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Nigerian (NSE) Financials Sector Analysis

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies44
  • 7D-1.3%
  • 3M17.2%
  • 1Y84.2%
  • YTD43.6%

Over the last 7 days, the Financials industry has dropped 2.4%, driven by a pullback from First HoldCo of 7.5%. Over the past 12 months, the industry was up 85%. Looking forward, earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Jun 2026₦27.7t₦17.4t₦5.1t10.1x5.4x1.6x
Thu, 07 May 2026₦27.6t₦17.3t₦4.9t9.7x5.6x1.6x
Sat, 04 Apr 2026₦23.6t₦16.6t₦4.9t10.8x4.8x1.4x
Mon, 02 Mar 2026₦23.5t₦16.6t₦4.9t11.1x4.8x1.4x
Wed, 28 Jan 2026₦19.5t₦16.8t₦5.3t9.4x3.7x1.2x
Fri, 26 Dec 2025₦17.6t₦16.8t₦5.3t7.1x3.3x1x
Sun, 23 Nov 2025₦16.2t₦16.8t₦5.4t7.1x3x1x
Tue, 21 Oct 2025₦18.1t₦16.2t₦5.2t9.7x3.5x1.1x
Thu, 18 Sep 2025₦17.0t₦16.4t₦5.6t9.5x3x1x
Sat, 16 Aug 2025₦17.8t₦16.5t₦5.6t8.3x3.2x1.1x
Mon, 14 Jul 2025₦15.8t₦16.1t₦5.6t6x2.8x1x
Wed, 11 Jun 2025₦12.9t₦16.1t₦5.6t5x2.3x0.8x
Fri, 09 May 2025₦12.0t₦16.3t₦5.8t4.5x2.1x0.7x
Sun, 06 Apr 2025₦11.7t₦15.7t₦5.8t4.1x2x0.7x
Tue, 04 Mar 2025₦10.9t₦15.4t₦5.9t4.3x1.9x0.7x
Thu, 30 Jan 2025₦11.0t₦15.1t₦5.8t4.4x1.9x0.7x
Sat, 28 Dec 2024₦9.6t₦15.1t₦5.8t3.7x1.7x0.6x
Mon, 25 Nov 2024₦8.8t₦15.3t₦5.8t2.7x1.5x0.6x
Wed, 23 Oct 2024₦8.1t₦14.0t₦5.3t2.6x1.5x0.6x
Fri, 20 Sep 2024₦7.9t₦13.1t₦5.2t2.8x1.5x0.6x
Sun, 18 Aug 2024₦7.3t₦12.4t₦4.8t2.7x1.5x0.6x
Tue, 16 Jul 2024₦7.3t₦12.2t₦4.7t3.1x1.5x0.6x
Thu, 13 Jun 2024₦7.0t₦12.0t₦4.7t3.1x1.5x0.6x
Sat, 11 May 2024₦7.1t₦11.5t₦4.5t4.3x1.6x0.6x
Mon, 08 Apr 2024₦8.1t₦9.0t₦3.2t4.8x2.5x0.9x
Wed, 06 Mar 2024₦7.4t₦9.1t₦3.0t4.5x2.5x0.8x
Fri, 02 Feb 2024₦7.6t₦8.4t₦2.8t5.2x2.7x0.9x
Sun, 31 Dec 2023₦7.6t₦7.7t₦2.7t4.5x2.9x1x
Tue, 28 Nov 2023₦6.8t₦7.6t₦2.7t4.5x2.5x0.9x
Thu, 26 Oct 2023₦6.3t₦7.0t₦2.4t4.3x2.6x0.9x
Sat, 23 Sep 2023₦6.4t₦6.9t₦2.2t4.8x2.9x0.9x
Mon, 21 Aug 2023₦6.1t₦6.0t₦1.5t4.5x4x1x
Wed, 19 Jul 2023₦5.8t₦5.7t₦1.3t5.7x4.4x1x
Fri, 16 Jun 2023₦5.4t₦5.4t₦1.3t5.8x4.2x1x
Price to Earnings Ratio

4.2x


Total Market Cap: ₦5.4tTotal Earnings: ₦1.3tTotal Revenue: ₦5.4tTotal 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 5.5x 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 1.6x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 60% per year over the last three years.
  • Revenues for these companies have grown 50% 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-1.92%
Financials-1.28%
Mortgage Finance0%0
Insurance-0.84%
Banks-1.11%
Diversified Financial-1.62%
Capital Markets-5.03%
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
ABBEYBDS Abbey Mortgage Bank₦10.2551.9%
+₦35.5b		83.7%PE41x
FCMB FCMB Group₦12.004.3%
+₦33.0b		20.0%PB1x
ACCESSCORP Access Holdings₦24.502.1%
+₦26.5b		5.6%PB0.3x
FIDELITYBK Fidelity Bank₦20.601.7%
+₦22.1b		7.0%PB0.9x
INTENEGINS International Energy Insurance₦7.9860.6%
+₦7.6b		348.3%PE40.8x

Latest News

FCMB
₦12.00
FCMB Group
7D
4.3%
1Y
20.0%
ABBEYBDS
₦10.25
Abbey Mortgage Bank
7D
51.9%
1Y
83.7%
Narrative Update • Jun 07

Abbey Mortgage Bank Plc Delivers Strong Q1 2026 Earnings Growth Driven by Surge in Interest Income and Balance Sheet Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Abbey Mortgage Bank Plc recorded a strong financial performance for the three months ended March 31, 2026, supported by a sharp increase in interest income, improved fee-based revenue, and significant balance sheet growth. Profit Before Tax (PBT) rose by 109% YoY to ₦750.3 million, while Profit After Tax (PAT) increased by 110% YoY to ₦715.2 million.
FIDELITYBK
₦20.60
Fidelity Bank
7D
1.7%
1Y
7.0%
WEMABANK
₦30.60
Wema Bank
7D
-7.3%
1Y
118.6%
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.
ZENITHBANK
₦128.50
Zenith Bank
7D
-0.3%
1Y
153.2%
Narrative Update • Jun 03

ZENITHBANK: April Board Review Will Support Stronger Profitability Outlook

Analysts have raised their NGN price target for Zenith Bank from NGN138.00 to NGN154.00, based on updated assumptions that include a lower discount rate, slightly reduced revenue growth expectations, a higher projected profit margin, and a marginally higher future P/E multiple. What's in the News Zenith Bank has scheduled a board meeting for April 30, 2026, to review the group’s unaudited financial statements for the first quarter ending March 31, 2026.
CONHALLPLC
₦7.27
Consolidated Hallmark Holdings
7D
5.8%
1Y
142.3%
Narrative Update • Jun 03

Consolidated Hallmark Holdings Plc Delivers Strong FY 2025 Earnings Growth Driven by Insurance Revenue Expansion and Investment Income Amid

Consolidated Hallmark Holdings Plc Delivers Strong FY 2025 Earnings Growth Driven by Insurance Revenue Expansion and Investment Income Amid FX Volatility Analyst: Qudus Adebara Executive Summary Consolidated Hallmark Holdings Plc delivered a strong financial performance for the year ended 31 December 2025, underpinned by robust growth in insurance revenue, strong investment income, and an expanded balance sheet. Despite material foreign exchange losses and higher insurance service expenses, the Group recorded solid profitability, supported by improved underwriting scale, higher interest income, and fair value gains on financial assets.
GTCO
₦135.00
Guaranty Trust Holding
7D
-0.7%
1Y
92.7%
Narrative Update • Jun 02

GTCO: Dividend Payouts And Richer P/E Assumptions Will Support Future Upside

Analysts kept their NGN 162.00 price target on Guaranty Trust Holding unchanged, attributing this to updated assumptions that combine a higher revenue growth outlook with a lower profit margin and a slightly richer future P/E multiple. What's in the News Final dividend of NGN 11.76K per 50 Kobo ordinary share approved at the April 28, 2026 AGM, bringing total dividend for the 2025 financial year to NGN 12.76K per share, subject to withholding tax and based on the register as at April 13, 2026.
STANBIC
₦164.05
Stanbic IBTC Holdings
7D
-3.1%
1Y
127.4%
ACCESSCORP
₦24.50
Access Holdings
7D
2.1%
1Y
5.6%
INTENEGINS
₦7.98
International Energy Insurance
7D
60.6%
1Y
348.3%
STERLINGNG
₦7.90
Sterling Financial Holdings
7D
0.6%
1Y
39.8%
FIRSTHOLDCO
₦63.60
First HoldCo
7D
-5.1%
1Y
116.3%
Narrative Update • May 14

Reports Sharp Earnings Decline in FY 2025 Amid Elevated Impairments, Trading Losses, and Rising Operating Costs Despite Strong Balance Sheet

Executive Summary Analyst: Qudus Adebara (Research Analyst) First HoldCo Plc delivered a significantly weaker financial performance for the year ended December 31, 2025, as elevated impairment charges, trading losses, and higher operating expenses offset strong growth in interest income and balance sheet expansion. Gross earnings remained resilient, supported by a 25% YoY increase in interest income to ₦2.99 trillion, driven by growth in customer lending and investment securities yields.
NEM
₦29.90
NEM Insurance
7D
-9.1%
1Y
103.4%
UBA
₦43.50
United Bank for Africa
7D
-1.8%
1Y
20.8%
WAPIC
₦2.74
Coronation Insurance
7D
4.2%
1Y
26.9%
NGXGROUP
₦137.10
Nigerian Exchange Group
7D
-8.3%
1Y
361.6%
Narrative Update • May 05

Nigerian Exchange Group Plc Delivers Solid FY 2025 Profit Growth Supported by Strong Operating Performance and Investment Gains

Analyst: Qudus Adebara (Research Analyst) Executive Summary Nigerian Exchange Group Plc (NGX Group) recorded a solid financial performance for the year ended 31 December 2025, supported by strong revenue growth, improved operating efficiency, and resilient investment income. Group revenue increased by 36% YoY to ₦22.98 billion , driven by higher transaction activity and treasury income.