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Nigerian (NSE) Financials Sector Analysis

UpdatedFeb 13, 2026
DataAggregated Company Financials
Companies43
  • 7D3.3%
  • 3M22.9%
  • 1Y43.5%
  • YTD13.7%

In the last week, the Financials industry is up 3.3%, with Guaranty Trust Holding up 7.0%. This means that the industry has gained 44% over the past year. 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
Fri, 13 Feb 2026₦21.0t₦16.6t₦4.9t11.5x4.3x1.3x
Sun, 11 Jan 2026₦18.8t₦16.8t₦5.3t8.5x3.5x1.1x
Tue, 09 Dec 2025₦16.9t₦16.8t₦5.3t7.2x3.2x1x
Thu, 06 Nov 2025₦16.8t₦16.7t₦5.4t8x3.1x1x
Sat, 04 Oct 2025₦15.3t₦16.2t₦5.2t8.1x2.9x0.9x
Mon, 01 Sep 2025₦17.0t₦16.5t₦5.6t8.3x3x1x
Wed, 30 Jul 2025₦17.1t₦16.3t₦5.6t6.4x3x1.1x
Fri, 27 Jun 2025₦13.9t₦16.1t₦5.6t5.4x2.5x0.9x
Sun, 25 May 2025₦12.0t₦16.1t₦5.6t4.8x2.2x0.7x
Tue, 22 Apr 2025₦11.0t₦15.7t₦5.6t4x2x0.7x
Thu, 20 Mar 2025₦10.8t₦15.5t₦5.9t4.1x1.8x0.7x
Sat, 15 Feb 2025₦11.7t₦15.4t₦5.9t4.5x2x0.8x
Mon, 13 Jan 2025₦9.9t₦15.1t₦5.8t4.2x1.7x0.7x
Wed, 11 Dec 2024₦8.9t₦15.1t₦5.8t2.7x1.5x0.6x
Fri, 08 Nov 2024₦8.8t₦15.2t₦5.8t2.3x1.5x0.6x
Sun, 06 Oct 2024₦8.1t₦13.6t₦5.1t2.9x1.6x0.6x
Tue, 03 Sep 2024₦7.6t₦12.8t₦4.9t2.8x1.5x0.6x
Thu, 01 Aug 2024₦6.9t₦12.4t₦4.8t2.7x1.4x0.6x
Sat, 29 Jun 2024₦7.0t₦12.1t₦4.7t3.3x1.5x0.6x
Mon, 27 May 2024₦6.3t₦11.6t₦4.5t4.2x1.4x0.5x
Wed, 24 Apr 2024₦6.7t₦9.8t₦3.6t4.2x1.8x0.7x
Fri, 22 Mar 2024₦8.3t₦8.9t₦2.9t4.6x2.9x0.9x
Sun, 18 Feb 2024₦7.7t₦9.0t₦2.9t5.1x2.6x0.9x
Tue, 16 Jan 2024₦8.9t₦7.7t₦2.7t5.5x3.3x1.2x
Thu, 14 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Sat, 11 Nov 2023₦6.6t₦7.6t₦2.7t3.4x2.5x0.9x
Mon, 09 Oct 2023₦6.3t₦7.0t₦2.4t4.4x2.7x0.9x
Wed, 06 Sep 2023₦6.4t₦6.3t₦1.8t5x3.6x1x
Fri, 04 Aug 2023₦6.2t₦6.0t₦1.5t4.7x4x1x
Sun, 02 Jul 2023₦5.8t₦5.6t₦1.3t5.9x4.3x1x
Tue, 30 May 2023₦4.5t₦5.2t₦1.3t4.8x3.5x0.9x
Thu, 27 Apr 2023₦4.0t₦5.0t₦1.3t4.6x3.1x0.8x
Sat, 25 Mar 2023₦4.0t₦4.8t₦1.3t4.2x3x0.8x
Mon, 20 Feb 2023₦4.0t₦4.8t₦1.3t3.9x3x0.8x
Price to Earnings Ratio

3x


Total Market Cap: ₦4.0tTotal 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 4.3x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.84x is lower than the industry's current PS ratio of 1.3x.
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 51% 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 Market5.11%
Financials3.25%
Capital Markets7.97%
Banks3.21%
Insurance2.65%
Diversified Financial2.36%
Mortgage Finance0%0
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 14.6x.
    • 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 2.3x.
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 70% 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₦107.007.0%
+₦222.0b		68.5%PB1x
ZENITHBANK Zenith Bank₦78.006.0%
+₦180.7b		51.6%PB0.7x
UBA United Bank for Africa₦47.507.6%
+₦148.1b		21.8%PB0.5x
ETRANZACT eTranzact International₦24.5045.4%
+₦70.4b		276.9%PE75.9x
ACCESSCORP Access Holdings₦24.155.0%
+₦59.6b		-14.2%PB0.3x

Latest News

ETI
₦45.00
Ecobank Transnational
7D
-6.3%
1Y
30.1%
ACCESSCORP
₦24.15
Access Holdings
7D
5.0%
1Y
-14.2%

Access Holdings Plc – Strategic Acquisition Update (Proposed 100% Acquisition of Bidvest Bank, South Africa)

Author: Qudus Adebara Transaction Overview Access Holdings Plc has announced that the long-stop date for its proposed acquisition of 100% equity stake in Bidvest Bank (South Africa) by its flagship subsidiary, Access Bank Plc , has expired without completion. Target: Bidvest Bank (South Africa) Proposed Stake: 100% Announcement Date: December 12, 2024 Long-Stop Date: January 26, 2026 Status: Transaction not completed due to unmet conditions (including regulatory approvals) The transaction, which had been progressing through multi-jurisdictional regulatory processes, did not meet all conditions precedent within the stipulated timeline.
ETRANZACT
₦24.50
eTranzact International
7D
45.4%
1Y
276.9%
ABBEYBDS
₦11.20
Abbey Mortgage Bank
7D
-17.6%
1Y
261.3%
WEMABANK
₦25.90
Wema Bank
7D
3.6%
1Y
121.4%

last Report

Wema Bank Plc – Strong Loan Growth and Profitability Drive Solid 9M 2025 Performance Analyst: Qudus Adebara Executive Summary Wema Bank Plc delivered a robust performance for the nine months ended September 30, 2025, with strong revenue growth, expanded loan book, and improved profitability metrics. The Bank’s financial results reflect strong net interest income, effective cost management, and disciplined credit risk control.
SOVRENINS
₦2.95
Sovereign Trust Insurance
7D
-14.7%
1Y
150.0%
NGXGROUP
₦112.00
Nigerian Exchange Group
7D
15.5%
1Y
286.2%
FIRSTHOLDCO
₦48.00
First HoldCo
7D
-3.5%
1Y
45.5%
GTCO
₦107.00
Guaranty Trust Holding
7D
7.0%
1Y
68.5%

GTCO: Stable Margins And Board Dividend Agenda Will Support Future Upside

Analysts have nudged their fair value estimate for Guaranty Trust Holding to ₦131.83 from ₦130.00, reflecting updated assumptions around slightly different revenue growth, profit margin and forward P/E inputs. What's in the News Guaranty Trust Holding Company Plc has scheduled a board meeting for January 27, 2026.
ZENITHBANK
₦78.00
Zenith Bank
7D
6.0%
1Y
51.6%

ZENITHBANK: Board Review And Dividend Proposal Will Guide Steady Outlook

Analysts have kept their fair value estimate for Zenith Bank broadly unchanged at $72.01, with only slight adjustments to inputs such as the discount rate, revenue growth, profit margin and future P/E to reflect updated assumptions. What's in the News Zenith Bank has scheduled a Board meeting for January 29, 2026, to review the Group's audited financial statements for the financial year ending December 31, 2025 (Key Developments).
WAPIC
₦3.40
Coronation Insurance
7D
-2.9%
1Y
38.8%
AIICO
₦4.10
AIICO Insurance
7D
-0.5%
1Y
134.3%
FCMB
₦11.20
FCMB Group
7D
-3.4%
1Y
0%
NPFMCRFBK
₦5.99
NPF Microfinance Bank
7D
-2.8%
1Y
232.8%
FIDELITYBK
₦20.00
Fidelity Bank
7D
3.1%
1Y
0.5%
UBA
₦47.50
United Bank for Africa
7D
7.6%
1Y
21.8%