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Nigerian (NSE) Financials Sector Analysis

UpdatedDec 20, 2025
DataAggregated Company Financials
Companies43
  • 7D2.9%
  • 3M-2.5%
  • 1Y41.0%
  • YTD36.1%

In the last week, the Financials industry is up 2.9%, with First HoldCo up 43%. Meanwhile, Stanbic IBTC Holdings actually underperformed within the industry, shrinking 9.3% in the last week. This takes the industry's 12 month performance to a gain of 41%. Looking forward, earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025₦17.2t₦16.8t₦5.3t7.3x3.2x1x
Tue, 18 Nov 2025₦16.7t₦16.7t₦5.3t7.9x3.2x1x
Thu, 16 Oct 2025₦15.3t₦16.1t₦5.2t10.1x2.9x0.9x
Sat, 13 Sep 2025₦17.0t₦16.5t₦5.6t9.8x3x1x
Mon, 11 Aug 2025₦17.7t₦16.5t₦5.6t8.4x3.2x1.1x
Wed, 09 Jul 2025₦14.4t₦16.1t₦5.6t5.5x2.6x0.9x
Fri, 06 Jun 2025₦12.9t₦16.1t₦5.6t4.9x2.3x0.8x
Sun, 04 May 2025₦11.7t₦16.0t₦5.7t4.5x2.1x0.7x
Tue, 01 Apr 2025₦11.4t₦16.1t₦5.7t4.3x2x0.7x
Thu, 27 Feb 2025₦11.2t₦15.4t₦5.9t4.3x1.9x0.7x
Sat, 25 Jan 2025₦10.6t₦15.1t₦5.8t4.1x1.8x0.7x
Mon, 23 Dec 2024₦9.3t₦15.1t₦5.8t3.2x1.6x0.6x
Wed, 20 Nov 2024₦8.9t₦15.3t₦5.8t2.5x1.5x0.6x
Fri, 18 Oct 2024₦8.0t₦13.7t₦5.2t2.5x1.5x0.6x
Sun, 15 Sep 2024₦7.8t₦13.1t₦5.2t2.8x1.5x0.6x
Tue, 13 Aug 2024₦7.4t₦12.4t₦4.8t2.9x1.5x0.6x
Thu, 11 Jul 2024₦7.2t₦12.2t₦4.7t3.1x1.5x0.6x
Sat, 08 Jun 2024₦6.7t₦12.0t₦4.7t2.9x1.4x0.6x
Mon, 06 May 2024₦7.1t₦10.9t₦4.0t4.2x1.8x0.7x
Wed, 03 Apr 2024₦8.5t₦9.1t₦3.2t5.2x2.7x0.9x
Fri, 01 Mar 2024₦7.2t₦9.2t₦3.0t4.8x2.4x0.8x
Sun, 28 Jan 2024₦8.8t₦7.8t₦2.7t6.4x3.2x1.1x
Tue, 26 Dec 2023₦7.5t₦7.8t₦2.7t4.3x2.8x1x
Thu, 23 Nov 2023₦6.5t₦7.6t₦2.7t4.1x2.5x0.9x
Sat, 21 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Mon, 18 Sep 2023₦6.2t₦6.9t₦2.2t4.4x2.8x0.9x
Wed, 16 Aug 2023₦6.2t₦6.0t₦1.6t4.5x4x1x
Fri, 14 Jul 2023₦5.8t₦5.7t₦1.3t5.5x4.3x1x
Sun, 11 Jun 2023₦4.8t₦5.1t₦1.2t5.4x3.8x0.9x
Tue, 09 May 2023₦4.1t₦5.2t₦1.3t4.6x3.2x0.8x
Thu, 06 Apr 2023₦4.0t₦4.8t₦1.3t4.1x3.1x0.8x
Sat, 04 Mar 2023₦4.2t₦4.8t₦1.3t4.1x3.2x0.9x
Mon, 30 Jan 2023₦4.0t₦4.8t₦1.3t4.6x3x0.8x
Wed, 28 Dec 2022₦3.8t₦4.7t₦1.3t3.8x2.9x0.8x
Price to Earnings Ratio

2.9x


Total Market Cap: ₦3.8tTotal 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 2.6x.
  • The 3-year average PS ratio of 0.82x 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 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 Market1.94%
Financials2.91%
Capital Markets5.45%
Banks4.38%
Insurance3.14%
Mortgage Finance0%0
Diversified Financial-8.31%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.5x.
    • 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
FIRSTHOLDCO First HoldCo₦44.9542.9%
+₦565.4b		67.7%PB0.6x
ETI Ecobank Transnational₦37.903.8%
+₦34.4b		35.4%PB0.4x
ACCESSCORP Access Holdings₦20.502.0%
+₦20.7b		-14.6%PB0.3x
AIICO AIICO Insurance₦3.9013.0%
+₦16.5b		160.0%PE8.7x
UBA United Bank for Africa₦40.000.8%
+₦12.3b		18.5%PB0.4x

Latest News

PRESTIGE
₦1.62
Prestige Assurance
7D
-4.7%
1Y
100.0%
ETI
₦37.90
Ecobank Transnational
7D
3.8%
1Y
35.4%
STANBIC
₦95.20
Stanbic IBTC Holdings
7D
-9.3%
1Y
62.6%
GTCO
₦88.10
Guaranty Trust Holding
7D
-2.0%
1Y
54.6%

GTCO Margins Are Expected To Support Higher Future Share Price

Analysts have raised their price target on Guaranty Trust Holding from ₦121.05 to ₦130.00, citing expectations of structurally higher profit margins and a modestly richer valuation multiple that more than offsets slightly slower projected revenue growth. What's in the News Board meeting scheduled for January 27, 2026, to review audited financial statements for the year ending December 31, 2025 (company filing) Full year dividend considerations are expected to be tabled at the January 27, 2026, board meeting (company filing) Directors will also discuss other strategic and operational business matters during the upcoming board session (company filing) Valuation Changes The fair value estimate has risen modestly from NGN 121.05 to NGN 130.00, reflecting a higher assessed intrinsic value per share.
AIICO
₦3.90
AIICO Insurance
7D
13.0%
1Y
160.0%
FIRSTHOLDCO
₦44.95
First HoldCo
7D
42.9%
1Y
67.7%
ASOSAVINGS
₦1.07
ASO Savings and Loans
7D
0%
1Y
114.0%

CBN Revokes Operating Licences of Aso Savings & Loans Plc and Union Homes Savings & Loans Plc

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc , citing persistent regulatory infractions and prolonged deterioration in the financial condition of both primary mortgage banks. The action was taken in line with Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria , underscoring the apex bank’s commitment to safeguarding financial system stability and depositor interests.
ZENITHBANK
₦63.30
Zenith Bank
7D
-1.1%
1Y
38.1%

ZENITHBANK: Future Earnings Momentum Will Drive Upside As Margins Improve

Analysts have raised their price target for Zenith Bank by approximately 7 percent to align with an updated fair value estimate of about $84. This change reflects slightly stronger expected revenue growth and a marginally lower discount rate, which more than offset a small reduction in projected profit margins and a modestly higher future price-to-earnings multiple.
ACCESSCORP
₦20.50
Access Holdings
7D
2.0%
1Y
-14.6%
NGXGROUP
₦66.75
Nigerian Exchange Group
7D
7.9%
1Y
122.5%
NEM
₦26.30
NEM Insurance
7D
-1.1%
1Y
143.5%
CUSTODIAN
₦39.00
Custodian Investment
7D
5.4%
1Y
152.4%
ROYALEX
₦1.77
Royal Exchange
7D
-8.3%
1Y
142.5%
UCAP
₦17.85
United Capital
7D
3.8%
1Y
-6.1%

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
₦40.00
United Bank for Africa
7D
0.8%
1Y
18.5%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
LIVINGTRUST
₦3.35
Livingtrust Mortgage Bank
7D
-11.4%
1Y
1.5%