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Nigerian (NSE) Financials Sector Analysis

UpdatedDec 13, 2025
DataAggregated Company Financials
Companies43
  • 7D-0.2%
  • 3M-7.7%
  • 1Y41.3%
  • YTD32.3%

Over the last 7 days, the Financials industry has risen 1.5%, driven by gains from Zenith Bank of 2.9%. During this same period, the Access Holdings underperformed, falling 6.5%. This means that the industry has gained 43% over the past year. 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
Sat, 13 Dec 2025₦16.7t₦16.8t₦5.3t7.2x3.1x1x
Mon, 10 Nov 2025₦16.6t₦16.7t₦5.4t7.4x3.1x1x
Wed, 08 Oct 2025₦15.3t₦16.2t₦5.2t8.6x2.9x0.9x
Fri, 05 Sep 2025₦16.7t₦16.5t₦5.6t8.3x3x1x
Sun, 03 Aug 2025₦17.4t₦16.5t₦5.6t6.5x3.1x1.1x
Tue, 01 Jul 2025₦13.7t₦16.1t₦5.6t5.4x2.5x0.9x
Thu, 29 May 2025₦12.3t₦16.1t₦5.6t4.7x2.2x0.8x
Sat, 26 Apr 2025₦11.8t₦15.7t₦5.6t4.1x2.1x0.8x
Mon, 24 Mar 2025₦10.8t₦15.5t₦5.9t4.2x1.8x0.7x
Wed, 19 Feb 2025₦11.6t₦15.4t₦5.9t4.3x2x0.8x
Fri, 17 Jan 2025₦9.8t₦15.1t₦5.8t3.7x1.7x0.7x
Sun, 15 Dec 2024₦9.0t₦15.1t₦5.8t3x1.6x0.6x
Tue, 12 Nov 2024₦8.7t₦15.2t₦5.8t2.3x1.5x0.6x
Thu, 10 Oct 2024₦8.0t₦13.6t₦5.1t2.6x1.6x0.6x
Sat, 07 Sep 2024₦7.5t₦12.9t₦4.9t2.8x1.5x0.6x
Mon, 05 Aug 2024₦7.1t₦12.5t₦4.8t2.7x1.5x0.6x
Wed, 03 Jul 2024₦7.1t₦12.0t₦4.7t3.4x1.5x0.6x
Fri, 31 May 2024₦6.8t₦11.7t₦4.6t4.3x1.5x0.6x
Sun, 28 Apr 2024₦6.6t₦10.0t₦3.7t4.2x1.8x0.7x
Tue, 26 Mar 2024₦8.3t₦8.9t₦2.9t4.8x2.8x0.9x
Thu, 22 Feb 2024₦7.5t₦9.2t₦3.0t4.9x2.5x0.8x
Sat, 20 Jan 2024₦9.0t₦7.7t₦2.7t6.4x3.4x1.2x
Mon, 18 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Wed, 15 Nov 2023₦6.6t₦7.7t₦2.7t3.3x2.5x0.9x
Fri, 13 Oct 2023₦6.2t₦7.0t₦2.4t4.4x2.6x0.9x
Sun, 10 Sep 2023₦6.4t₦6.2t₦1.8t4.9x3.7x1x
Tue, 08 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Thu, 06 Jul 2023₦6.0t₦5.7t₦1.3t5.8x4.5x1.1x
Sat, 03 Jun 2023₦4.7t₦5.2t₦1.3t5x3.6x0.9x
Mon, 01 May 2023₦4.0t₦5.1t₦1.3t4.6x3.1x0.8x
Wed, 29 Mar 2023₦4.0t₦4.8t₦1.3t4.1x3x0.8x
Fri, 24 Feb 2023₦4.0t₦4.8t₦1.3t4x3x0.8x
Sun, 22 Jan 2023₦3.9t₦4.7t₦1.3t4.3x3x0.8x
Tue, 20 Dec 2022₦3.7t₦4.7t₦1.3t3.9x2.8x0.8x
Price to Earnings Ratio

2.8x


Total Market Cap: ₦3.7tTotal Earnings: ₦1.3tTotal Revenue: ₦4.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.6x202320242025
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 3.2x which is higher than its 3-year average PE of 2.5x.
  • The industry is trading close to its 3-year average PS ratio of 0.82x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 60% per year over the last three years.
  • Revenues for these companies have grown 53% 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 Market1.90%
Financials-0.15%
Insurance0.84%
Capital Markets0.082%
Mortgage Finance0%0
Banks-0.17%
Diversified Financial-0.68%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.4x.
    • 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 26% over the next 5 years.
  • However this is lower than its past earnings growth rate of 50% 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
ZENITHBANK Zenith Bank₦64.002.9%
+₦73.9b		45.5%PB0.6x
GTCO Guaranty Trust Holding₦89.901.0%
+₦28.5b		69.8%PB0.9x
MANSARD AXA Mansard Insurance₦14.008.5%
+₦9.8b		85.9%PE114.8x
SOVRENINS Sovereign Trust Insurance₦3.4017.2%
+₦7.1b		300.0%PE41.7x
WAPIC Coronation Insurance₦2.9311.0%
+₦7.0b		118.7%PE10.9x

Latest News

FCMB
₦10.55
FCMB Group
7D
-3.2%
1Y
17.2%

FCMB Group Delivers Strong 9M 2025 Performance and Positive Q1 2026 Outlook Amid Operational Pressures

Valuation due Excess issuance of additional share
SOVRENINS
₦3.40
Sovereign Trust Insurance
7D
17.2%
1Y
300.0%
WAPIC
₦2.93
Coronation Insurance
7D
11.0%
1Y
118.7%
JAIZBANK
₦4.55
Jaiz Bank
7D
-2.4%
1Y
82.0%

Jaiz Bank Becomes Africa’s First IILM Primary Dealer – Strengthening Liquidity and Islamic Finance Positioning

Jaiz Bank Plc , Nigeria’s pioneer non-interest bank, has been admitted as a Primary Dealer of the International Islamic Liquidity Management Corporation (IILM) , marking a significant milestone both for the Bank and the broader African Islamic finance market. The onboarding was formalised during the CBN–IILM Liquidity Management Capacity Building Conference in Abuja and represents the first time an African financial institution will participate at this level within the IILM global liquidity ecosystem.
GTCO
₦89.90
Guaranty Trust Holding
7D
1.0%
1Y
69.8%
ACCESSCORP
₦20.10
Access Holdings
7D
-6.5%
1Y
-16.8%
ZENITHBANK
₦64.00
Zenith Bank
7D
2.9%
1Y
45.5%
FIDELITYBK
₦18.80
Fidelity Bank
7D
-2.1%
1Y
21.3%
CUSTODIAN
₦37.00
Custodian Investment
7D
-7.3%
1Y
160.6%
CONHALLPLC
₦4.37
Consolidated Hallmark Holdings
7D
9.8%
1Y
92.5%
UCAP
₦17.20
United Capital
7D
1.2%
1Y
-7.8%

UNITED CAPITAL PLC – Solid Earnings Momentum and Balance Sheet Expansion Underscore Strong Q3 2025 Performance

Strategic Context United Capital Plc delivered a resilient performance for the nine months ended 30 September 2025, reflecting robust earnings growth, sustained profitability, and a significantly strengthened balance sheet. The Group’s results highlight its ability to navigate a dynamic macroeconomic landscape marked by elevated interest rates, tighter liquidity, and fluctuating market yields.
UBA
₦39.70
United Bank for Africa
7D
-0.7%
1Y
18.9%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
ETRANZACT
₦12.60
eTranzact International
7D
-10.0%
1Y
86.7%
MANSARD
₦14.00
AXA Mansard Insurance
7D
8.5%
1Y
85.9%
CORNERST
₦5.63
Cornerstone Insurance
7D
2.4%
1Y
79.9%
AFRIPRUD
₦12.00
Africa Prudential
7D
-7.7%
1Y
39.1%