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Nigerian (NSE) Financials Sector Analysis
UpdatedNov 14, 2025
DataAggregated Company Financials
Companies43
- 7D1.0%
- 3M-10.6%
- 1Y42.4%
- YTD32.9%
Over the last 7 days, the Financials industry has risen 1.1%, driven by gains from Zenith Bank of 6.7%. In the same time, Stanbic IBTC Holdings was down 6.5%. This means that the industry has gained 45% over the past year. Earnings are forecast to grow by 13% annually.
Sector Valuation and Performance
Has the Nigerian Financials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 15 Nov 2025 | ₦16.9t | ₦16.8t | ₦5.4t | 7.2x | 3.2x | 1x |
| Mon, 13 Oct 2025 | ₦15.3t | ₦16.1t | ₦5.2t | 8.7x | 2.9x | 0.9x |
| Wed, 10 Sep 2025 | ₦16.8t | ₦16.5t | ₦5.6t | 8.6x | 3x | 1x |
| Fri, 08 Aug 2025 | ₦17.7t | ₦16.5t | ₦5.6t | 7.9x | 3.1x | 1.1x |
| Sun, 06 Jul 2025 | ₦14.1t | ₦16.1t | ₦5.6t | 5.5x | 2.5x | 0.9x |
| Tue, 03 Jun 2025 | ₦12.4t | ₦16.2t | ₦5.6t | 4.9x | 2.2x | 0.8x |
| Thu, 01 May 2025 | ₦11.9t | ₦15.9t | ₦5.6t | 4.3x | 2.1x | 0.7x |
| Sat, 29 Mar 2025 | ₦11.2t | ₦15.6t | ₦5.9t | 4.3x | 1.9x | 0.7x |
| Mon, 24 Feb 2025 | ₦11.4t | ₦15.4t | ₦5.9t | 4.3x | 1.9x | 0.7x |
| Wed, 22 Jan 2025 | ₦9.9t | ₦15.1t | ₦5.8t | 4.1x | 1.7x | 0.7x |
| Fri, 20 Dec 2024 | ₦9.2t | ₦15.1t | ₦5.8t | 3.2x | 1.6x | 0.6x |
| Sun, 17 Nov 2024 | ₦8.9t | ₦15.2t | ₦5.8t | 2.5x | 1.5x | 0.6x |
| Tue, 15 Oct 2024 | ₦8.1t | ₦13.7t | ₦5.2t | 2.4x | 1.6x | 0.6x |
| Thu, 12 Sep 2024 | ₦7.6t | ₦12.9t | ₦4.9t | 2.8x | 1.5x | 0.6x |
| Sat, 10 Aug 2024 | ₦7.3t | ₦12.5t | ₦4.8t | 2.8x | 1.5x | 0.6x |
| Mon, 08 Jul 2024 | ₦7.3t | ₦12.1t | ₦4.7t | 3x | 1.5x | 0.6x |
| Wed, 05 Jun 2024 | ₦6.6t | ₦11.9t | ₦4.7t | 4.1x | 1.4x | 0.6x |
| Fri, 03 May 2024 | ₦6.8t | ₦10.4t | ₦3.8t | 4.2x | 1.8x | 0.7x |
| Sun, 31 Mar 2024 | ₦8.5t | ₦9.1t | ₦3.2t | 4.8x | 2.7x | 0.9x |
| Tue, 27 Feb 2024 | ₦7.6t | ₦9.0t | ₦2.9t | 4.9x | 2.6x | 0.8x |
| Thu, 25 Jan 2024 | ₦8.6t | ₦7.7t | ₦2.7t | 5.7x | 3.2x | 1.1x |
| Sat, 23 Dec 2023 | ₦7.5t | ₦7.6t | ₦2.7t | 4.3x | 2.8x | 1x |
| Mon, 20 Nov 2023 | ₦6.6t | ₦7.7t | ₦2.7t | 3.7x | 2.5x | 0.9x |
| Wed, 18 Oct 2023 | ₦6.2t | ₦7.0t | ₦2.4t | 4.4x | 2.6x | 0.9x |
| Fri, 15 Sep 2023 | ₦6.2t | ₦6.8t | ₦2.2t | 4.5x | 2.8x | 0.9x |
| Sun, 13 Aug 2023 | ₦6.2t | ₦6.0t | ₦1.6t | 4.6x | 4x | 1x |
| Tue, 11 Jul 2023 | ₦6.4t | ₦5.7t | ₦1.3t | 6.4x | 4.8x | 1.1x |
| Thu, 08 Jun 2023 | ₦4.7t | ₦5.1t | ₦1.2t | 5.4x | 3.8x | 0.9x |
| Sat, 06 May 2023 | ₦4.1t | ₦5.2t | ₦1.3t | 4.5x | 3.1x | 0.8x |
| Mon, 03 Apr 2023 | ₦4.1t | ₦4.8t | ₦1.3t | 4.1x | 3.2x | 0.8x |
| Wed, 01 Mar 2023 | ₦4.3t | ₦4.8t | ₦1.3t | 4x | 3.2x | 0.9x |
| Fri, 27 Jan 2023 | ₦4.0t | ₦4.7t | ₦1.3t | 4.7x | 3x | 0.8x |
| Sun, 25 Dec 2022 | ₦3.8t | ₦4.7t | ₦1.3t | 3.8x | 2.9x | 0.8x |
| Tue, 22 Nov 2022 | ₦3.4t | ₦4.7t | ₦1.3t | 3.7x | 2.7x | 0.7x |
Price to Earnings Ratio
2.7x
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 3-year average PS ratio of 0.81x 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 61% 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 Market | -1.97% | |
| Financials | 0.96% | |
| Banks | 2.16% | |
| Insurance | 1.92% | |
| Mortgage Finance | 0% | 0 |
| Capital Markets | -2.81% | |
| Diversified Financial | -6.17% | |
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 Banks industry, expecting annual earnings growth of 14% over the next 5 years.
- This is better than its past earnings growth rate of 9.5% per year.
- In contrast, the Diversified Financial industry is expected to see its earnings grow by 9.8% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| ZENITHBANK Zenith Bank | ₦64.00 | 6.7% +₦164.3b | 47.8% | PB0.6x | |
| ACCESSCORP Access Holdings | ₦23.00 | 4.5% +₦51.8b | -7.1% | PB0.3x | |
| WEMABANK Wema Bank | ₦19.90 | 5.6% +₦37.4b | 134.1% | PB1.4x | |
| GTCO Guaranty Trust Holding | ₦86.00 | 1.2% +₦31.7b | 53.6% | PB0.8x | |
| FCMB FCMB Group | ₦11.00 | 5.8% +₦25.7b | 15.8% | PB0.6x |
