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Nigerian (NSE) Financials Sector Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies43
  • 7D12.2%
  • 3M37.3%
  • 1Y116.8%
  • YTD47.5%

The Financials industry is up 11% in the last week, with First HoldCo up 33%. This means that the industry has gained 110% over the past year. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026₦27.5t₦16.9t₦5.2t8.9x5.3x1.6x
Thu, 19 Mar 2026₦24.6t₦16.6t₦4.9t10.6x5x1.5x
Sat, 14 Feb 2026₦20.9t₦16.6t₦4.9t11.1x4.2x1.3x
Mon, 12 Jan 2026₦18.8t₦16.8t₦5.3t8.5x3.5x1.1x
Wed, 10 Dec 2025₦16.8t₦16.8t₦5.3t7.1x3.2x1x
Fri, 07 Nov 2025₦16.7t₦16.7t₦5.4t7.6x3.1x1x
Sun, 05 Oct 2025₦15.3t₦16.2t₦5.2t8.1x2.9x0.9x
Tue, 02 Sep 2025₦16.8t₦16.5t₦5.6t8.6x3x1x
Thu, 31 Jul 2025₦17.3t₦16.3t₦5.6t7.5x3.1x1.1x
Sat, 28 Jun 2025₦13.8t₦16.1t₦5.6t5.4x2.5x0.9x
Mon, 26 May 2025₦12.3t₦16.1t₦5.6t4.8x2.2x0.8x
Wed, 23 Apr 2025₦11.1t₦15.7t₦5.6t3.9x2x0.7x
Fri, 21 Mar 2025₦10.8t₦15.5t₦5.9t4x1.8x0.7x
Sun, 16 Feb 2025₦11.8t₦15.4t₦5.9t4.5x2x0.8x
Tue, 14 Jan 2025₦9.9t₦15.1t₦5.8t4.2x1.7x0.7x
Thu, 12 Dec 2024₦8.9t₦15.1t₦5.8t2.7x1.5x0.6x
Sat, 09 Nov 2024₦8.8t₦15.2t₦5.8t2.4x1.5x0.6x
Mon, 07 Oct 2024₦8.1t₦13.6t₦5.1t2.9x1.6x0.6x
Wed, 04 Sep 2024₦7.6t₦12.9t₦4.9t2.8x1.5x0.6x
Fri, 02 Aug 2024₦6.9t₦12.4t₦4.8t2.8x1.5x0.6x
Sun, 30 Jun 2024₦7.0t₦12.1t₦4.7t3.3x1.5x0.6x
Tue, 28 May 2024₦6.4t₦11.6t₦4.5t4.2x1.4x0.6x
Thu, 25 Apr 2024₦6.6t₦9.8t₦3.6t4.2x1.8x0.7x
Sat, 23 Mar 2024₦8.4t₦8.9t₦2.9t4.6x2.9x0.9x
Mon, 19 Feb 2024₦7.7t₦9.0t₦2.9t5.1x2.6x0.9x
Wed, 17 Jan 2024₦9.4t₦7.7t₦2.7t6x3.5x1.2x
Fri, 15 Dec 2023₦7.4t₦7.6t₦2.7t4x2.8x1x
Sun, 12 Nov 2023₦6.6t₦7.6t₦2.7t3.4x2.5x0.9x
Tue, 10 Oct 2023₦6.3t₦6.9t₦2.4t4.4x2.7x0.9x
Thu, 07 Sep 2023₦6.4t₦6.0t₦1.6t5x4.1x1.1x
Sat, 05 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Mon, 03 Jul 2023₦5.8t₦5.6t₦1.3t5.9x4.3x1x
Wed, 31 May 2023₦4.5t₦5.2t₦1.3t5.1x3.5x0.9x
Fri, 28 Apr 2023₦4.0t₦5.1t₦1.3t4.6x3.1x0.8x
Price to Earnings Ratio

3.1x


Total Market Cap: ₦4.0tTotal Earnings: ₦1.3tTotal Revenue: ₦5.1tTotal 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 5.3x which is higher than its 3-year average PE of 2.7x.
  • The 3-year average PS ratio of 0.87x 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 61% per year over the last three years.
  • Revenues for these companies have grown 50% 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 Market6.32%
Financials12.16%
Banks13.59%
Diversified Financial11.83%
Capital Markets2.90%
Mortgage Finance0%0
Insurance-0.55%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 14.9x.
    • 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 15% 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₦68.0032.9%
+₦749.0b		176.4%PB1x
ZENITHBANK Zenith Bank₦127.2013.0%
+₦599.6b		189.1%PB1.1x
ETI Ecobank Transnational₦70.0052.2%
+₦569.5b		139.3%PB0.6x
ACCESSCORP Access Holdings₦32.8529.3%
+₦394.1b		48.6%PB0.5x
STANBIC Stanbic IBTC Holdings₦169.7015.4%
+₦361.0b		187.4%PE7.2x

Latest News

STANBIC
₦169.70
Stanbic IBTC Holdings
7D
15.4%
1Y
187.4%
ACCESSCORP
₦32.85
Access Holdings
7D
29.3%
1Y
48.6%
ETI
₦70.00
Ecobank Transnational
7D
52.2%
1Y
139.3%
ABBEYBDS
₦7.30
Abbey Mortgage Bank
7D
-18.4%
1Y
-18.5%
ETRANZACT
₦18.00
eTranzact International
7D
-12.2%
1Y
213.0%
FIRSTHOLDCO
₦68.00
First HoldCo
7D
32.9%
1Y
176.4%
WAPIC
₦2.67
Coronation Insurance
7D
-14.7%
1Y
22.5%
ZENITHBANK
₦127.20
Zenith Bank
7D
13.0%
1Y
189.1%
GTCO
₦129.90
Guaranty Trust Holding
7D
-3.1%
1Y
120.2%

GTCO: Future Returns Will Rely On Sustained Margin Strength

Analysts have adjusted their NGN price target for Guaranty Trust Holding to reflect updated assumptions that keep fair value steady at NGN107.71, with revised expectations for revenue growth, profit margins and future P/E now shaping the narrative around the stock. What's in the News Guaranty Trust Holding Company Plc proposed a final dividend of NGN 11.76K per ordinary share of 50 Kobo for the period ended December 31, 2025, subject to withholding tax and shareholder approval, bringing the total dividend for the 2025 financial year to NGN 12.76K per share (Key Developments).
MANSARD
₦14.50
AXA Mansard Insurance
7D
-3.3%
1Y
81.5%

AXA MANSARD INSURANCE PLC – Strong Investment Income Drives Solid 9M 2025 Earnings Despite Higher Insurance Service Costs

Analyst: Qudus Adebara (Research Analyst) Executive Summary AXA MANSARD Insurance Plc recorded a resilient performance for the nine months ended 30 September 2025, supported by a robust investment return and improved underwriting discipline. Insurance revenue grew by 22.7% YoY to ₦120.53 billion (9M’24: ₦98.24 billion), driven by stronger premium generation across retail and corporate lines.
NEM
₦31.00
NEM Insurance
7D
-2.8%
1Y
140.3%
FIDELITYBK
₦22.05
Fidelity Bank
7D
14.8%
1Y
14.5%
UBA
₦52.00
United Bank for Africa
7D
11.6%
1Y
62.0%
JAIZBANK
₦9.01
Jaiz Bank
7D
-8.5%
1Y
200.3%
MBENEFIT
₦3.77
Mutual Benefits Assurance
7D
-12.1%
1Y
343.5%
WEMABANK
₦28.60
Wema Bank
7D
10.6%
1Y
139.3%

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.