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Nigerian (NSE) Financials Sector Analysis

UpdatedAug 02, 2026
DataAggregated Company Financials
Companies45
  • 7D-0.7%
  • 3M8.3%
  • 1Y52.4%
  • YTD55.8%

Over the last 7 days, the Financials industry has remained flat, although notably First HoldCo gained 7.5%. The past year has been better, since the industry has gained 52% in that time. 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
Sun, 02 Aug 2026₦30.2t₦17.8t₦5.3t8.7x5.7x1.7x
Tue, 30 Jun 2026₦25.4t₦17.5t₦5.1t9.1x4.9x1.4x
Thu, 28 May 2026₦28.8t₦17.4t₦5.1t10.3x5.6x1.7x
Sat, 25 Apr 2026₦28.6t₦16.9t₦5.2t9.3x5.5x1.7x
Mon, 23 Mar 2026₦24.1t₦16.6t₦4.9t10.6x4.9x1.5x
Wed, 18 Feb 2026₦21.6t₦16.6t₦4.9t11.1x4.4x1.3x
Fri, 16 Jan 2026₦19.6t₦16.8t₦5.3t8.7x3.7x1.2x
Sun, 14 Dec 2025₦16.7t₦16.8t₦5.3t7.2x3.1x1x
Tue, 11 Nov 2025₦16.4t₦16.7t₦5.4t7.2x3.1x1x
Thu, 09 Oct 2025₦15.3t₦16.2t₦5.2t8.6x2.9x0.9x
Sat, 06 Sep 2025₦16.7t₦16.5t₦5.6t8.3x3x1x
Mon, 04 Aug 2025₦17.4t₦16.5t₦5.6t6.5x3.1x1.1x
Wed, 02 Jul 2025₦13.7t₦16.1t₦5.6t5.4x2.5x0.9x
Fri, 30 May 2025₦12.4t₦16.2t₦5.6t4.8x2.2x0.8x
Sun, 27 Apr 2025₦11.8t₦15.9t₦5.7t4.1x2.1x0.7x
Tue, 25 Mar 2025₦11.1t₦15.5t₦5.9t4.2x1.9x0.7x
Thu, 20 Feb 2025₦11.6t₦15.4t₦5.9t4.3x2x0.8x
Sat, 18 Jan 2025₦9.9t₦15.1t₦5.8t3.9x1.7x0.7x
Mon, 16 Dec 2024₦9.0t₦15.1t₦5.8t3x1.6x0.6x
Wed, 13 Nov 2024₦8.7t₦15.2t₦5.8t2.3x1.5x0.6x
Fri, 11 Oct 2024₦8.0t₦13.7t₦5.2t2.4x1.6x0.6x
Sun, 08 Sep 2024₦7.5t₦12.9t₦4.9t2.8x1.5x0.6x
Tue, 06 Aug 2024₦7.1t₦12.5t₦4.8t2.6x1.5x0.6x
Thu, 04 Jul 2024₦7.2t₦12.1t₦4.7t3.4x1.5x0.6x
Sat, 01 Jun 2024₦6.8t₦11.7t₦4.6t4.3x1.5x0.6x
Mon, 29 Apr 2024₦6.6t₦10.0t₦3.7t4.2x1.8x0.7x
Wed, 27 Mar 2024₦8.3t₦8.8t₦2.9t4.8x2.8x0.9x
Fri, 23 Feb 2024₦7.4t₦9.2t₦3.0t4.8x2.5x0.8x
Sun, 21 Jan 2024₦9.0t₦7.7t₦2.7t6.4x3.4x1.2x
Tue, 19 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Thu, 16 Nov 2023₦6.6t₦7.7t₦2.7t3.4x2.5x0.9x
Sat, 14 Oct 2023₦6.2t₦7.0t₦2.4t4.4x2.6x0.9x
Mon, 11 Sep 2023₦6.4t₦6.2t₦1.8t4.9x3.7x1x
Wed, 09 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Price to Earnings Ratio

4x


Total Market Cap: ₦6.2tTotal Earnings: ₦1.5tTotal Revenue: ₦6.0tTotal 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 0.93x 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 51% per year over the last three years.
  • Revenues for these companies have grown 44% 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-0.98%
Financials-0.67%
Insurance1.57%
Mortgage Finance0%0
Banks-0.55%
Capital Markets-1.59%
Diversified Financial-2.48%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 15.2x.
    • 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 22% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • 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₦129.557.5%
+₦411.5b		287.9%PB1.7x
FIDELITYBK Fidelity Bank₦21.552.6%
+₦34.7b		1.7%PB1x
VFDGROUP VFD Group₦11.9512.2%
+₦16.5b		-14.0%PE19.7x
CONHALLPLC Consolidated Hallmark Holdings₦8.3619.6%
+₦14.9b		165.4%PE10.7x
NEM NEM Insurance₦34.207.9%
+₦12.5b		34.6%PE6.5x

Latest News

VFDGROUP
₦11.95
VFD Group
7D
12.2%
1Y
-14.0%
CUSTODIAN
₦80.00
Custodian Investment
7D
2.0%
1Y
105.1%
LINKASSURE
₦1.60
Linkage Assurance
7D
6.7%
1Y
10.3%
ACCESSCORP
₦26.30
Access Holdings
7D
-9.9%
1Y
-6.1%
CONHALLPLC
₦8.36
Consolidated Hallmark Holdings
7D
19.6%
1Y
165.4%
NEM
₦34.20
NEM Insurance
7D
7.9%
1Y
34.6%
Narrative Update • Jul 29

NEM Insurance Plc Reports Weaker Q1 2026 Earnings Amid Higher Claims Costs and Insurance Finance Expenses Despite Strong Revenue Growth

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) NEM Insurance Plc reported a mixed financial performance for the three months ended March 31, 2026. While insurance revenue grew strongly, profitability came under pressure due to higher claims costs, rising insurance finance expenses, and increased operating costs.
WEMABANK
₦29.00
Wema Bank
7D
-8.8%
1Y
21.3%
Narrative Update • Jul 29

Wema Bank Plc Delivers Strong Q1 2026 Earnings Growth Driven by Interest Income Expansion and Improved Asset Quality

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Wema Bank Plc commenced 2026 on a strong note, reporting a robust improvement in profitability for the three months ended March 31, 2026. The bank benefited from significant growth in interest income, expansion of its loan portfolio, stronger trading income, and a moderation in impairment charges.
FCMB
₦11.45
FCMB Group
7D
-4.6%
1Y
6.0%
Narrative Update • Jul 28

Reports (Unaudited) Exceptional H1 2026 Earnings Growth Driven by Strong Interest Income and Balance Sheet Expansion Despite Elevated Impair

Reports (Unaudited) Exceptional H1 2026 Earnings Growth Driven by Strong Interest Income and Balance Sheet Expansion Despite Elevated Impairment Charges Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) FCMB Group Plc delivered a strong financial performance for the six months ended June 30, 2026, underpinned by robust growth in interest income, improved non-interest revenue, and significant balance sheet expansion. The Group benefited from higher yields on earning assets, increased customer deposits, and successful capital raising activities, which strengthened its financial position.
NGXGROUP
₦140.20
Nigerian Exchange Group
7D
-5.3%
1Y
167.0%
Narrative Update • Jul 28

Reports (Unaudited) Exceptional H1 2026 Earnings Growth Driven by Record Transaction Activity and Strong Associate Contributions

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Nigerian Exchange Group Plc delivered an outstanding financial performance for the six months ended June 30, 2026, driven by a surge in capital market activity, higher transaction and listing fees, and stronger contributions from equity-accounted investees. Group revenue more than doubled, increasing by 118% YoY to ₦17.60 billion from ₦8.08 billion in H1 2025.
FIRSTHOLDCO
₦129.55
First HoldCo
7D
7.5%
1Y
287.9%
ZENITHBANK
₦123.55
Zenith Bank
7D
-2.3%
1Y
61.5%
LASACO
₦2.16
LASACO Assurance
7D
18.7%
1Y
-16.9%
Narrative Update • Jul 21

LASACO Assurance Plc Delivers Strong Q1 2026 Earnings Growth Driven by Improved Underwriting Performance and Strong Insurance Service Result

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) LASACO Assurance Plc recorded a strong financial performance for the quarter ended March 31, 2026, driven primarily by improved underwriting profitability, lower insurance service expenses, and solid investment income. Despite a decline in insurance revenue, the Group significantly improved profitability as insurance service results more than doubled.
UBA
₦44.50
United Bank for Africa
7D
-3.3%
1Y
-9.6%
GTCO
₦130.00
Guaranty Trust Holding
7D
-1.5%
1Y
30.7%
Narrative Update • Jul 15

GTCO: Higher Margins And Dividend Policy Will Support Future Upside Potential

Analysts have revised their fair value estimate for Guaranty Trust Holding to NGN147.39 from NGN86.39, citing updated assumptions for revenue growth, profit margins, and future P/E expectations as key drivers of the higher price target. What’s in the News for Guaranty Trust Holding 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, with potential discussion of half year dividend matters and other business items.
FIDELITYBK
₦21.55
Fidelity Bank
7D
2.6%
1Y
1.7%
STANBIC
₦159.00
Stanbic IBTC Holdings
7D
-2.5%
1Y
57.4%