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Nigerian (NSE) Financials Sector Analysis

UpdatedAug 06, 2026
DataAggregated Company Financials
Companies46
  • 7D-0.4%
  • 3M9.9%
  • 1Y50.8%
  • YTD55.5%

The Financials is pretty flat in the last 7 days, but First HoldCo has stood out, gaining 9.7%. As for the the longer term, the industry is up 51% over the past 12 months. 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
Thu, 06 Aug 2026₦30.2t₦17.9t₦5.4t8.1x5.6x1.7x
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
Price to Earnings Ratio

4x


Total Market Cap: ₦6.2tTotal Earnings: ₦1.6tTotal Revenue: ₦6.0tTotal 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 5.6x which is higher than its 3-year average PE of 2.8x.
  • The 3-year average PS ratio of 0.94x 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 51% per year over the last three years.
  • Revenues for these companies have grown 44% 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-1.04%
Financials-0.37%
Banks0.26%
Mortgage Finance0%0
Diversified Financial-2.31%
Insurance-3.91%
Capital Markets-5.74%
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 2.5x.
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₦137.009.7%
+₦550.2b		322.8%PB1.7x
FCMB FCMB Group₦11.704.0%
+₦29.7b		1.7%PB0.7x
STERLINGNG Sterling Financial Holdings₦7.652.0%
+₦10.3b		-6.3%PB1x
CORNERST Cornerstone Insurance₦5.756.5%
+₦6.3b		8.5%PE9.3x
CONHALLPLC Consolidated Hallmark Holdings₦8.101.3%
+₦1.1b		98.5%PE2.7x

Latest News

FCMB
₦11.70
FCMB Group
7D
4.0%
1Y
1.7%
WEMABANK
₦28.10
Wema Bank
7D
-9.2%
1Y
14.7%
STERLINGNG
₦7.65
Sterling Financial Holdings
7D
2.0%
1Y
-6.3%
Narrative Update • Aug 03

Reports Strong Q1 2026 Profit Growth Driven by Expanding Interest Income, Capital Injection, and Improved Core Banking Performance

Sterling Financial Holdings Company Plc Reports Strong Q1 2026 Profit Growth Driven by Expanding Interest Income, Capital Injection, and Improved Core Banking Performance Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Sterling Financial Holdings Company Plc delivered a solid performance for the period ended 31 March 2026, with improved profitability, stronger balance sheet expansion, and positive momentum in core banking operations. Group Profit After Tax (PAT) rose 36% YoY to ₦23.4 billion, supported by robust interest income growth, higher fee-based earnings, and improved operating income.
CONHALLPLC
₦8.10
Consolidated Hallmark Holdings
7D
1.3%
1Y
98.5%
CORNERST
₦5.75
Cornerstone Insurance
7D
6.5%
1Y
8.5%
LINKASSURE
₦1.77
Linkage Assurance
7D
1.1%
1Y
1.7%
ACCESSCORP
₦26.00
Access Holdings
7D
-3.7%
1Y
-5.5%
ROYALEX
₦1.32
Royal Exchange
7D
3.1%
1Y
-33.7%
NGXGROUP
₦135.50
Nigerian Exchange Group
7D
-9.5%
1Y
186.8%
Narrative Update • Jul 28

Reports (Unaudited) Exceptional H1 2026 Earnings Growth Driven by Record Transaction Activity and Strong Associate Contributions

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Nigerian Exchange Group Plc delivered an outstanding financial performance for the six months ended June 30, 2026, driven by a surge in capital market activity, higher transaction and listing fees, and stronger contributions from equity-accounted investees. Group revenue more than doubled, increasing by 118% YoY to ₦17.60 billion from ₦8.08 billion in H1 2025.
ETI
₦80.10
Ecobank Transnational
7D
-9.9%
1Y
122.5%
Narrative Update • Jul 28

Reports (Unaudited) Resilient H1 2026 Earnings Amid Rising Impairment Charges and Significant FX Translation Losses

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Ecobank Transnational Incorporated delivered a resilient operating performance for the six months ended June 30, 2026, supported by growth in net interest income, strong customer deposit mobilization, and robust operating cash flow generation. Gross earnings remained solid as interest income increased by 2% YoY to ₦1.52 trillion, while net interest income rose 7% to ₦1.04 trillion, benefiting from lower funding costs.
FIRSTHOLDCO
₦137.00
First HoldCo
7D
9.7%
1Y
322.8%
ZENITHBANK
₦123.00
Zenith Bank
7D
-1.5%
1Y
65.3%
FTGINSURE
₦2.80
Fortis Global Insurance
7D
7.7%
1Y
250.0%
UBA
₦44.40
United Bank for Africa
7D
-4.4%
1Y
-7.7%
GTCO
₦128.00
Guaranty Trust Holding
7D
-0.5%
1Y
28.8%
Narrative Update • Jul 15

GTCO: Higher Margins And Dividend Policy Will Support Future Upside Potential

Analysts have revised their fair value estimate for Guaranty Trust Holding to NGN147.39 from NGN86.39, citing updated assumptions for revenue growth, profit margins, and future P/E expectations as key drivers of the higher price target. What’s in the News for Guaranty Trust Holding 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, with potential discussion of half year dividend matters and other business items.
STANBIC
₦159.00
Stanbic IBTC Holdings
7D
-2.4%
1Y
57.4%