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Nigerian (NSE) Financials Sector Analysis

UpdatedSep 18, 2026
DataAggregated Company Financials
Companies45
  • 7D3.3%
  • 3M21.4%
  • 1Y59.0%
  • YTD57.9%

The Financials industry is up 3.3% in the last week, with First HoldCo up 8.8%. During this same period, the Ecobank Transnational underperformed, falling 10.0%. In the last 12 months, the industry was up 59%. Looking forward, earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 18 Sep 2026₦30.6t₦17.8t₦5.4t6.9x5.7x1.7x
Sun, 16 Aug 2026₦30.3t₦17.9t₦5.4t7.6x5.6x1.7x
Tue, 14 Jul 2026₦25.6t₦17.5t₦5.1t9.3x5x1.5x
Thu, 11 Jun 2026₦27.9t₦17.5t₦5.1t10.6x5.4x1.6x
Sat, 09 May 2026₦27.7t₦17.3t₦4.9t9.8x5.6x1.6x
Mon, 06 Apr 2026₦23.6t₦16.9t₦5.2t10.8x4.6x1.4x
Wed, 04 Mar 2026₦23.4t₦16.6t₦4.9t11.8x4.8x1.4x
Fri, 30 Jan 2026₦19.6t₦16.7t₦5.3t8.6x3.7x1.2x
Sun, 28 Dec 2025₦17.6t₦16.8t₦5.3t7.1x3.3x1x
Tue, 25 Nov 2025₦16.2t₦16.8t₦5.3t7.1x3.1x1x
Thu, 23 Oct 2025₦18.0t₦16.1t₦5.2t9x3.4x1.1x
Sat, 20 Sep 2025₦16.8t₦16.3t₦5.5t9x3.1x1x
Mon, 18 Aug 2025₦17.8t₦16.5t₦5.6t8.3x3.2x1.1x
Wed, 16 Jul 2025₦16.1t₦16.1t₦5.6t6x2.9x1x
Fri, 13 Jun 2025₦12.8t₦16.1t₦5.6t5.2x2.3x0.8x
Sun, 11 May 2025₦12.0t₦16.3t₦5.8t4.7x2.1x0.7x
Tue, 08 Apr 2025₦11.1t₦15.7t₦5.8t3.9x1.9x0.7x
Thu, 06 Mar 2025₦10.6t₦15.4t₦5.9t4.1x1.8x0.7x
Sat, 01 Feb 2025₦11.1t₦15.3t₦5.9t4x1.9x0.7x
Mon, 30 Dec 2024₦9.6t₦15.1t₦5.8t3.7x1.7x0.6x
Wed, 27 Nov 2024₦8.7t₦15.3t₦5.8t2.8x1.5x0.6x
Fri, 25 Oct 2024₦8.5t₦14.0t₦5.3t2.6x1.6x0.6x
Sun, 22 Sep 2024₦7.9t₦13.4t₦5.2t2.9x1.5x0.6x
Tue, 20 Aug 2024₦7.3t₦12.4t₦4.8t2.7x1.5x0.6x
Thu, 18 Jul 2024₦7.5t₦12.2t₦4.7t3.2x1.6x0.6x
Sat, 15 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Mon, 13 May 2024₦7.1t₦11.5t₦4.5t4.3x1.6x0.6x
Wed, 10 Apr 2024₦7.9t₦9.4t₦3.4t5x2.3x0.8x
Fri, 08 Mar 2024₦7.2t₦9.2t₦3.0t4.5x2.4x0.8x
Sun, 04 Feb 2024₦8.5t₦9.0t₦2.9t5.3x2.9x0.9x
Tue, 02 Jan 2024₦7.6t₦7.7t₦2.7t4.5x2.9x1x
Thu, 30 Nov 2023₦6.7t₦7.6t₦2.7t4.5x2.5x0.9x
Sat, 28 Oct 2023₦6.2t₦7.2t₦2.5t4.4x2.5x0.9x
Mon, 25 Sep 2023₦6.4t₦6.8t₦2.2t4.8x2.9x0.9x
Price to Earnings Ratio

2.9x


Total Market Cap: ₦6.4tTotal Earnings: ₦2.2tTotal Revenue: ₦6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.9x202420252026
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 5.7x which is higher than its 3-year average PE of 2.9x.
  • The 3-year average PS ratio of 0.96x 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 34% per year over the last three years.
  • Revenues for these companies have grown 38% 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 Market2.04%
Financials3.28%
Capital Markets13.93%
Insurance5.59%
Banks3.34%
Mortgage Finance0%0
Diversified Financial-1.79%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 15.2x.
    • 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 2.6x.
Forecasted Growth
  • Analysts are most optimistic on the Banks industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • 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
FIRSTHOLDCO First HoldCo₦148.008.8%
+₦545.7b		362.5%PB1.9x
ZENITHBANK Zenith Bank₦128.503.2%
+₦164.3b		94.7%PB1x
NGXGROUP Nigerian Exchange Group₦182.5033.2%
+₦119.2b		304.9%PE28.8x
FIDELITYBK Fidelity Bank₦19.805.9%
+₦69.5b		-4.6%PB0.9x
ACCESSCORP Access Holdings₦29.204.3%
+₦63.5b		8.1%PB0.4x

Latest News

LIVINGTRUST
₦2.60
Livingtrust Mortgage Bank
7D
-17.5%
1Y
-50.9%
NGXGROUP
₦182.50
Nigerian Exchange Group
7D
33.2%
1Y
304.9%
WEMABANK
₦29.35
Wema Bank
7D
2.8%
1Y
39.8%
Narrative Update • Sep 10

Reports (Unaudited) Strong H1 2026 Earnings Growth Driven by Robust Interest Income, Trading Gains, and Balance Sheet Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Wema Bank Plc delivered a strong financial performance for the six months ended June 30, 2026, driven by significant growth in interest income, improved trading revenues, and continued expansion of its loan book and customer deposits. Gross earnings rose by 36.9% year-on-year (YoY) to ₦415.09 billion from ₦303.20 billion in H1 2025, supported by higher yields on loans and investment securities.
NEM
₦28.50
NEM Insurance
7D
-1.7%
1Y
1.6%
Narrative Update • Sep 10

Reports (Unaudited) Strong H1 2026 Earnings Growth Driven by Improved Underwriting Performance and Investment Income

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) NEM Insurance Plc delivered a robust financial performance for the six months ended June 30, 2026, supported by stronger underwriting profitability, improved investment income, and disciplined expense management. Despite a modest decline in insurance revenue of 4.3% YoY to ₦72.20 billion, the Group achieved a 16.8% increase in Profit Before Tax (PBT) to ₦20.96 billion and a 16.8% rise in Profit After Tax (PAT) to ₦18.09 billion.
ACCESSCORP
₦29.20
Access Holdings
7D
4.3%
1Y
8.1%
FIDELITYBK
₦19.80
Fidelity Bank
7D
5.9%
1Y
-4.6%
Narrative Update • Sep 08

Fidelity Bank Plc Reports Strong Q1 2026 Balance Sheet Growth Amid Higher Impairment Charges and Rising Funding Costs

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Fidelity Bank Plc delivered a resilient first-quarter 2026 performance, supported by robust growth in gross earnings, foreign exchange revaluation gains, and a significantly expanded balance sheet. However, profitability came under pressure from elevated impairment charges, rising funding costs, and higher operating expenses.
FIRSTHOLDCO
₦148.00
First HoldCo
7D
8.8%
1Y
362.5%
FCMB
₦11.45
FCMB Group
7D
6.0%
1Y
6.0%
CORNERST
₦5.15
Cornerstone Insurance
7D
-1.0%
1Y
-20.8%
ETI
₦66.60
Ecobank Transnational
7D
-10.0%
1Y
85.0%
AVACAP
₦4.70
Ava Capital
7D
-7.8%
1Y
n/a
REGALINS
₦0.71
Regency Alliance Insurance
7D
-5.3%
1Y
-47.1%
LINKASSURE
₦1.65
Linkage Assurance
7D
-4.1%
1Y
-22.9%
ZENITHBANK
₦128.50
Zenith Bank
7D
3.2%
1Y
94.7%
UBA
₦44.65
United Bank for Africa
7D
1.7%
1Y
-5.0%
STANBIC
₦151.50
Stanbic IBTC Holdings
7D
-2.5%
1Y
54.6%