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Nigerian (NSE) Financials Sector Analysis

UpdatedJun 26, 2026
DataAggregated Company Financials
Companies44
  • 7D-1.2%
  • 3M7.2%
  • 1Y61.3%
  • YTD33.7%

Over the last 7 days, the Financials industry has dropped 1.2%, driven by Wema Bank declining 7.7%. Over the past 12 months, the industry was up 61%. Looking forward, 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
Sat, 27 Jun 2026₦25.8t₦17.5t₦5.1t9.2x5x1.5x
Mon, 25 May 2026₦29.2t₦17.4t₦5.1t9.9x5.7x1.7x
Wed, 22 Apr 2026₦27.7t₦16.9t₦5.2t8.7x5.4x1.6x
Fri, 20 Mar 2026₦24.1t₦16.6t₦4.9t10.6x4.9x1.5x
Sun, 15 Feb 2026₦21.4t₦16.6t₦4.9t11.1x4.3x1.3x
Tue, 13 Jan 2026₦19.0t₦16.8t₦5.3t8.5x3.6x1.1x
Thu, 11 Dec 2025₦16.8t₦16.8t₦5.3t7x3.2x1x
Sat, 08 Nov 2025₦16.6t₦16.7t₦5.4t7.4x3.1x1x
Mon, 06 Oct 2025₦15.3t₦16.2t₦5.2t8.1x2.9x0.9x
Wed, 03 Sep 2025₦16.7t₦16.5t₦5.6t8.6x3x1x
Fri, 01 Aug 2025₦17.4t₦16.4t₦5.6t7.2x3.1x1.1x
Sun, 29 Jun 2025₦13.8t₦16.1t₦5.6t5.4x2.5x0.9x
Tue, 27 May 2025₦12.2t₦16.1t₦5.6t4.8x2.2x0.8x
Thu, 24 Apr 2025₦11.3t₦15.7t₦5.6t3.8x2x0.7x
Sat, 22 Mar 2025₦10.8t₦15.5t₦5.9t4.2x1.8x0.7x
Mon, 17 Feb 2025₦11.8t₦15.4t₦5.9t4.5x2x0.8x
Wed, 15 Jan 2025₦9.8t₦15.1t₦5.8t4.1x1.7x0.7x
Fri, 13 Dec 2024₦8.9t₦15.1t₦5.8t2.8x1.5x0.6x
Sun, 10 Nov 2024₦8.8t₦15.2t₦5.8t2.4x1.5x0.6x
Tue, 08 Oct 2024₦8.2t₦13.6t₦5.1t2.9x1.6x0.6x
Thu, 05 Sep 2024₦7.5t₦12.8t₦4.9t2.8x1.5x0.6x
Sat, 03 Aug 2024₦7.0t₦12.4t₦4.8t2.9x1.5x0.6x
Mon, 01 Jul 2024₦7.0t₦12.1t₦4.7t3.3x1.5x0.6x
Wed, 29 May 2024₦6.5t₦11.9t₦4.7t4.2x1.4x0.5x
Fri, 26 Apr 2024₦6.5t₦9.8t₦3.6t4.2x1.8x0.7x
Sun, 24 Mar 2024₦8.4t₦8.9t₦2.9t4.6x2.9x0.9x
Tue, 20 Feb 2024₦7.6t₦9.0t₦2.9t5x2.6x0.8x
Thu, 18 Jan 2024₦9.3t₦7.7t₦2.7t6.4x3.5x1.2x
Sat, 16 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Mon, 13 Nov 2023₦6.6t₦7.6t₦2.7t3.4x2.5x0.9x
Wed, 11 Oct 2023₦6.3t₦7.0t₦2.4t4.4x2.6x0.9x
Fri, 08 Sep 2023₦6.4t₦6.3t₦1.8t4.9x3.6x1x
Sun, 06 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Tue, 04 Jul 2023₦5.8t₦5.6t₦1.3t5.7x4.4x1x
Price to Earnings Ratio

4.4x


Total Market Cap: ₦5.8tTotal Earnings: ₦1.3tTotal Revenue: ₦5.6tTotal 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 5.0x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.92x is lower than the industry's current PS ratio of 1.5x.
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 46% 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-2.99%
Financials-1.21%
Mortgage Finance0%0
Diversified Financial-0.45%
Banks-0.95%
Capital Markets-3.09%
Insurance-5.47%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 15.1x.
    • 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 21% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • 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
GTCO Guaranty Trust Holding₦127.9010.7%
+₦451.4b		55.0%PB1.3x
FIRSTHOLDCO First HoldCo₦60.5010.0%
+₦244.5b		130.9%PB0.8x
ZENITHBANK Zenith Bank₦114.954.5%
+₦203.3b		98.2%PB0.9x
UBA United Bank for Africa₦39.850.9%
+₦15.5b		12.7%PB0.4x
FIDELITYBK Fidelity Bank₦18.201.1%
+₦12.6b		-9.0%PB0.8x

Latest News

ETRANZACT
₦14.75
eTranzact International
7D
-9.8%
1Y
89.1%
FIRSTHOLDCO
₦60.50
First HoldCo
7D
10.0%
1Y
130.9%
AIICO
₦4.02
AIICO Insurance
7D
0.5%
1Y
149.7%
JAIZBANK
₦8.30
Jaiz Bank
7D
-7.8%
1Y
155.4%
Narrative Update • Jun 25

Jaiz Bank Plc Reports Strong Q1 2026 Earnings Growth Driven by Financing Income Expansion and Improved Investment Returns

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Jaiz Bank Plc delivered a robust financial performance for the first quarter ended March 31, 2026, supported by strong growth in financing income, investment income, and a significant expansion in liquidity and earning assets. Gross earnings rose by 30% YoY to ₦28.26 billion from ₦21.70 billion in Q1 2025, driven primarily by higher returns from Murabaha financing, Sukuk investments, and interbank placements.
ACCESSCORP
₦22.95
Access Holdings
7D
0.7%
1Y
3.8%
ZENITHBANK
₦114.95
Zenith Bank
7D
4.5%
1Y
98.2%
UBA
₦39.85
United Bank for Africa
7D
0.9%
1Y
12.7%
ABBEYBDS
₦8.05
Abbey Mortgage Bank
7D
-20.3%
1Y
40.0%
GTCO
₦127.90
Guaranty Trust Holding
7D
10.7%
1Y
55.0%
Narrative Update • Jun 17

GTCO: Higher Dividend Payout Will Deepen Share Price Downside Risk

Analysts have raised their price target for Guaranty Trust Holding from NGN72.96 to NGN86.39, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple. What's in the News for Guaranty Trust Holding Guaranty Trust Holding Company Plc proposed a final dividend of NGN 11.76K per 50 Kobo ordinary share for the financial year ended December 31, 2025, bringing the total dividend for the year to NGN 12.76K per share, subject to withholding tax and approvals, according to a company announcement.
UCAP
₦17.45
United Capital
7D
-3.1%
1Y
-8.2%
Narrative Update • Jun 16

United Capital Plc – Acquisition of 5% Equity Stake in Nigerian Exchange Group (NGX Plc)

Strategic Investment in Nigeria’s Capital Market Infrastructure Author: Qudus Adebara (Research Analyst, DLM Capital Group) United Capital Plc has announced the successful acquisition of a 5% equity stake in Nigerian Exchange Group Plc (NGX Group) , marking a significant strategic investment in Nigeria’s foremost capital market infrastructure institution. The transaction represents a key milestone in United Capital’s long-term growth strategy and further reinforces its commitment to supporting the development, efficiency, and sustainability of Nigeria’s financial markets.
CONHALLPLC
₦6.00
Consolidated Hallmark Holdings
7D
-16.0%
1Y
100.0%
FIDELITYBK
₦18.20
Fidelity Bank
7D
1.1%
1Y
-9.0%
INTENEGINS
₦5.79
International Energy Insurance
7D
14.4%
1Y
230.9%
FCMB
₦9.95
FCMB Group
7D
-8.7%
1Y
4.7%
WEMABANK
₦27.00
Wema Bank
7D
-10.0%
1Y
80.0%
Narrative Update • Jun 04

Wema Bank Plc – Positions for Tier-One Banking Status Through Capital Retention and Potential Acquisitions

Author: Qudus Adebara (Research Analyst, DLM Capital Group) Wema Bank Plc has signaled a major strategic shift aimed at accelerating its transition into Nigeria’s tier-one banking category, with management indicating that the Bank is deliberately conserving capital to fund potential acquisitions and future inorganic growth opportunities. The disclosure was made by the Managing Director/CEO, Moruf Oseni, during the Bank’s Annual General Meeting (AGM) held in Lagos.
CUSTODIAN
₦73.15
Custodian Investment
7D
-10.0%
1Y
192.0%
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.