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Nigerian (NSE) Financials Sector Analysis

UpdatedJun 20, 2026
DataAggregated Company Financials
Companies44
  • 7D-9.9%
  • 3M2.2%
  • 1Y61.5%
  • YTD29.9%

Over the last 7 days, the Financials industry has dropped 9.9%, driven by a pullback from Zenith Bank of 10%. On the other hand Cornerstone Insurance is actually up 11%. Over the past 12 months, the industry was up 61%. 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
Sat, 20 Jun 2026₦25.8t₦17.5t₦5.1t9.8x5x1.5x
Mon, 18 May 2026₦28.8t₦17.4t₦5.1t9.8x5.6x1.7x
Wed, 15 Apr 2026₦25.4t₦17.0t₦5.2t9.5x4.9x1.5x
Fri, 13 Mar 2026₦23.1t₦16.7t₦4.9t11.1x4.7x1.4x
Sun, 08 Feb 2026₦20.3t₦16.5t₦4.9t11.1x4.1x1.2x
Tue, 06 Jan 2026₦19.0t₦16.8t₦5.3t8.5x3.6x1.1x
Thu, 04 Dec 2025₦16.4t₦16.8t₦5.3t7.2x3.1x1x
Sat, 01 Nov 2025₦17.3t₦16.5t₦5.3t8.3x3.2x1x
Mon, 29 Sep 2025₦15.2t₦16.2t₦5.2t8.6x2.9x0.9x
Wed, 27 Aug 2025₦17.4t₦16.5t₦5.6t9x3.1x1.1x
Fri, 25 Jul 2025₦16.8t₦16.1t₦5.6t6.2x3x1x
Sun, 22 Jun 2025₦13.2t₦16.1t₦5.6t5.2x2.4x0.8x
Tue, 20 May 2025₦12.1t₦16.2t₦5.6t4.7x2.2x0.7x
Thu, 17 Apr 2025₦10.9t₦15.8t₦5.6t4.2x1.9x0.7x
Sat, 15 Mar 2025₦11.1t₦15.5t₦5.9t4.1x1.9x0.7x
Mon, 10 Feb 2025₦11.7t₦15.4t₦5.9t4.5x2x0.8x
Wed, 08 Jan 2025₦9.8t₦15.1t₦5.8t3.7x1.7x0.6x
Fri, 06 Dec 2024₦8.9t₦15.2t₦5.8t2.8x1.5x0.6x
Sun, 03 Nov 2024₦8.6t₦14.8t₦5.7t2.4x1.5x0.6x
Tue, 01 Oct 2024₦8.2t₦13.5t₦5.2t3x1.6x0.6x
Thu, 29 Aug 2024₦7.5t₦12.5t₦4.8t2.8x1.6x0.6x
Sat, 27 Jul 2024₦7.1t₦12.3t₦4.8t3.1x1.5x0.6x
Mon, 24 Jun 2024₦6.9t₦12.0t₦4.7t3.1x1.5x0.6x
Wed, 22 May 2024₦6.7t₦11.7t₦4.5t4.1x1.5x0.6x
Fri, 19 Apr 2024₦6.9t₦9.6t₦3.6t4.3x1.9x0.7x
Sun, 17 Mar 2024₦8.0t₦9.2t₦3.0t4.6x2.7x0.9x
Tue, 13 Feb 2024₦7.7t₦9.0t₦2.9t5.3x2.6x0.9x
Thu, 11 Jan 2024₦8.6t₦7.8t₦2.7t5.4x3.2x1.1x
Sat, 09 Dec 2023₦7.1t₦7.6t₦2.7t4.4x2.7x0.9x
Mon, 06 Nov 2023₦6.5t₦7.5t₦2.6t4.1x2.4x0.9x
Wed, 04 Oct 2023₦6.2t₦7.0t₦2.4t4.1x2.6x0.9x
Fri, 01 Sep 2023₦6.0t₦6.1t₦1.6t4.5x3.8x1x
Sun, 30 Jul 2023₦6.3t₦6.0t₦1.5t5.2x4.2x1.1x
Tue, 27 Jun 2023₦5.5t₦5.6t₦1.3t5.5x4.2x1x
Price to Earnings Ratio

4.2x


Total Market Cap: ₦5.5tTotal 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 0.91x 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-4.08%
Financials-9.88%
Mortgage Finance0%0
Diversified Financial-1.55%
Insurance-5.04%
Capital Markets-5.50%
Banks-11.43%
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 18% 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
CORNERST Cornerstone Insurance₦6.0511.0%
+₦10.8b		51.2%PE13.2x
INFINITY Infinity Trust Mortgage Bank₦11.259.8%
+₦8.3b		192.2%PE31.2x
MANSARD AXA Mansard Insurance₦12.852.0%
+₦2.2b		34.6%PE1176x
ROYALEX Royal Exchange₦1.532.0%
+₦248.0m		61.1%PE14.9x

Latest News

CORNERST
₦6.05
Cornerstone Insurance
7D
11.0%
1Y
51.2%
ZENITHBANK
₦112.00
Zenith Bank
7D
-10.0%
1Y
124.4%
Narrative Update • Jun 18

ZENITHBANK: Upcoming Board Meeting Will Reveal Sustained Downside Risk From Compressed Margins

Analysts have kept their NGN price target for Zenith Bank unchanged, citing slightly revised assumptions for revenue growth, profit margin, and forward P/E as the key factors supporting the reaffirmed view. What’s in the News for Zenith Bank Zenith Bank Plc has scheduled a board meeting for April 30, 2026, to consider the group’s unaudited financial statements for the first quarter ending March 31, 2026, and to review other business matters.
GTCO
₦126.50
Guaranty Trust Holding
7D
-7.0%
1Y
48.9%
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.
FIDELITYBK
₦18.00
Fidelity Bank
7D
-10.0%
1Y
-7.2%
INFINITY
₦11.25
Infinity Trust Mortgage Bank
7D
9.8%
1Y
192.2%
FIRSTHOLDCO
₦61.10
First HoldCo
7D
-11.4%
1Y
126.7%
FCMB
₦10.95
FCMB Group
7D
-8.0%
1Y
11.2%
WEMABANK
₦29.00
Wema Bank
7D
-6.5%
1Y
107.1%
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.
ACCESSCORP
₦22.95
Access Holdings
7D
-7.1%
1Y
4.8%
MANSARD
₦12.85
AXA Mansard Insurance
7D
2.0%
1Y
34.6%
ROYALEX
₦1.53
Royal Exchange
7D
2.0%
1Y
61.1%
UBA
₦39.75
United Bank for Africa
7D
-7.6%
1Y
15.6%