a strong financial performance for the six months ended June 30, 2026, driven by significant growth in interest income, improved trading revenues, and continued expansion of its loan book and customer deposits. Gross earnings rose by 36.9% year-on-year (YoY) to ₦415.09 billion from ₦303.20 billion in H1 2025, supported by higher yields on loans and investment securities.
ACCESSCORP
₦29.00
Access Holdings
7D
-3.3%
1Y
8.2%
CONHALLPLC
₦6.50
Consolidated Hallmark Holdings
7D
1.2%
1Y
58.9%
Narrative Update • Sep 08

Consolidated Hallmark Holdings Plc Reports Exceptional Q1 2026 Earnings Driven by Fair Value Gains and Investment Income Growth

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Consolidated Hallmark Holdings Plc delivered an outstanding financial performance for the three months ended March 31, 2026, with Profit After Tax (PAT) surging to ₦20.23 billion , representing a 204.6% year-on-year (YoY) increase from ₦6.64 billion recorded in Q1 2025. The remarkable earnings growth was primarily driven by a substantial ₦18.41 billion fair value gain on financial assets measured at fair value through profit or loss (FVTPL) , coupled with a sharp increase in investment income.
FIDELITYBK
₦19.00
Fidelity Bank
7D
-5.0%
1Y
-9.7%
Narrative Update • Sep 08

Fidelity Bank Plc Reports Strong Q1 2026 Balance Sheet Growth Amid Higher Impairment Charges and Rising Funding Costs

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Fidelity Bank Plc delivered a resilient first-quarter 2026 performance, supported by robust growth in gross earnings, foreign exchange revaluation gains, and a significantly expanded balance sheet. However, profitability came under pressure from elevated impairment charges, rising funding costs, and higher operating expenses.
FIRSTHOLDCO
₦136.00
First HoldCo
7D
-9.3%
1Y
330.4%
FCMB
₦11.00
FCMB Group
7D
-7.6%
1Y
1.9%
REGALINS
₦0.78
Regency Alliance Insurance
7D
-10.3%
1Y
-37.3%
ETRANZACT
₦13.00
eTranzact International
7D
5.7%
1Y
-13.0%
NGXGROUP
₦148.00
Nigerian Exchange Group
7D
13.8%
1Y
228.1%
Narrative Update • Jul 28

Reports (Unaudited) Exceptional H1 2026 Earnings Growth Driven by Record Transaction Activity and Strong Associate Contributions

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Nigerian Exchange Group Plc delivered an outstanding financial performance for the six months ended June 30, 2026, driven by a surge in capital market activity, higher transaction and listing fees, and stronger contributions from equity-accounted investees. Group revenue more than doubled, increasing by 118% YoY to ₦17.60 billion from ₦8.08 billion in H1 2025.
ZENITHBANK
₦125.30
Zenith Bank
7D
-2.6%
1Y
84.3%
UBA
₦44.75
United Bank for Africa
7D
-2.4%
1Y
-8.1%
GTCO
₦129.80
Guaranty Trust Holding
7D
-2.2%
1Y
39.6%
Narrative Update • Jul 15

GTCO: Higher Margins And Dividend Policy Will Support Future Upside Potential

Analysts have revised their fair value estimate for Guaranty Trust Holding to NGN147.39 from NGN86.39, citing updated assumptions for revenue growth, profit margins, and future P/E expectations as key drivers of the higher price target. What’s in the News for Guaranty Trust Holding Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, with potential discussion of half year dividend matters and other business items.
STANBIC
₦152.90
Stanbic IBTC Holdings
7D
-2.3%
1Y
56.0%