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Nigerian (NSE) Financials Sector Analysis

UpdatedJul 11, 2026
DataAggregated Company Financials
Companies45
  • 7D4.8%
  • 3M3.7%
  • 1Y44.8%
  • YTD34.5%

The Financials industry is up 8.2% in the last week, with First HoldCo up 26%. During this same period, the Ecobank Transnational underperformed, falling 10.0%. In the last 12 months, the industry was up 53%. Earnings are forecast to grow by 19% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Jul 2026₦26.0t₦17.5t₦5.1t9.3x5.1x1.5x
Mon, 08 Jun 2026₦28.1t₦17.4t₦5.1t10.2x5.5x1.6x
Wed, 06 May 2026₦27.6t₦17.3t₦4.9t10.4x5.6x1.6x
Fri, 03 Apr 2026₦23.6t₦16.6t₦4.9t10.8x4.8x1.4x
Sun, 01 Mar 2026₦23.5t₦16.6t₦4.9t11.1x4.8x1.4x
Tue, 27 Jan 2026₦19.6t₦16.8t₦5.3t9x3.7x1.2x
Thu, 25 Dec 2025₦17.6t₦16.8t₦5.3t7.1x3.3x1x
Sat, 22 Nov 2025₦16.2t₦16.8t₦5.3t7.1x3.1x1x
Mon, 20 Oct 2025₦18.0t₦16.2t₦5.2t10x3.4x1.1x
Wed, 17 Sep 2025₦17.1t₦16.4t₦5.6t10.1x3x1x
Fri, 15 Aug 2025₦17.8t₦16.5t₦5.6t10x3.2x1.1x
Sun, 13 Jul 2025₦15.8t₦16.1t₦5.6t6x2.8x1x
Tue, 10 Jun 2025₦12.9t₦16.1t₦5.6t5.1x2.3x0.8x
Thu, 08 May 2025₦11.9t₦16.3t₦5.8t4.4x2.1x0.7x
Sat, 05 Apr 2025₦11.7t₦15.7t₦5.8t4.1x2x0.7x
Mon, 03 Mar 2025₦11.0t₦15.4t₦5.9t4.3x1.9x0.7x
Wed, 29 Jan 2025₦11.1t₦15.1t₦5.8t4x1.9x0.7x
Fri, 27 Dec 2024₦9.6t₦15.1t₦5.8t3.6x1.7x0.6x
Sun, 24 Nov 2024₦8.8t₦15.3t₦5.8t2.7x1.5x0.6x
Tue, 22 Oct 2024₦8.1t₦14.0t₦5.3t2.5x1.5x0.6x
Thu, 19 Sep 2024₦8.0t₦13.2t₦5.2t2.9x1.5x0.6x
Sat, 17 Aug 2024₦7.3t₦12.4t₦4.8t2.7x1.5x0.6x
Mon, 15 Jul 2024₦7.2t₦12.2t₦4.7t3.1x1.5x0.6x
Wed, 12 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Fri, 10 May 2024₦7.1t₦11.5t₦4.5t4.2x1.6x0.6x
Sun, 07 Apr 2024₦8.1t₦9.0t₦3.2t4.8x2.5x0.9x
Tue, 05 Mar 2024₦7.3t₦9.1t₦2.9t4.7x2.5x0.8x
Thu, 01 Feb 2024₦7.6t₦8.3t₦2.8t5.6x2.7x0.9x
Sat, 30 Dec 2023₦7.6t₦7.7t₦2.7t4.5x2.8x1x
Mon, 27 Nov 2023₦6.6t₦7.7t₦2.7t4.5x2.5x0.9x
Wed, 25 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Fri, 22 Sep 2023₦6.3t₦6.9t₦2.2t4.8x2.8x0.9x
Sun, 20 Aug 2023₦6.1t₦6.0t₦1.5t4.5x4x1x
Tue, 18 Jul 2023₦5.9t₦5.7t₦1.3t5.3x4.4x1x
Price to Earnings Ratio

4.4x


Total Market Cap: ₦5.9tTotal Earnings: ₦1.3tTotal Revenue: ₦5.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.8x202420252026
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 5.1x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.92x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 57% per year over the last three years.
  • Revenues for these companies have grown 46% 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 Market6.13%
Financials4.80%
Capital Markets8.50%
Banks6.20%
Insurance2.84%
Mortgage Finance0%0
Diversified Financial-4.94%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 15.1x.
    • 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 2.5x.
Forecasted Growth
  • Analysts are most optimistic on the Banks industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified Financial industry is expected to see its earnings grow by 8.8% 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
FIRSTHOLDCO First HoldCo₦69.2025.8%
+₦631.2b		137.4%PB0.9x
GTCO Guaranty Trust Holding₦126.004.2%
+₦184.6b		33.9%PB1.3x
ZENITHBANK Zenith Bank₦110.803.8%
+₦166.3b		59.0%PB0.9x
ACCESSCORP Access Holdings₦24.9510.4%
+₦124.4b		0.6%PB0.3x
WEMABANK Wema Bank₦30.0011.1%
+₦120.4b		87.5%PB1.9x

Latest News

FIRSTHOLDCO
₦69.20
First HoldCo
7D
25.8%
1Y
137.4%
NGXGROUP
₦139.00
Nigerian Exchange Group
7D
17.8%
1Y
157.9%
Narrative Update • Jul 09

NGX Group Plc Delivers Exceptional Q1 2026 Performance Driven by Surge in Transaction Fees and Investment Income

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Nigerian Exchange Group Plc delivered a stellar Q1 2026 performance, with significant growth in revenue and profitability driven by strong trading activity and higher income from equity-accounted investees. Group revenue surged by 103% YoY to ₦7.22 billion, primarily supported by a sharp increase in transaction fees.
FCMB
₦10.80
FCMB Group
7D
10.2%
1Y
6.9%
Narrative Update • Jul 09

FCMB Group Plc Reports Exceptional Q1 2026 Earnings Growth Driven by Strong Net Interest Income, Capital Expansion, and Balance Sheet Growth

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) FCMB Group Plc delivered an outstanding first-quarter performance for the period ended March 31, 2026, supported by robust growth in net interest income, higher fee-based earnings, successful capital raising, and improved operating efficiency. Group Profit After Tax (PAT) surged by 137% YoY to ₦76.5 billion from ₦32.2 billion in Q1 2025, while Profit Before Tax (PBT) climbed 148% YoY to ₦87.0 billion.
ZENITHBANK
₦110.80
Zenith Bank
7D
3.8%
1Y
59.0%
Narrative Update • Jul 02

ZENITHBANK: Higher Margins And P/E Repricing Will Drive Future Upside

Analysts have lifted their fair value estimate for Zenith Bank from NGN72.01 to NGN145.20, citing updated assumptions that include slightly higher projected revenue growth, a stronger profit margin profile, and a higher future P/E multiple. What’s in the News for Zenith Bank Zenith Bank has scheduled a board meeting for June 29, 2026, to consider and approve the group’s financial results for the half year ending June 30, 2026.
FIDELITYBK
₦19.00
Fidelity Bank
7D
5.6%
1Y
-10.4%
STANBIC
₦152.20
Stanbic IBTC Holdings
7D
-6.6%
1Y
81.1%
GTCO
₦126.00
Guaranty Trust Holding
7D
4.2%
1Y
33.9%
Narrative Update • Jul 01

GTCO: Higher Future Earnings Multiple Will Support Returns If Margins Hold

Analysts have lifted their price target fair value estimate for Guaranty Trust Holding from NGN116.17 to NGN154.61, reflecting updated assumptions around revenue growth, profit margins and a revised future P/E outlook. What's in the News Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, and to discuss issues relating to the half year dividend, along with other business matters.
ETI
₦85.70
Ecobank Transnational
7D
-10.0%
1Y
152.4%
WEMABANK
₦30.00
Wema Bank
7D
11.1%
1Y
87.5%
AIICO
₦3.95
AIICO Insurance
7D
-1.0%
1Y
74.0%
CORNERST
₦5.70
Cornerstone Insurance
7D
-1.7%
1Y
32.9%
ACCESSCORP
₦24.95
Access Holdings
7D
10.4%
1Y
0.6%
STERLINGNG
₦7.60
Sterling Financial Holdings
7D
-1.9%
1Y
23.4%
FTGINSURE
₦2.91
Fortis Global Insurance
7D
-9.6%
1Y
263.8%
LIVINGTRUST
₦3.39
Livingtrust Mortgage Bank
7D
-9.8%
1Y
-53.7%
LINKASSURE
₦1.50
Linkage Assurance
7D
-2.6%
1Y
12.5%