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Nigerian (NSE) Financials Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies43
  • 7D-0.7%
  • 3M35.9%
  • 1Y74.5%
  • YTD23.9%

Last week, the Financials industry hasn't moved much but Nigerian Exchange Group is up 27% in that time. As for the the longer term, the industry is up 75% over the past 12 months. 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
Thu, 05 Mar 2026₦23.5t₦16.6t₦4.9t11.7x4.8x1.4x
Sat, 31 Jan 2026₦19.6t₦16.9t₦5.4t8.8x3.6x1.2x
Mon, 29 Dec 2025₦17.6t₦16.8t₦5.3t7.1x3.3x1x
Wed, 26 Nov 2025₦16.2t₦16.8t₦5.3t7.1x3.1x1x
Fri, 24 Oct 2025₦17.8t₦16.1t₦5.2t8.5x3.4x1.1x
Sun, 21 Sep 2025₦16.6t₦16.3t₦5.5t9x3x1x
Tue, 19 Aug 2025₦17.6t₦16.5t₦5.6t9.1x3.1x1.1x
Thu, 17 Jul 2025₦17.0t₦16.1t₦5.6t6.1x3.1x1.1x
Sat, 14 Jun 2025₦12.9t₦16.1t₦5.6t5x2.3x0.8x
Mon, 12 May 2025₦12.0t₦16.4t₦5.8t4.7x2.1x0.7x
Wed, 09 Apr 2025₦11.3t₦15.7t₦5.8t3.6x1.9x0.7x
Fri, 07 Mar 2025₦10.7t₦15.4t₦5.9t4.2x1.8x0.7x
Sun, 02 Feb 2025₦11.1t₦15.4t₦5.9t4.2x1.9x0.7x
Tue, 31 Dec 2024₦9.5t₦15.1t₦5.8t3.5x1.7x0.6x
Thu, 28 Nov 2024₦8.7t₦15.3t₦5.8t3x1.5x0.6x
Sat, 26 Oct 2024₦8.6t₦14.0t₦5.3t2.6x1.6x0.6x
Mon, 23 Sep 2024₦7.9t₦13.4t₦5.2t2.9x1.5x0.6x
Wed, 21 Aug 2024₦7.3t₦12.4t₦4.8t2.7x1.5x0.6x
Fri, 19 Jul 2024₦7.3t₦12.2t₦4.7t3.2x1.5x0.6x
Sun, 16 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Tue, 14 May 2024₦7.0t₦11.6t₦4.5t4.2x1.6x0.6x
Thu, 11 Apr 2024₦7.9t₦9.6t₦3.6t5x2.2x0.8x
Sat, 09 Mar 2024₦7.2t₦9.2t₦3.0t4.4x2.4x0.8x
Mon, 05 Feb 2024₦8.5t₦9.0t₦2.9t5.3x2.9x0.9x
Wed, 03 Jan 2024₦7.6t₦7.7t₦2.7t4.3x2.8x1x
Fri, 01 Dec 2023₦6.7t₦7.6t₦2.7t4.3x2.5x0.9x
Sun, 29 Oct 2023₦6.2t₦7.4t₦2.5t4.4x2.5x0.8x
Tue, 26 Sep 2023₦6.3t₦7.0t₦2.4t4.3x2.6x0.9x
Thu, 24 Aug 2023₦6.1t₦6.0t₦1.6t4.5x3.9x1x
Sat, 22 Jul 2023₦6.3t₦5.8t₦1.5t5.8x4.4x1.1x
Mon, 19 Jun 2023₦5.3t₦5.5t₦1.3t5.6x4.1x1x
Wed, 17 May 2023₦4.1t₦5.2t₦1.3t4.6x3.2x0.8x
Fri, 14 Apr 2023₦4.0t₦4.9t₦1.3t4.5x3x0.8x
Sun, 12 Mar 2023₦4.1t₦4.8t₦1.3t4x3.1x0.9x
Price to Earnings Ratio

3.1x


Total Market Cap: ₦4.1tTotal 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 4.8x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.85x is lower than the industry's current PS ratio of 1.4x.
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 Market1.06%
Financials-0.66%
Capital Markets4.98%
Insurance2.87%
Diversified Financial1.99%
Mortgage Finance0%0
Banks-1.47%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 14.7x.
    • 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
NGXGROUP Nigerian Exchange Group₦140.2027.3%
+₦66.4b		324.8%PE29.5x
FIRSTHOLDCO First HoldCo₦52.952.8%
+₦64.5b		87.4%PB0.7x
STANBIC Stanbic IBTC Holdings₦126.003.3%
+₦63.6b		96.9%PE5.3x
ZENITHBANK Zenith Bank₦92.001.1%
+₦41.1b		95.7%PB0.8x
GTCO Guaranty Trust Holding₦119.000.8%
+₦36.6b		103.4%PB1.3x

Latest News

CUSTODIAN
₦70.00
Custodian Investment
7D
5.7%
1Y
267.5%

CUSTODIAN INVESTMENT PLC Q3 Result– Strong Revenue Growth Supported by Diversified Investment Portfolio

Analyst: Qudus Adebara (Research Analyst) Executive Summary Custodian Investment Plc delivered a robust financial performance for the nine months ended September 30, 2025, driven by strong revenue growth across insurance, investment, and dividend income streams. The Group’s diversified portfolio, disciplined expense management, and strategic asset allocation underpinned earnings resilience despite macroeconomic and FX pressures.
GTCO
₦119.00
Guaranty Trust Holding
7D
0.8%
1Y
103.4%

GTCO: Upcoming Dividend Board Meeting Will Reinforce Elevated Downside Risk

Analysts have kept their NGN 72.96 price target for Guaranty Trust Holding unchanged, citing only slight adjustments to revenue growth, profit margin and forward P/E assumptions that do not materially alter their overall valuation view. What's in the News A board meeting is scheduled for January 27, 2026, to consider the audited financial statements for the year ending December 31, 2025.
NGXGROUP
₦140.20
Nigerian Exchange Group
7D
27.3%
1Y
324.8%
ZENITHBANK
₦92.00
Zenith Bank
7D
1.1%
1Y
95.7%

ZENITHBANK: Upcoming Dividend Decision Will Expose Downside Risk To Current Pricing

Analysts have kept their Zenith Bank price target steady at NGN72.01, with only marginal tweaks to the discount rate, revenue growth, profit margin and forward P/E assumptions supporting this unchanged view. What's in the News A board meeting is scheduled for January 29, 2026, to review the Group's audited financial statements for the year ending December 31, 2025 (Key Developments).
FIRSTHOLDCO
₦52.95
First HoldCo
7D
2.8%
1Y
87.4%
FCMB
₦12.80
FCMB Group
7D
-7.2%
1Y
34.7%
JAIZBANK
₦10.80
Jaiz Bank
7D
-23.0%
1Y
217.6%
UBA
₦47.60
United Bank for Africa
7D
-2.9%
1Y
32.2%

United Bank for Africa (UBA) Plc – Launch of Diaspora Services Platform

Author: Qudus Adebara United Bank for Africa Plc has launched its Diaspora Services Platform, a structured digital marketplace designed to connect Africans living abroad with trusted banking, real estate, and lifestyle service providers across the continent. Unveiled in Lagos under the theme “Beyond Banking: Powering the Diaspora Lifestyle,” the initiative represents a strategic expansion of UBA’s diaspora banking proposition and reinforces its position as a leading Pan-African financial institution.
ACCESSCORP
₦26.00
Access Holdings
7D
-2.3%
1Y
8.3%
SOVRENINS
₦2.70
Sovereign Trust Insurance
7D
29.8%
1Y
172.7%
ETI
₦45.00
Ecobank Transnational
7D
-6.3%
1Y
52.5%
ETRANZACT
₦19.00
eTranzact International
7D
-9.5%
1Y
192.3%
STERLINGNG
₦8.00
Sterling Financial Holdings
7D
-10.6%
1Y
53.8%

STERLING FINANCIAL HOLDINGS PLC Q3 Result – Strong Earnings Momentum Fueled by Robust Interest Income and Trading Gains

STERLING FINANCIAL HOLDINGS PLC Q3 Result – Strong Earnings Momentum Fueled by Robust Interest Income and Trading Gains Amid Higher Operating Costs Analyst: Qudus Adebara Executive Summary Sterling Financial Holdings Plc delivered a solid performance for the nine months ended September 30, 2025, reporting strong earnings growth driven by improved net interest income, higher fees and commissions, and significant trading and fair-value gains. The Group demonstrated resilience amid tighter macroeconomic liquidity conditions and high inflationary operating costs.
WEMABANK
₦27.80
Wema Bank
7D
2.0%
1Y
152.7%

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.
STANBIC
₦126.00
Stanbic IBTC Holdings
7D
3.3%
1Y
96.9%
FIDELITYBK
₦20.00
Fidelity Bank
7D
-2.0%
1Y
15.9%