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Nigerian (NSE) Financials Sector Analysis

UpdatedApr 29, 2026
DataAggregated Company Financials
Companies43
  • 7D-3.7%
  • 3M32.2%
  • 1Y92.8%
  • YTD41.0%

Over the last 7 days, the Financials industry has dropped 3.7%, driven by a pullback from First HoldCo of 11%. On the other hand Wema Bank is actually up 27%. This takes the industry's 12 month performance to a gain of 93%. 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
Thu, 30 Apr 2026₦27.3t₦16.7t₦4.8t9.6x5.7x1.6x
Sat, 28 Mar 2026₦23.6t₦16.6t₦4.9t10.8x4.8x1.4x
Mon, 23 Feb 2026₦22.7t₦16.5t₦4.9t11.8x4.6x1.4x
Wed, 21 Jan 2026₦19.9t₦16.8t₦5.3t9.6x3.7x1.2x
Fri, 19 Dec 2025₦17.1t₦16.8t₦5.3t7.3x3.2x1x
Sun, 16 Nov 2025₦16.7t₦16.7t₦5.3t7.8x3.2x1x
Tue, 14 Oct 2025₦15.4t₦16.1t₦5.2t9.6x2.9x1x
Thu, 11 Sep 2025₦16.8t₦16.5t₦5.6t8.2x3x1x
Sat, 09 Aug 2025₦17.7t₦16.5t₦5.6t8.4x3.2x1.1x
Mon, 07 Jul 2025₦14.1t₦16.1t₦5.6t5.5x2.5x0.9x
Wed, 04 Jun 2025₦12.5t₦16.1t₦5.6t4.9x2.2x0.8x
Fri, 02 May 2025₦11.9t₦16.0t₦5.6t4.3x2.1x0.7x
Sun, 30 Mar 2025₦11.2t₦15.6t₦5.7t4.3x2x0.7x
Tue, 25 Feb 2025₦11.2t₦15.4t₦5.9t4.4x1.9x0.7x
Thu, 23 Jan 2025₦9.9t₦15.1t₦5.8t4.1x1.7x0.7x
Sat, 21 Dec 2024₦9.3t₦15.1t₦5.8t3.2x1.6x0.6x
Mon, 18 Nov 2024₦8.9t₦15.2t₦5.8t2.5x1.5x0.6x
Wed, 16 Oct 2024₦8.0t₦13.7t₦5.1t2.4x1.6x0.6x
Fri, 13 Sep 2024₦7.7t₦13.1t₦5.2t2.8x1.5x0.6x
Sun, 11 Aug 2024₦7.4t₦12.4t₦4.8t2.8x1.6x0.6x
Tue, 09 Jul 2024₦7.3t₦12.1t₦4.7t3x1.5x0.6x
Thu, 06 Jun 2024₦6.8t₦12.0t₦4.7t3.8x1.4x0.6x
Sat, 04 May 2024₦7.1t₦10.6t₦3.9t4.2x1.8x0.7x
Mon, 01 Apr 2024₦8.5t₦9.1t₦3.2t4.8x2.7x0.9x
Wed, 28 Feb 2024₦7.3t₦9.1t₦3.0t4.8x2.5x0.8x
Fri, 26 Jan 2024₦8.7t₦7.7t₦2.7t5.9x3.3x1.1x
Sun, 24 Dec 2023₦7.5t₦7.8t₦2.7t4.3x2.8x1x
Tue, 21 Nov 2023₦6.5t₦7.6t₦2.7t3.9x2.4x0.9x
Thu, 19 Oct 2023₦6.3t₦7.0t₦2.4t4.4x2.7x0.9x
Sat, 16 Sep 2023₦6.2t₦6.8t₦2.2t4.5x2.8x0.9x
Mon, 14 Aug 2023₦6.2t₦6.0t₦1.6t4.5x4x1x
Wed, 12 Jul 2023₦6.5t₦5.7t₦1.3t6.1x4.8x1.1x
Fri, 09 Jun 2023₦4.7t₦5.1t₦1.2t5.8x3.8x0.9x
Sun, 07 May 2023₦4.1t₦5.2t₦1.3t4.5x3.1x0.8x
Price to Earnings Ratio

3.1x


Total Market Cap: ₦4.1tTotal Earnings: ₦1.3tTotal Revenue: ₦5.2tTotal 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 5.7x which is higher than its 3-year average PE of 2.7x.
  • The 3-year average PS ratio of 0.88x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 55% per year over the last three years.
  • Revenues for these companies have grown 48% 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 Market4.77%
Financials-3.70%
Diversified Financial5.74%
Insurance4.51%
Mortgage Finance0%0
Capital Markets-0.93%
Banks-5.41%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 15.0x.
    • 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 2.4x.
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 59% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 17% 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
WEMABANK Wema Bank₦36.0030.9%
+₦341.0b		138.4%PB2.3x
GTCO Guaranty Trust Holding₦136.004.6%
+₦219.3b		108.0%PB1.5x
STANBIC Stanbic IBTC Holdings₦163.006.9%
+₦167.0b		167.0%PE6.3x
ETI Ecobank Transnational₦78.008.8%
+₦149.5b		170.8%PB0.7x
CUSTODIAN Custodian Investment₦87.1517.5%
+₦76.2b		384.2%PE7.8x

Latest News

GTCO
₦136.00
Guaranty Trust Holding
7D
4.6%
1Y
108.0%

GTCO: Future Returns Will Depend On Sustained But Vulnerable Margin Strength

Analysts now place Guaranty Trust Holding’s fair value at about NGN116.17 per share, up from roughly NGN107.71. This reflects updated assumptions around revenue growth, profit margins and future P/E expectations.
STANBIC
₦163.00
Stanbic IBTC Holdings
7D
6.9%
1Y
167.0%
CONHALLPLC
₦5.15
Consolidated Hallmark Holdings
7D
8.4%
1Y
61.4%
ETI
₦78.00
Ecobank Transnational
7D
8.8%
1Y
170.8%

Ecobank Transnational Incorporated Reports Strong FY 2025 Earnings Growth Driven by Net Interest Income and Balance Sheet Expansion

Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Executive Summary Ecobank Transnational Incorporated (ETI) delivered a strong consolidated unaudited performance for the year ended 31 December 2025, supported by robust growth in net interest income, improved non-interest revenue, and continued balance sheet expansion across its pan-African footprint. Gross interest income rose by 15% YoY to ₦3.18 trillion, driven primarily by growth in interest income from investment securities, treasury bills, and interbank placements.
UCAP
₦18.05
United Capital
7D
12.8%
1Y
-7.4%

United Capital Plc Delivers Strong FY 2025 Earnings Growth Driven by Trading Gains and Fee Income Expansion

Analyst: Qudus Adebara (Research Analyst) Executive Summary United Capital Plc recorded a strong financial performance for the year ended 31 December 2025, supported by significant growth in fee and commission income, exceptional net trading gains, and strong fair value gains on equity instruments. Gross earnings increased by 35% YoY to ₦58.55 billion , driven primarily by growth in asset management fees, brokerage income, and trading activities.
ZENITHBANK
₦125.45
Zenith Bank
7D
-3.1%
1Y
162.4%

Launch of Côte d’Ivoire Subsidiary - Deepening Francophone Expansion & Strengthening Pan-African Trade Finance Network

Author: Qudus Adebara (Research Analyst, DLM Capital Group) Transaction Overview Zenith Bank Plc has announced the official launch of its new subsidiary in Côte d’Ivoire , marking a significant milestone in its Pan-African expansion strategy. Subsidiary: Zenith Bank Côte d’Ivoire License Approval: December 2025 Regulator: UMOA Banking Commission Head Office: Abidjan (Plateau District) Launch Date: April 29, 2026 The new subsidiary is positioned to serve as a strategic gateway into Francophone West Africa , enhancing Zenith Bank’s role in facilitating cross-border trade and investment across the region.
UBA
₦44.00
United Bank for Africa
7D
-17.3%
1Y
25.7%

UBA Reports Moderated FY 2025 Earnings Amid Elevated Impairments and FX Volatility Despite Strong Balance Sheet Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) United Bank for Africa Plc delivered a mixed financial performance for the year ended December 31, 2025, characterized by strong growth in interest income and balance sheet expansion, but pressured profitability due to elevated credit impairments, FX losses, and higher operating costs. Gross earnings remained resilient, supported by a 10% YoY increase in interest income to ₦2.65 trillion.
NGXGROUP
₦155.00
Nigerian Exchange Group
7D
-5.8%
1Y
477.3%
FIRSTHOLDCO
₦65.00
First HoldCo
7D
-15.6%
1Y
161.6%
CUSTODIAN
₦87.15
Custodian Investment
7D
17.5%
1Y
384.2%
WEMABANK
₦36.00
Wema Bank
7D
30.9%
1Y
138.4%
FIDELITYBK
₦20.00
Fidelity Bank
7D
-10.3%
1Y
0.3%
FCMB
₦11.85
FCMB Group
7D
-8.8%
1Y
28.1%
ACCESSCORP
₦26.00
Access Holdings
7D
-16.1%
1Y
15.6%
ETRANZACT
₦15.80
eTranzact International
7D
-12.2%
1Y
172.4%
AIICO
₦4.24
AIICO Insurance
7D
4.4%
1Y
152.4%

AIICO INSURANCE PLC – Strong Underwriting Improvement and Robust Investment Performance Bolster 9M 2025 Earnings

Analyst: Qudus Adebara Executive Summary AIICO Insurance Plc delivered a resilient performance for the nine months ended September 30, 2025, marked by a significant turnaround in underwriting results and a solid boost from investment activities. The Group recorded substantial improvement in insurance service results, supported by disciplined underwriting, enhanced risk selection, and effective reinsurance programs.