Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Nigerian (NSE) Financials Sector Analysis

UpdatedDec 17, 2025
DataAggregated Company Financials
Companies43
  • 7D-0.07%
  • 3M-6.7%
  • 1Y42.1%
  • YTD33.2%

Over the last 7 days, the Financials industry has remained flat, although notably First HoldCo gained 9.5%. The past year has been better, since the industry has gained 42% in that time. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Dec 2025₦16.8t₦16.8t₦5.3t7x3.2x1x
Fri, 14 Nov 2025₦16.9t₦16.8t₦5.4t7.2x3.2x1x
Sun, 12 Oct 2025₦15.3t₦16.1t₦5.2t8.7x2.9x0.9x
Tue, 09 Sep 2025₦16.7t₦16.5t₦5.6t8.9x3x1x
Thu, 07 Aug 2025₦17.5t₦16.5t₦5.6t7.9x3.1x1.1x
Sat, 05 Jul 2025₦14.1t₦16.1t₦5.6t5.5x2.5x0.9x
Mon, 02 Jun 2025₦12.4t₦16.2t₦5.6t5.1x2.2x0.8x
Wed, 30 Apr 2025₦12.0t₦15.9t₦5.7t4.2x2.1x0.8x
Fri, 28 Mar 2025₦11.1t₦15.5t₦6.0t4.3x1.9x0.7x
Sun, 23 Feb 2025₦11.4t₦15.4t₦5.9t4.3x1.9x0.7x
Tue, 21 Jan 2025₦9.9t₦15.1t₦5.8t4.1x1.7x0.7x
Thu, 19 Dec 2024₦9.1t₦15.1t₦5.8t3.1x1.6x0.6x
Sat, 16 Nov 2024₦8.9t₦15.2t₦5.8t2.5x1.5x0.6x
Mon, 14 Oct 2024₦8.1t₦13.7t₦5.2t2.4x1.6x0.6x
Wed, 11 Sep 2024₦7.5t₦12.9t₦4.9t2.8x1.5x0.6x
Fri, 09 Aug 2024₦7.3t₦12.5t₦4.8t2.7x1.5x0.6x
Sun, 07 Jul 2024₦7.3t₦12.1t₦4.7t3x1.5x0.6x
Tue, 04 Jun 2024₦6.7t₦11.9t₦4.7t4.4x1.4x0.6x
Thu, 02 May 2024₦6.7t₦10.4t₦3.8t4.2x1.8x0.6x
Sat, 30 Mar 2024₦8.5t₦9.3t₦3.3t4.8x2.6x0.9x
Mon, 26 Feb 2024₦7.5t₦9.0t₦2.9t4.9x2.5x0.8x
Wed, 24 Jan 2024₦8.8t₦7.7t₦2.7t6x3.3x1.1x
Fri, 22 Dec 2023₦7.5t₦7.6t₦2.7t4x2.8x1x
Sun, 19 Nov 2023₦6.6t₦7.7t₦2.7t3.7x2.5x0.9x
Tue, 17 Oct 2023₦6.2t₦7.0t₦2.4t4.4x2.6x0.9x
Thu, 14 Sep 2023₦6.2t₦6.8t₦2.2t4.5x2.8x0.9x
Sat, 12 Aug 2023₦6.2t₦6.0t₦1.5t4.6x4x1x
Mon, 10 Jul 2023₦6.4t₦5.7t₦1.3t6.1x4.8x1.1x
Wed, 07 Jun 2023₦4.7t₦5.1t₦1.2t5.2x3.8x0.9x
Fri, 05 May 2023₦4.0t₦5.2t₦1.3t4.5x3.1x0.8x
Sun, 02 Apr 2023₦4.1t₦4.8t₦1.3t4.1x3.2x0.8x
Tue, 28 Feb 2023₦4.1t₦4.8t₦1.3t4x3.1x0.9x
Thu, 26 Jan 2023₦3.9t₦4.7t₦1.3t4.6x3x0.8x
Sat, 24 Dec 2022₦3.7t₦4.7t₦1.3t3.8x2.9x0.8x
Price to Earnings Ratio

2.9x


Total Market Cap: ₦3.7tTotal Earnings: ₦1.3tTotal Revenue: ₦4.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.6x202320242025
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 3.2x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.82x is lower than the industry's current PS ratio of 1.0x.
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 Market2.06%
Financials-0.073%
Insurance4.75%
Mortgage Finance0%0
Banks-0.31%
Diversified Financial-0.68%
Capital Markets-1.86%
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 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
FIRSTHOLDCO First HoldCo₦36.0013.7%
+₦182.2b		33.3%PB0.5x
CUSTODIAN Custodian Investment₦39.908.6%
+₦18.5b		184.0%PE4.5x
SOVRENINS Sovereign Trust Insurance₦4.1132.6%
+₦14.4b		383.5%PE50.4x
AIICO AIICO Insurance₦3.9011.1%
+₦14.3b		214.5%PE8.7x
STERLINGNG Sterling Financial Holdings₦7.101.4%
+₦5.2b		44.9%PB0.9x

Latest News

ZENITHBANK
₦63.50
Zenith Bank
7D
-1.6%
1Y
44.3%

ZENITHBANK: Future Earnings Momentum Will Drive Upside As Margins Improve

Analysts have raised their price target for Zenith Bank by approximately 7 percent to align with an updated fair value estimate of about $84. This change reflects slightly stronger expected revenue growth and a marginally lower discount rate, which more than offset a small reduction in projected profit margins and a modestly higher future price-to-earnings multiple.
STERLINGNG
₦7.10
Sterling Financial Holdings
7D
1.4%
1Y
44.9%
FCMB
₦10.60
FCMB Group
7D
-3.2%
1Y
19.1%

FCMB Group Delivers Strong 9M 2025 Performance and Positive Q1 2026 Outlook Amid Operational Pressures

Valuation due Excess issuance of additional share
SOVRENINS
₦4.11
Sovereign Trust Insurance
7D
32.6%
1Y
383.5%
WAPIC
₦2.93
Coronation Insurance
7D
4.6%
1Y
90.3%
GTCO
₦88.00
Guaranty Trust Holding
7D
-3.3%
1Y
67.6%
ACCESSCORP
₦20.00
Access Holdings
7D
-4.3%
1Y
-15.3%
FIRSTHOLDCO
₦36.00
First HoldCo
7D
13.7%
1Y
33.3%

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.
AIICO
₦3.90
AIICO Insurance
7D
11.1%
1Y
214.5%
CUSTODIAN
₦39.90
Custodian Investment
7D
8.6%
1Y
184.0%
CONHALLPLC
₦4.21
Consolidated Hallmark Holdings
7D
4.7%
1Y
75.4%
VFDGROUP
₦10.15
VFD Group
7D
-6.5%
1Y
37.2%

VFD GROUP PLC Q3– Strong Earnings Growth and Solid Balance Sheet Strength amid Strategic Portfolio Expansion

Executive Summary VFD Group Plc (VFD or “the Group”) reported a resilient performance for the nine months ended 30 September 2025, reflecting strong growth across its core income lines and continued diversification of its investment portfolio. The Group delivered a gross earnings increase of 34.9% year-on-year to ₦60.72 billion (9M 2024: ₦45.01 billion), driven by sustained momentum in investment income and fair value gains on financial assets.
WEMABANK
₦18.40
Wema Bank
7D
-2.1%
1Y
110.3%

Wema Bank Plc (H1 2025) - Solid Earnings Momentum and Balance Sheet Expansion Support Upside Potential

recent valuation
UBA
₦39.70
United Bank for Africa
7D
-0.7%
1Y
19.0%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
ETRANZACT
₦12.60
eTranzact International
7D
-10.0%
1Y
86.7%
MANSARD
₦14.00
AXA Mansard Insurance
7D
3.7%
1Y
86.7%