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Nigerian (NSE) Financials Sector Analysis

UpdatedFeb 01, 2026
DataAggregated Company Financials
Companies42
  • 7D-0.5%
  • 3M11.2%
  • 1Y40.6%
  • YTD6.1%

The Financials is pretty flat in the last 7 days, but Wema Bank has stood out, gaining 3.1%. The past year has been better, since the industry has gained 41% in that time. 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
Sun, 01 Feb 2026₦19.5t₦16.6t₦4.9t8.8x4x1.2x
Tue, 30 Dec 2025₦17.5t₦16.8t₦5.3t7.3x3.3x1x
Thu, 27 Nov 2025₦16.3t₦16.8t₦5.3t7.2x3.1x1x
Sat, 25 Oct 2025₦17.8t₦16.1t₦5.2t9.2x3.4x1.1x
Mon, 22 Sep 2025₦16.6t₦16.3t₦5.5t9x3x1x
Wed, 20 Aug 2025₦17.2t₦16.5t₦5.6t9x3.1x1x
Fri, 18 Jul 2025₦16.8t₦16.1t₦5.6t6.1x3x1x
Sun, 15 Jun 2025₦12.9t₦16.1t₦5.6t5x2.3x0.8x
Tue, 13 May 2025₦12.0t₦16.4t₦5.8t4.7x2.1x0.7x
Thu, 10 Apr 2025₦11.1t₦15.7t₦5.9t3.6x1.9x0.7x
Sat, 08 Mar 2025₦10.7t₦15.5t₦5.9t4.3x1.8x0.7x
Mon, 03 Feb 2025₦11.1t₦15.4t₦5.9t4.2x1.9x0.7x
Wed, 01 Jan 2025₦9.5t₦15.1t₦5.8t3.5x1.6x0.6x
Fri, 29 Nov 2024₦8.7t₦15.3t₦5.8t3x1.5x0.6x
Sun, 27 Oct 2024₦8.6t₦14.1t₦5.3t2.6x1.6x0.6x
Tue, 24 Sep 2024₦7.9t₦13.4t₦5.2t2.9x1.5x0.6x
Thu, 22 Aug 2024₦7.3t₦12.5t₦4.8t2.8x1.5x0.6x
Sat, 20 Jul 2024₦7.3t₦12.2t₦4.7t3.2x1.5x0.6x
Mon, 17 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Wed, 15 May 2024₦7.0t₦11.7t₦4.5t4.2x1.5x0.6x
Fri, 12 Apr 2024₦7.9t₦9.9t₦3.7t5x2.1x0.8x
Sun, 10 Mar 2024₦7.2t₦9.2t₦3.0t4.4x2.4x0.8x
Tue, 06 Feb 2024₦8.1t₦8.9t₦2.9t5.3x2.8x0.9x
Thu, 04 Jan 2024₦8.1t₦7.7t₦2.7t4.3x3x1.1x
Sat, 02 Dec 2023₦6.7t₦7.6t₦2.7t4.4x2.5x0.9x
Mon, 30 Oct 2023₦6.2t₦7.4t₦2.5t4.4x2.5x0.8x
Wed, 27 Sep 2023₦6.2t₦7.0t₦2.4t4.1x2.6x0.9x
Fri, 25 Aug 2023₦6.0t₦6.0t₦1.6t4.5x3.9x1x
Sun, 23 Jul 2023₦6.3t₦5.8t₦1.4t5.8x4.4x1.1x
Tue, 20 Jun 2023₦5.4t₦5.5t₦1.3t5.8x4.1x1x
Thu, 18 May 2023₦4.2t₦5.2t₦1.3t4.6x3.2x0.8x
Sat, 15 Apr 2023₦4.0t₦4.9t₦1.3t4.6x2.9x0.8x
Mon, 13 Mar 2023₦4.1t₦4.8t₦1.3t4x3.1x0.9x
Wed, 08 Feb 2023₦4.1t₦4.8t₦1.3t4x3.1x0.8x
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 4.0x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.2x.
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 Market-0.12%
Financials-0.51%
Capital Markets1.80%
Diversified Financial0.20%
Insurance0.16%
Mortgage Finance0%0
Banks-0.75%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.5x.
    • 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 Diversified Financial industry, expecting annual earnings growth of 22% 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
WEMABANK Wema Bank₦23.403.1%
+₦28.1b		104.4%PB1.5x
ETI Ecobank Transnational₦48.002.1%
+₦23.7b		57.9%PB0.5x
ABBEYBDS Abbey Mortgage Bank₦9.4032.4%
+₦23.4b		203.2%PE33.1x
ZENITHBANK Zenith Bank₦71.450.6%
+₦18.5b		41.2%PB0.6x
UBA United Bank for Africa₦44.300.9%
+₦17.7b		17.5%PB0.5x

Latest News

ETRANZACT
₦17.35
eTranzact International
7D
-9.2%
1Y
166.9%
CUSTODIAN
₦44.00
Custodian Investment
7D
-2.2%
1Y
132.8%
FIRSTHOLDCO
₦45.00
First HoldCo
7D
-8.2%
1Y
50.3%
ABBEYBDS
₦9.40
Abbey Mortgage Bank
7D
32.4%
1Y
203.2%
STERLINGNG
₦7.30
Sterling Financial Holdings
7D
-2.7%
1Y
25.9%
WEMABANK
₦23.40
Wema Bank
7D
3.1%
1Y
104.4%
FCMB
₦11.10
FCMB Group
7D
-5.1%
1Y
0.5%
NEM
₦32.00
NEM Insurance
7D
-2.7%
1Y
145.2%

NEM FY 2025 Performance with Robust Premium Growth and Improved Profitability Amid Operational Scaling

Last Earning Report NEM INSURANCE PLC Q3 2025 – Strong Premium Growth and Investment Performance Drive Exceptional Nine-Month Results Analyst: Qudus Adebara (Research Analyst) Executive Summary NEM Insurance Plc delivered robust financial results for the nine months ended 30 September 2025, underpinned by strong premium growth, strategic reinsurance partnerships, and superior investment income. The company recorded total insurance revenue of ₦107.44 billion, up 55% year-on-year, reflecting expansion across both retail and corporate segments.
LIVINGTRUST
₦4.05
Livingtrust Mortgage Bank
7D
-21.4%
1Y
-15.8%

Livingtrust Mortgage Bank PLC – Company Analysis (FY 2025)

Analyst: Qudus Adebara, Research Analyst 1. Company Overview Livingtrust Mortgage Bank PLC is a Nigerian mortgage financial institution providing residential and commercial mortgage financing services.
GTCO
₦99.00
Guaranty Trust Holding
7D
0.5%
1Y
62.2%

GTCO: Fair Outlook Will Hinge On Margins And Upcoming Board Decisions

Analysts have raised their price target on Guaranty Trust Holding to ₦105.37 from ₦97.18, citing updated assumptions that combine a slightly lower revenue growth outlook with a higher profit margin and a revised future P/E of about 6x. What's in the News Board meeting scheduled for January 27, 2026, to consider the audited financial statements for the year ending December 31, 2025 (Key Developments).
ZENITHBANK
₦71.45
Zenith Bank
7D
0.6%
1Y
41.2%

ZENITHBANK: Board Review And Dividend Decision Will Shape Measured Outlook

Analysts have raised their price target for Zenith Bank from ₦53.90 to ₦72.01, citing updated assumptions around revenue growth, profit margins, discount rate and forward P/E that, in their view, support a higher valuation range. What's in the News A board meeting is scheduled for January 29, 2026, to review Zenith Bank Group's audited financial statements for the year ending December 31, 2025.
FIDELITYBK
₦18.60
Fidelity Bank
7D
-2.1%
1Y
-4.4%
ACCESSCORP
₦22.60
Access Holdings
7D
0.9%
1Y
-13.1%
UBA
₦44.30
United Bank for Africa
7D
0.9%
1Y
17.5%
ETI
₦48.00
Ecobank Transnational
7D
2.1%
1Y
57.9%

Ecobank Group – Strategic Partnership with Bank of China Strengthens China–Africa Trade and Payments Corridor

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Ecobank Group has signed a Memorandum of Understanding (MoU) with Bank of China (Mauritius) Limited on December 22, 2025, reinforcing a long-standing partnership that dates back over 15 years. The agreement is designed to deepen cooperation in trade finance, cross-border payments, and financial services that support the rapidly expanding economic relationship between China and Africa.
MANSARD
₦15.89
AXA Mansard Insurance
7D
5.9%
1Y
72.3%