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Nigerian (NSE) Financials Sector Analysis

UpdatedMay 15, 2026
DataAggregated Company Financials
Companies43
  • 7D5.6%
  • 3M30.1%
  • 1Y103.2%
  • YTD50.9%

In the last week, the Financials industry is up 5.6%, with Ecobank Transnational up 21%. Meanwhile, Stanbic IBTC Holdings actually underperformed within the industry, shrinking 7.9% in the last week. In the last 12 months, the industry was up 103%. Earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 16 May 2026₦28.9t₦17.4t₦5.0t9.9x5.8x1.7x
Mon, 13 Apr 2026₦24.6t₦17.0t₦5.2t10.4x4.7x1.5x
Wed, 11 Mar 2026₦23.2t₦16.7t₦4.9t11.5x4.7x1.4x
Fri, 06 Feb 2026₦20.2t₦16.5t₦4.9t9.2x4.1x1.2x
Sun, 04 Jan 2026₦18.1t₦16.8t₦5.3t7.8x3.4x1.1x
Tue, 02 Dec 2025₦16.3t₦16.8t₦5.3t7.2x3.1x1x
Thu, 30 Oct 2025₦17.6t₦16.2t₦5.2t9x3.4x1.1x
Sat, 27 Sep 2025₦16.8t₦16.2t₦5.2t8.6x3.2x1x
Mon, 25 Aug 2025₦17.2t₦16.5t₦5.6t8.4x3.1x1x
Wed, 23 Jul 2025₦16.6t₦16.1t₦5.6t6.1x3x1x
Fri, 20 Jun 2025₦13.1t₦16.1t₦5.6t5.1x2.4x0.8x
Sun, 18 May 2025₦12.2t₦16.2t₦5.6t4.7x2.2x0.8x
Tue, 15 Apr 2025₦11.3t₦15.8t₦5.8t4x1.9x0.7x
Thu, 13 Mar 2025₦11.2t₦15.5t₦5.9t4.1x1.9x0.7x
Sat, 08 Feb 2025₦11.7t₦15.4t₦5.9t4.5x2x0.8x
Mon, 06 Jan 2025₦9.8t₦15.1t₦5.8t3.6x1.7x0.7x
Wed, 04 Dec 2024₦8.9t₦15.3t₦5.8t2.9x1.5x0.6x
Fri, 01 Nov 2024₦8.5t₦14.8t₦5.7t2.4x1.5x0.6x
Sun, 29 Sep 2024₦8.1t₦13.6t₦5.2t3x1.6x0.6x
Tue, 27 Aug 2024₦7.3t₦12.5t₦4.8t2.8x1.5x0.6x
Thu, 25 Jul 2024₦7.2t₦12.1t₦4.7t3.2x1.5x0.6x
Sat, 22 Jun 2024₦6.9t₦12.0t₦4.7t3.1x1.5x0.6x
Mon, 20 May 2024₦6.7t₦11.6t₦4.5t4.1x1.5x0.6x
Wed, 17 Apr 2024₦7.3t₦9.6t₦3.6t4.5x2x0.8x
Fri, 15 Mar 2024₦7.9t₦9.2t₦3.0t4.6x2.7x0.9x
Sun, 11 Feb 2024₦7.8t₦8.9t₦2.9t5.2x2.7x0.9x
Tue, 09 Jan 2024₦8.7t₦7.7t₦2.7t4.8x3.2x1.1x
Thu, 07 Dec 2023₦7.3t₦7.6t₦2.7t4.3x2.7x1x
Sat, 04 Nov 2023₦6.5t₦7.5t₦2.6t4.1x2.5x0.9x
Mon, 02 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Wed, 30 Aug 2023₦5.9t₦6.0t₦1.6t4.6x3.8x1x
Fri, 28 Jul 2023₦6.4t₦5.8t₦1.5t5.5x4.4x1.1x
Sun, 25 Jun 2023₦5.4t₦5.6t₦1.3t5.7x4.1x1x
Tue, 23 May 2023₦4.3t₦5.2t₦1.3t4.8x3.3x0.8x
Price to Earnings Ratio

3.3x


Total Market Cap: ₦4.3tTotal Earnings: ₦1.3tTotal Revenue: ₦5.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.7x202420252026
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 5.8x which is higher than its 3-year average PE of 2.7x.
  • The 3-year average PS ratio of 0.89x 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 57% 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 Market6.02%
Financials5.60%
Banks8.07%
Capital Markets0.26%
Mortgage Finance0%0
Insurance-3.20%
Diversified Financial-5.86%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 15.0x.
    • 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 Diversified Financial industry, expecting annual earnings growth of 20% over the next 5 years.
  • However this is lower than its past earnings growth rate of 29% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 17% 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
ETI Ecobank Transnational₦97.4020.8%
+₦397.5b		239.4%PB0.8x
UBA United Bank for Africa₦44.0010.0%
+₦176.8b		26.1%PB0.5x
FIRSTHOLDCO First HoldCo₦71.705.8%
+₦173.4b		187.4%PB0.9x
ZENITHBANK Zenith Bank₦129.502.8%
+₦143.7b		167.6%PB1x
ACCESSCORP Access Holdings₦25.708.9%
+₦111.2b		9.4%PB0.3x

Latest News

ACCESSCORP
₦25.75
Access Holdings
7D
9.1%
1Y
9.6%
FIRSTHOLDCO
₦70.00
First HoldCo
7D
3.2%
1Y
180.6%
Narrative Update • May 14

Reports Sharp Earnings Decline in FY 2025 Amid Elevated Impairments, Trading Losses, and Rising Operating Costs Despite Strong Balance Sheet

Executive Summary Analyst: Qudus Adebara (Research Analyst) First HoldCo Plc delivered a significantly weaker financial performance for the year ended December 31, 2025, as elevated impairment charges, trading losses, and higher operating expenses offset strong growth in interest income and balance sheet expansion. Gross earnings remained resilient, supported by a 25% YoY increase in interest income to ₦2.99 trillion, driven by growth in customer lending and investment securities yields.
GTCO
₦146.80
Guaranty Trust Holding
7D
1.9%
1Y
115.9%
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.
NPFMCRFBK
₦5.76
NPF Microfinance Bank
7D
-10.0%
1Y
123.3%
FIDELITYBK
₦22.90
Fidelity Bank
7D
6.3%
1Y
10.1%
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.
ETI
₦97.40
Ecobank Transnational
7D
10.7%
1Y
239.4%
UBA
₦44.00
United Bank for Africa
7D
10.0%
1Y
26.1%
GUINEAINS
₦1.08
Guinea Insurance
7D
-2.7%
1Y
66.2%
STANBIC
₦163.00
Stanbic IBTC Holdings
7D
-7.9%
1Y
136.2%
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.
CUSTODIAN
₦81.25
Custodian Investment
7D
-9.5%
1Y
352.6%
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.
LINKASSURE
₦1.76
Linkage Assurance
7D
-2.2%
1Y
69.0%
ZENITHBANK
₦129.00
Zenith Bank
7D
2.4%
1Y
166.5%
Narrative Update • May 05

Zenith Bank Plc Delivers Resilient FY 2025 Performance Amid Strong Interest Income Growth and Elevated Impairments

Analyst: Qudus Adebara (Research Analyst, DLM Securities) Executive Summary Zenith Bank Plc delivered a resilient financial performance for the year ended 31 December 2025, supported by strong growth in interest income and sustained expansion in core banking activities. Interest income rose by 35% YoY to ₦3.67 trillion, driven by higher yields on loans, treasury bills, and government securities.
MBENEFIT
₦4.30
Mutual Benefits Assurance
7D
-1.6%
1Y
357.4%
FCMB
₦11.80
FCMB Group
7D
3.5%
1Y
25.5%
PRESTIGE
₦1.50
Prestige Assurance
7D
-6.3%
1Y
51.5%
STERLINGNG
₦7.80
Sterling Financial Holdings
7D
-0.6%
1Y
32.2%