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Nigerian (NSE) Financials Sector Analysis

UpdatedSep 18, 2025
DataAggregated Company Financials
Companies44
  • 7D1.3%
  • 3M25.7%
  • 1Y71.3%
  • YTD40.8%

Over the last 7 days, the Financials industry has risen 1.3%, driven by gains from First HoldCo of 6.1%. In the last 12 months, the industry was up 71%. Earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Sep 2025₦17.0t₦16.4t₦5.6t9.5x3x1x
Sat, 16 Aug 2025₦17.8t₦16.5t₦5.6t8.3x3.2x1.1x
Mon, 14 Jul 2025₦15.8t₦16.1t₦5.6t6x2.8x1x
Wed, 11 Jun 2025₦12.9t₦16.1t₦5.6t5x2.3x0.8x
Fri, 09 May 2025₦12.0t₦16.3t₦5.8t4.5x2.1x0.7x
Sun, 06 Apr 2025₦11.7t₦15.7t₦5.8t4.1x2x0.7x
Tue, 04 Mar 2025₦10.9t₦15.4t₦5.9t4.3x1.9x0.7x
Thu, 30 Jan 2025₦11.0t₦15.1t₦5.8t4.4x1.9x0.7x
Sat, 28 Dec 2024₦9.6t₦15.1t₦5.8t3.7x1.7x0.6x
Mon, 25 Nov 2024₦8.8t₦15.3t₦5.8t2.7x1.5x0.6x
Wed, 23 Oct 2024₦8.1t₦14.0t₦5.3t2.6x1.5x0.6x
Fri, 20 Sep 2024₦7.9t₦13.1t₦5.2t2.8x1.5x0.6x
Sun, 18 Aug 2024₦7.3t₦12.4t₦4.8t2.7x1.5x0.6x
Tue, 16 Jul 2024₦7.3t₦12.2t₦4.7t3.1x1.5x0.6x
Thu, 13 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Sat, 11 May 2024₦7.1t₦11.5t₦4.5t4.3x1.6x0.6x
Mon, 08 Apr 2024₦8.1t₦9.0t₦3.2t4.8x2.5x0.9x
Wed, 06 Mar 2024₦7.4t₦9.1t₦3.0t4.5x2.5x0.8x
Fri, 02 Feb 2024₦7.6t₦8.4t₦2.8t5.2x2.7x0.9x
Sun, 31 Dec 2023₦7.6t₦7.7t₦2.7t4.5x2.9x1x
Tue, 28 Nov 2023₦6.8t₦7.6t₦2.7t4.5x2.5x0.9x
Thu, 26 Oct 2023₦6.3t₦7.0t₦2.4t4.3x2.6x0.9x
Sat, 23 Sep 2023₦6.4t₦6.9t₦2.2t4.8x2.9x0.9x
Mon, 21 Aug 2023₦6.1t₦6.0t₦1.5t4.5x4x1x
Wed, 19 Jul 2023₦5.8t₦5.7t₦1.3t5.7x4.4x1x
Fri, 16 Jun 2023₦5.4t₦5.4t₦1.3t5.8x4.2x1x
Sun, 14 May 2023₦4.1t₦5.2t₦1.3t4.6x3.2x0.8x
Tue, 11 Apr 2023₦4.0t₦4.9t₦1.3t4.1x3x0.8x
Thu, 09 Mar 2023₦4.2t₦4.8t₦1.3t4.1x3.1x0.9x
Sat, 04 Feb 2023₦4.1t₦4.8t₦1.3t4.1x3.1x0.9x
Mon, 02 Jan 2023₦3.8t₦4.7t₦1.3t4.1x2.9x0.8x
Wed, 30 Nov 2022₦3.5t₦4.7t₦1.3t3.6x2.7x0.8x
Fri, 28 Oct 2022₦3.3t₦4.6t₦1.2t4.1x2.7x0.7x
Sun, 25 Sep 2022₦3.5t₦4.5t₦1.2t4.5x2.9x0.8x
Price to Earnings Ratio

2.9x


Total Market Cap: ₦3.5tTotal Earnings: ₦1.2tTotal Revenue: ₦4.5tTotal 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 3.0x which is higher than its 3-year average PE of 2.5x.
  • The 3-year average PS ratio of 0.80x 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 66% per year over the last three years.
  • Revenues for these companies have grown 54% 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 Market1.59%
Financials1.30%
Diversified Financial2.67%
Capital Markets2.40%
Banks1.36%
Mortgage Finance0%0
Insurance-1.64%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.1x.
    • 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 2.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 18% over the next 5 years.
  • However this is lower than its past earnings growth rate of 66% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 13% 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
GTCO Guaranty Trust Holding₦94.702.2%
+₦51.5b		104.8%PB0.8x
ETRANZACT eTranzact International₦17.2038.7%
+₦44.2b		115.0%PE43.6x
FIRSTHOLDCO First HoldCo₦32.003.2%
+₦41.9b		4.7%PB0.5x
ACCESSCORP Access Holdings₦27.052.3%
+₦31.3b		38.0%PB0.4x
CUSTODIAN Custodian Investment₦44.158.3%
+₦20.0b		239.6%PE4.7x

Latest News

MANSARD
₦16.00
AXA Mansard Insurance
7D
-4.7%
1Y
210.7%
ETRANZACT
₦17.20
eTranzact International
7D
38.7%
1Y
115.0%
CUSTODIAN
₦44.15
Custodian Investment
7D
8.3%
1Y
239.6%
GTCO
₦94.70
Guaranty Trust Holding
7D
2.2%
1Y
104.8%

HabariPay And East Africa Expansion Will Bring Opportunities And Risks

Despite a slight moderation in forecasted revenue growth and a marginally higher future P/E, analysts have increased their fair value estimate for Guaranty Trust Holding from NGN83.61 to NGN86.89. What's in the News Guaranty Trust Holding will change its Nigerian Stock Exchange ticker symbol to GTCO, effective August 1.
MBENEFIT
₦4.00
Mutual Benefits Assurance
7D
-5.4%
1Y
555.7%
AIICO
₦4.01
AIICO Insurance
7D
-6.3%
1Y
251.8%
WAPIC
₦3.20
Coronation Insurance
7D
-10.4%
1Y
300.0%
CORNERST
₦6.50
Cornerstone Insurance
7D
-11.3%
1Y
170.8%
ZENITHBANK
₦65.95
Zenith Bank
7D
-1.6%
1Y
78.2%

Digital Transformation And Global Expansion Will Improve Banking Operations

Despite a substantial drop in projected revenue growth, Zenith Bank’s consensus price target has been raised, primarily driven by a notable improvement in net profit margin, which has boosted fair value from NGN65.57 to NGN69.28. What's in the News Board meeting scheduled to review audited H1 2025 financial statements.
FIRSTHOLDCO
₦32.00
First HoldCo
7D
3.2%
1Y
4.7%

First HoldCo Plc's performance for the half-year ended June 30, 2025 H1/Q2 Result

First HoldCo Plc – Restructuring for Resilience Amid Capital and Governance Shifts Strategic Divestment and Ownership Realignment: Unwinding the SPV Structure First HoldCo’s plan to dispose of shares held via a Special Purpose Vehicle (SPV) marks a significant step in its broader capital restructuring and compliance drive , aimed at aligning with the Central Bank of Nigeria’s (CBN) revised capital requirements. The recent transfer of a 25% stake to RC Investment Management Ltd., an SPV tied to Renaissance Capital, is being positioned as temporary , with a stated intention to divest these shares on-market.
UCAP
₦20.50
United Capital
7D
5.1%
1Y
13.9%
WEMABANK
₦21.00
Wema Bank
7D
-3.7%
1Y
228.1%
ACCESSCORP
₦27.05
Access Holdings
7D
2.3%
1Y
38.0%
UBA
₦47.00
United Bank for Africa
7D
-2.3%
1Y
90.7%
FIDELITYBK
₦20.75
Fidelity Bank
7D
0.5%
1Y
67.3%
LIVINGTRUST
₦5.30
Livingtrust Mortgage Bank
7D
26.2%
1Y
63.6%