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Nigerian (NSE) Financials Sector Analysis

UpdatedMay 25, 2026
DataAggregated Company Financials
Companies44
  • 7D0.8%
  • 3M19.1%
  • 1Y105.3%
  • YTD51.8%

Over the last 7 days, the Financials industry has remained flat, although notably Stanbic IBTC Holdings gained 7.1%. As for the the longer term, the industry is up 105% over the past 12 months. Earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 25 May 2026₦29.2t₦17.4t₦5.1t9.9x5.7x1.7x
Wed, 22 Apr 2026₦27.7t₦16.9t₦5.2t8.7x5.4x1.6x
Fri, 20 Mar 2026₦24.1t₦16.6t₦4.9t10.6x4.9x1.5x
Sun, 15 Feb 2026₦21.4t₦16.6t₦4.9t11.1x4.3x1.3x
Tue, 13 Jan 2026₦19.0t₦16.8t₦5.3t8.5x3.6x1.1x
Thu, 11 Dec 2025₦16.8t₦16.8t₦5.3t7x3.2x1x
Sat, 08 Nov 2025₦16.6t₦16.7t₦5.4t7.4x3.1x1x
Mon, 06 Oct 2025₦15.3t₦16.2t₦5.2t8.1x2.9x0.9x
Wed, 03 Sep 2025₦16.7t₦16.5t₦5.6t8.6x3x1x
Fri, 01 Aug 2025₦17.4t₦16.4t₦5.6t7.2x3.1x1.1x
Sun, 29 Jun 2025₦13.8t₦16.1t₦5.6t5.4x2.5x0.9x
Tue, 27 May 2025₦12.2t₦16.1t₦5.6t4.8x2.2x0.8x
Thu, 24 Apr 2025₦11.3t₦15.7t₦5.6t3.8x2x0.7x
Sat, 22 Mar 2025₦10.8t₦15.5t₦5.9t4.2x1.8x0.7x
Mon, 17 Feb 2025₦11.8t₦15.4t₦5.9t4.5x2x0.8x
Wed, 15 Jan 2025₦9.8t₦15.1t₦5.8t4.1x1.7x0.7x
Fri, 13 Dec 2024₦8.9t₦15.1t₦5.8t2.8x1.5x0.6x
Sun, 10 Nov 2024₦8.8t₦15.2t₦5.8t2.4x1.5x0.6x
Tue, 08 Oct 2024₦8.2t₦13.6t₦5.1t2.9x1.6x0.6x
Thu, 05 Sep 2024₦7.5t₦12.8t₦4.9t2.8x1.5x0.6x
Sat, 03 Aug 2024₦7.0t₦12.4t₦4.8t2.9x1.5x0.6x
Mon, 01 Jul 2024₦7.0t₦12.1t₦4.7t3.3x1.5x0.6x
Wed, 29 May 2024₦6.5t₦11.9t₦4.7t4.2x1.4x0.5x
Fri, 26 Apr 2024₦6.5t₦9.8t₦3.6t4.2x1.8x0.7x
Sun, 24 Mar 2024₦8.4t₦8.9t₦2.9t4.6x2.9x0.9x
Tue, 20 Feb 2024₦7.6t₦9.0t₦2.9t5x2.6x0.8x
Thu, 18 Jan 2024₦9.3t₦7.7t₦2.7t6.4x3.5x1.2x
Sat, 16 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Mon, 13 Nov 2023₦6.6t₦7.6t₦2.7t3.4x2.5x0.9x
Wed, 11 Oct 2023₦6.3t₦7.0t₦2.4t4.4x2.6x0.9x
Fri, 08 Sep 2023₦6.4t₦6.3t₦1.8t4.9x3.6x1x
Sun, 06 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Tue, 04 Jul 2023₦5.8t₦5.6t₦1.3t5.7x4.4x1x
Thu, 01 Jun 2023₦4.7t₦5.2t₦1.3t5x3.6x0.9x
Price to Earnings Ratio

3.6x


Total Market Cap: ₦4.7tTotal Earnings: ₦1.3tTotal Revenue: ₦5.2tTotal 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 5.7x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.90x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 58% 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 Market-0.28%
Financials0.80%
Diversified Financial5.75%
Banks0.40%
Mortgage Finance0%0
Insurance-0.33%
Capital Markets-2.74%
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 2.4x.
Forecasted Growth
  • Analysts are most optimistic on the Banks industry, expecting annual earnings growth of 17% 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 8.0% 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
STANBIC Stanbic IBTC Holdings₦174.507.1%
+₦182.9b		152.2%PE6.8x
ZENITHBANK Zenith Bank₦132.002.3%
+₦123.2b		173.6%PB1.1x
UBA United Bank for Africa₦45.002.3%
+₦44.2b		30.8%PB0.5x
FIDELITYBK Fidelity Bank₦23.502.6%
+₦30.1b		29.1%PB1.1x
WEMABANK Wema Bank₦33.401.2%
+₦16.0b		147.4%PB2.2x

Latest News

STERLINGNG
₦7.90
Sterling Financial Holdings
7D
1.3%
1Y
35.0%
FCMB
₦11.55
FCMB Group
7D
-2.1%
1Y
19.1%
Narrative Update • May 21

FCMB Group Plc Reports Strong FY 2025 Earnings Growth Driven by Balance Sheet Expansion and Improved Core Banking Performance

FCMB, REA and Partners Launch $188 Million Renewable Energy Financing Platform Author: Qudus Adebara First City Monument Bank (FCMB), in partnership with Barton Heyman Limited, the Rural Electrification Agency (REA), UK PACT, and other stakeholders, has launched a $188 million Green Finance Investment Facility (GFIF) aimed at financing 191 megawatts of distributed solar capacity across Nigeria. The blended finance platform is designed to mobilize large-scale private and institutional capital into Nigeria’s distributed renewable energy sector, with a particular focus on underserved households, rural communities, and businesses lacking reliable electricity access.
ACCESSCORP
₦24.95
Access Holdings
7D
-3.1%
1Y
13.7%
Narrative Update • May 21

Access Holdings Plc – Strategic Equity Restructuring of Foreign Banking Subsidiaries

Transaction Overview Analyst: Qudus Adebara (Research Analyst, DLM Securities) Access Holdings Plc (“Access Holdings” or “the Group”) has announced plans to reduce its equity stakes in certain foreign banking subsidiaries in response to new regulatory requirements introduced by the Central Bank of Nigeria (CBN). According to the Group Managing Director/CEO of Access Bank Plc, Mr. Roosevelt Ogbonna, the Group’s current exposure to foreign subsidiaries stands at approximately 19.4% of shareholders’ funds , above the newly imposed regulatory cap of 10%.
WEMABANK
₦33.40
Wema Bank
7D
1.2%
1Y
147.4%
Narrative Update • May 21

Wema Bank Plc Delivers Strong FY 2025 Performance with Robust Balance Sheet Expansion and Earnings Growth

Analyst: Qudus Adebara Executive Summary Wema Bank Plc delivered a strong financial performance for the year ended 31 December 2025 , reflecting solid balance sheet growth, resilient earnings momentum, and improved capital positioning. The Bank recorded Profit After Tax (PAT) of ₦193.2 billion , representing a 124% YoY increase from ₦86.3 billion in FY 2024, driven by strong net interest income growth, improved fee income, and effective cost management.
ZENITHBANK
₦132.00
Zenith Bank
7D
2.3%
1Y
173.6%
Narrative Update • May 19

ZENITHBANK: Upcoming Board Meeting Will Highlight Continuing Downside Pricing Risk

Analysts have trimmed their Zenith Bank price target to NGN72.01, reflecting updated views on a slightly lower revenue growth outlook, a somewhat higher profit margin, and a revised P/E assumption. What's in the News Zenith Bank has scheduled a board meeting for April 30, 2026, to review the group’s unaudited financial statements for the first quarter ending March 31, 2026, and to address other business matters (Key Developments).
GTCO
₦145.00
Guaranty Trust Holding
7D
-1.2%
1Y
112.0%
Narrative Update • May 14

GTCO: Dividend Timetable And Margin Assumptions Will Shape Measured Future Upside

Analysts have raised their NGN fair value estimate for Guaranty Trust Holding from NGN131.83 to NGN162.00, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Shareholders approved a final dividend for the 2025 financial year totaling NGN 429,830,699,084.64K, payable at NGN 11.76K per 50 Kobo ordinary share, bringing total dividend for 2025 to NGN 12.76K per ordinary share.
FIDELITYBK
₦23.50
Fidelity Bank
7D
2.6%
1Y
29.1%
Narrative Update • May 12

Fidelity Bank Delivers Resilient 9M 2025 Performance with Strong Balance Sheet Expansion Despite Cost Pressures

Executive Summary Analyst: Qudus Adebara (Research Analyst) Fidelity Bank Plc delivered a resilient and well-rounded performance for the nine months ended September 30, 2025, supported by strong interest income growth, sustained customer deposit mobilization, and significant foreign currency revaluation gains amid a volatile macroeconomic environment. Despite elevated funding costs and higher operating expenses tied to scale expansion and inflationary pressures, the Group recorded a solid earnings uplift.
MANSARD
₦13.65
AXA Mansard Insurance
7D
-6.5%
1Y
60.6%
UBA
₦45.00
United Bank for Africa
7D
2.3%
1Y
30.8%
ETRANZACT
₦17.10
eTranzact International
7D
-7.6%
1Y
151.5%
STANBIC
₦174.50
Stanbic IBTC Holdings
7D
7.1%
1Y
152.2%
Narrative Update • May 06

Stanbic IBTC Holdings Plc Delivers Strong FY 2025 Earnings Growth Driven by Interest Income Expansion and Improved Asset Quality

Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Executive Summary Stanbic IBTC Holdings Plc recorded a strong financial performance for the year ended 31 December 2025, underpinned by robust growth in interest income, higher non-interest revenue, and improved asset quality. Net interest income rose to ₦585.01 billion (+43% YoY), supported by growth in loans and investment yields.
VFDGROUP
₦9.95
VFD Group
7D
-9.1%
1Y
-31.8%
Narrative Update • May 06

VFD Group Plc Delivers Strong FY 2025 Balance Sheet Expansion and Robust Comprehensive Income Despite Margin Pressure from High Finance Cost

Analyst: Qudus Adebara (Research Analyst) Executive Summary VFD Group Plc delivered a solid FY 2025 performance marked by strong balance sheet expansion, resilient core investment income, and exceptional comprehensive income growth , despite persistent pressure from elevated finance costs and higher impairment charges. For the year ended December 31, 2025, the Group recorded Profit After Tax (PAT) of ₦9.68 billion , representing an 11.4% YoY increase , supported by strong fair value gains on equity investments and disciplined cost control.
CUSTODIAN
₦83.00
Custodian Investment
7D
2.2%
1Y
321.3%
Narrative Update • May 06

Custodian Investment Plc Reports Strong FY 2025 Earnings Growth Driven by Investment Gains and Insurance Expansion

Analyst: Qudus Adebara Executive Summary Custodian Investment Plc delivered a robust FY 2025 performance , supported by strong growth in investment income, improved insurance service results, and significant fair value gains across financial assets. For the Group, Profit Before Tax (PBT) rose 25% YoY to ₦75.97 billion , while Profit After Tax (PAT) increased 25% YoY to ₦67.04 billion.
SOVRENINS
₦2.28
Sovereign Trust Insurance
7D
-22.4%
1Y
128.0%
UCAP
₦18.50
United Capital
7D
-2.4%
1Y
0%
MBENEFIT
₦4.70
Mutual Benefits Assurance
7D
9.3%
1Y
343.4%