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Nigerian (NSE) Financials Sector Analysis

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies45
  • 7D-3.5%
  • 3M3.1%
  • 1Y54.5%
  • YTD28.5%

Over the last 7 days, the Financials industry has dropped 6.3%, driven by a pullback from Zenith Bank of 7.1%. In the past year, the industry has gained 51%. 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, 04 Jul 2026₦24.8t₦17.5t₦5.1t8.6x4.8x1.4x
Mon, 01 Jun 2026₦29.0t₦17.4t₦5.1t10.7x5.7x1.7x
Wed, 29 Apr 2026₦27.3t₦16.7t₦4.8t9.6x5.7x1.6x
Fri, 27 Mar 2026₦23.7t₦16.6t₦4.9t10.8x4.8x1.4x
Sun, 22 Feb 2026₦22.7t₦16.5t₦4.9t11.8x4.6x1.4x
Tue, 20 Jan 2026₦19.9t₦16.8t₦5.3t8.9x3.7x1.2x
Thu, 18 Dec 2025₦17.1t₦16.8t₦5.3t7.2x3.2x1x
Sat, 15 Nov 2025₦16.7t₦16.8t₦5.4t7.8x3.1x1x
Mon, 13 Oct 2025₦15.3t₦16.1t₦5.2t8.7x2.9x0.9x
Wed, 10 Sep 2025₦16.8t₦16.5t₦5.6t8.6x3x1x
Fri, 08 Aug 2025₦17.7t₦16.5t₦5.6t7.9x3.1x1.1x
Sun, 06 Jul 2025₦14.1t₦16.1t₦5.6t5.5x2.5x0.9x
Tue, 03 Jun 2025₦12.4t₦16.2t₦5.6t4.9x2.2x0.8x
Thu, 01 May 2025₦11.9t₦15.9t₦5.6t4.3x2.1x0.7x
Sat, 29 Mar 2025₦11.2t₦15.6t₦5.9t4.3x1.9x0.7x
Mon, 24 Feb 2025₦11.4t₦15.4t₦5.9t4.3x1.9x0.7x
Wed, 22 Jan 2025₦9.9t₦15.1t₦5.8t4.1x1.7x0.7x
Fri, 20 Dec 2024₦9.2t₦15.1t₦5.8t3.2x1.6x0.6x
Sun, 17 Nov 2024₦8.9t₦15.2t₦5.8t2.5x1.5x0.6x
Tue, 15 Oct 2024₦8.1t₦13.7t₦5.2t2.4x1.6x0.6x
Thu, 12 Sep 2024₦7.6t₦12.9t₦4.9t2.8x1.5x0.6x
Sat, 10 Aug 2024₦7.3t₦12.5t₦4.8t2.8x1.5x0.6x
Mon, 08 Jul 2024₦7.3t₦12.1t₦4.7t3x1.5x0.6x
Wed, 05 Jun 2024₦6.6t₦11.9t₦4.7t4.1x1.4x0.6x
Fri, 03 May 2024₦6.8t₦10.4t₦3.8t4.2x1.8x0.7x
Sun, 31 Mar 2024₦8.5t₦9.1t₦3.2t4.8x2.7x0.9x
Tue, 27 Feb 2024₦7.6t₦9.0t₦2.9t4.9x2.6x0.8x
Thu, 25 Jan 2024₦8.6t₦7.7t₦2.7t5.7x3.2x1.1x
Sat, 23 Dec 2023₦7.5t₦7.6t₦2.7t4.3x2.8x1x
Mon, 20 Nov 2023₦6.6t₦7.7t₦2.7t3.7x2.5x0.9x
Wed, 18 Oct 2023₦6.2t₦7.0t₦2.4t4.4x2.6x0.9x
Fri, 15 Sep 2023₦6.2t₦6.8t₦2.2t4.5x2.8x0.9x
Sun, 13 Aug 2023₦6.2t₦6.0t₦1.6t4.6x4x1x
Tue, 11 Jul 2023₦6.4t₦5.7t₦1.3t6.4x4.8x1.1x
Price to Earnings Ratio

4.8x


Total Market Cap: ₦6.4tTotal Earnings: ₦1.3tTotal Revenue: ₦5.7tTotal 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 4.7x 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 1.4x.
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-4.17%
Financials-3.54%
Mortgage Finance0%0
Diversified Financial-0.71%
Capital Markets-1.33%
Insurance-2.95%
Banks-4.07%
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
UBA United Bank for Africa₦41.002.9%
+₦50.8b		12.6%PB0.4x
FTGINSURE Fortis Global Insurance₦3.22225.3%
+₦28.8b		1,510.0%PS35.7x
REGALINS Regency Alliance Insurance₦0.9520.3%
+₦2.6b		60.3%PE24.6x
SUNUASSUR Sunu Assurances Nigeria₦3.877.5%
+₦1.6b		-22.6%PE20.9x
LIVINGTRUST Livingtrust Mortgage Bank₦3.763.9%
+₦700.0m		-48.6%PE18.6x

Latest News

NEM
₦25.50
NEM Insurance
7D
-12.1%
1Y
41.7%
ETRANZACT
₦13.30
eTranzact International
7D
-9.8%
1Y
45.4%
ZENITHBANK
₦106.75
Zenith Bank
7D
-7.1%
1Y
85.7%
Narrative Update • Jul 02

ZENITHBANK: Higher Margins And P/E Repricing Will Drive Future Upside

Analysts have lifted their fair value estimate for Zenith Bank from NGN72.01 to NGN145.20, citing updated assumptions that include slightly higher projected revenue growth, a stronger profit margin profile, and a higher future P/E multiple. What’s in the News for Zenith Bank Zenith Bank has scheduled a board meeting for June 29, 2026, to consider and approve the group’s financial results for the half year ending June 30, 2026.
FIRSTHOLDCO
₦55.00
First HoldCo
7D
-9.1%
1Y
115.7%
UBA
₦41.00
United Bank for Africa
7D
2.9%
1Y
12.6%
PRESTIGE
₦1.50
Prestige Assurance
7D
3.4%
1Y
13.6%
CUSTODIAN
₦65.90
Custodian Investment
7D
-9.9%
1Y
134.5%
GTCO
₦120.95
Guaranty Trust Holding
7D
-5.4%
1Y
45.4%
Narrative Update • Jul 01

GTCO: Higher Future Earnings Multiple Will Support Returns If Margins Hold

Analysts have lifted their price target fair value estimate for Guaranty Trust Holding from NGN116.17 to NGN154.61, reflecting updated assumptions around revenue growth, profit margins and a revised future P/E outlook. What's in the News Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, and to discuss issues relating to the half year dividend, along with other business matters.
JAIZBANK
₦8.00
Jaiz Bank
7D
-3.6%
1Y
154.0%
Narrative Update • Jun 29

Jaiz Bank Plc – Shareholders Approve ₦150 Billion Capital Raise to Support Expansion and Lending Growth

Transaction Overview Author: Qudus Adebara (Research Analyst, DLM Securities) Jaiz Bank Plc has received shareholder approval to raise an additional ₦150 billion in capital as part of its growth and expansion strategy. The approval was granted at the Bank’s 14th Annual General Meeting (AGM) held in Abuja.
REGALINS
₦0.95
Regency Alliance Insurance
7D
20.3%
1Y
60.3%
ACCESSCORP
₦22.60
Access Holdings
7D
-1.5%
1Y
0.4%
CMFC
₦3.80
DEAP Capital Management & Trust
7D
1.3%
1Y
219.3%
Narrative Update • Jun 23

Completion of Corporate Transformation and Strategic Repositioning into Africa’s Critical Minerals Finance Platform

Transaction Overview Author: Qudus Adebara (Research Analyst, DLM Securities) Formerly known as Deap Capital Management & Trust Plc (DEAPCAP) , the company has officially completed its corporate transformation and name change to Critical Minerals Financing Corp (CMFC) Plc , following the receipt of all required regulatory approvals and corporate filings. The rebranding marks a significant strategic shift from a traditional financial services institution to a specialized mining, metals, commodities finance, and investment platform focused on Nigeria and the broader African critical minerals sector.
FTGINSURE
₦3.22
Fortis Global Insurance
7D
225.3%
1Y
1,510.0%
LIVINGTRUST
₦3.76
Livingtrust Mortgage Bank
7D
3.9%
1Y
-48.6%
SUNUASSUR
₦3.87
Sunu Assurances Nigeria
7D
7.5%
1Y
-22.6%
Narrative Update • May 06

Sunu Assurances Nigeria Plc Projects N1.19bn Profit for H1 2025

Subject: Sunu Assurances Nigeria Plc Projects N1.19bn Profit for H1 2025 Sunu Assurances Nigeria Plc has released its earnings forecast for the first half of 2025, projecting a profit after tax of N1.19 billion. Key Highlights: - Projected profit after tax: N1.19 billion - Insurance revenue: N8.37 billion - Insurance service expenses: N2.79 billion - Net expenses from reinsurance contracts: N2.4 billion - Pre-tax profit projection: N1.68 billion - Total operating expenses: N2.05 billion - Net cash flow from operating activities: N2.34 billion - Cash and cash equivalents expected to rise to N14.08 billion by June 2025.