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Nigerian (NSE) Financials Sector Analysis

UpdatedNov 06, 2025
DataAggregated Company Financials
Companies44
  • 7D-1.7%
  • 3M-9.7%
  • 1Y45.5%
  • YTD33.8%

Over the last 7 days, the Financials industry has dropped 1.7%, driven by pullbacks in Guaranty Trust Holding and Zenith Bank of 4.9% and 4.6%, respectively. In the past year, the industry has gained 46%. Looking forward, earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Wed, 18 Jan 2023₦3.9t₦4.7t₦1.3t4.3x3x0.8x
Fri, 16 Dec 2022₦3.6t₦4.7t₦1.3t3.9x2.8x0.8x
Sun, 13 Nov 2022₦3.3t₦4.7t₦1.3t3.8x2.5x0.7x
Price to Earnings Ratio

2.5x


Total Market Cap: ₦3.3tTotal Earnings: ₦1.3tTotal Revenue: ₦4.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.5x202320242025
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 3.1x which is higher than its 3-year average PE of 2.5x.
  • The 3-year average PS ratio of 0.81x 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 61% 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 Market-2.42%
Financials-1.67%
Diversified Financial1.92%
Mortgage Finance0%0
Banks-1.73%
Capital Markets-3.52%
Insurance-5.70%
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 Banks industry, expecting annual earnings growth of 14% over the next 5 years.
  • This is better than its past earnings growth rate of 9.5% per year.
  • In contrast, the Diversified Financial industry is expected to see its earnings grow by 9.8% 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
UBA United Bank for Africa₦40.453.7%
+₦59.5b		28.2%PB0.4x
STANBIC Stanbic IBTC Holdings₦112.352.1%
+₦37.4b		90.9%PE5.6x
STERLINGNG Sterling Financial Holdings₦7.903.9%
+₦15.6b		55.5%PB1x
CUSTODIAN Custodian Investment₦42.454.9%
+₦11.8b		253.8%PE4.7x
FIDELITYBK Fidelity Bank₦19.001.1%
+₦10.0b		28.4%PB1x

Latest News

ASOSAVINGS
₦0.96
ASO Savings and Loans
7D
11.6%
1Y
92.0%
ZENITHBANK
₦60.80
Zenith Bank
7D
-4.6%
1Y
42.6%

ZENITHBANK: Stronger Revenue And Margin Outlook Will Drive Share Upside

Narrative Update: Zenith Bank Analyst Price Target Revised Upward Analysts have raised their fair value estimate for Zenith Bank from ₦73.30 to ₦77.48. They cite stronger expected revenue growth and improved profit margins as key drivers of the upward revision.
STERLINGNG
₦7.90
Sterling Financial Holdings
7D
3.9%
1Y
55.5%

Sterling Financial Holdings Company Plc – H1 2025 Performance Review

recent valuation
GTCO
₦85.95
Guaranty Trust Holding
7D
-4.9%
1Y
59.0%

Guaranty Trust Holding Company Plc (H1 2025 Results)

GUARANTY TRUST HOLDING COMPANY PLC (GTCO) – Solid Core Earnings Offset High 2024 Base as Balance Sheet Strengthens Further Executive Summary Guaranty Trust Holding Company Plc sustained its strong operational momentum in Q3 2025, delivering robust core banking performance despite a high comparative base from the previous year, which benefited from outsized foreign exchange (FX) gains. The Group’s results underscore the resilience of its franchise, underpinned by steady growth in interest-earning assets, improved fee-based income, and a strengthened balance sheet.
ETI
₦37.50
Ecobank Transnational
7D
-1.8%
1Y
44.2%

Ecobank Delivers Strong Q2/H1 2025 result

Ecobank Transnational Incorporated (ETI) – Strong Q3 2025 Momentum Sustained as Profit Soars 47% YoY Executive Summary Ecobank Transnational Incorporated (ETI) reported a robust performance in Q3 2025, sustaining its growth trajectory with a significant year-on-year improvement in earnings across key profitability metrics. The Group delivered a 47% year-on-year growth in pre-tax profit to N394.6 billion , reflecting strong revenue generation, disciplined cost management, and strategic balance sheet optimization.
UBA
₦40.45
United Bank for Africa
7D
3.7%
1Y
28.2%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
CUSTODIAN
₦42.45
Custodian Investment
7D
4.9%
1Y
253.8%

Custodian Investment Plc – 2025 Half-Year Review

recent valuation
MANSARD
₦13.30
AXA Mansard Insurance
7D
-10.7%
1Y
129.3%
JAIZBANK
₦4.50
Jaiz Bank
7D
2.3%
1Y
91.5%
FCMB
₦10.00
FCMB Group
7D
-5.7%
1Y
2.6%
UCAP
₦17.55
United Capital
7D
-5.1%
1Y
-0.3%
SOVRENINS
₦3.33
Sovereign Trust Insurance
7D
-25.2%
1Y
464.4%
ABBEYBDS
₦7.20
Abbey Mortgage Bank
7D
2.9%
1Y
144.1%
NEM
₦28.00
NEM Insurance
7D
-14.9%
1Y
233.3%
STANBIC
₦112.35
Stanbic IBTC Holdings
7D
2.1%
1Y
90.9%

Stanbic IBTC Holdings Plc – 9M 2025 Financial Performance Review (Unaudited Results for the Nine Months Ended September 30, 2025)

Wane_Investment_House made no meaningful changes to valuation assumptions.
FIDELITYBK
₦19.00
Fidelity Bank
7D
1.1%
1Y
28.4%