Narrative Update • Jul 09
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Nigerian (NSE) Financials Sector Analysis
UpdatedJul 15, 2026
DataAggregated Company Financials
Companies45
- 7D2.1%
- 3M-0.3%
- 1Y43.4%
- YTD35.3%
In the last week, the Financials industry is up 2.1%, with First HoldCo up 14%. Meanwhile, United Bank for Africa actually underperformed within the industry, shrinking 5.3% in the last week. This means that the industry has gained 43% over the past year. 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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 15 Jul 2026 | ₦26.1t | ₦17.5t | ₦5.1t | 9.3x | 5.1x | 1.5x |
| Fri, 12 Jun 2026 | ₦27.8t | ₦17.5t | ₦5.1t | 10.8x | 5.4x | 1.6x |
| Sun, 10 May 2026 | ₦27.7t | ₦17.3t | ₦4.9t | 9.8x | 5.6x | 1.6x |
| Tue, 07 Apr 2026 | ₦23.6t | ₦16.9t | ₦5.2t | 10.8x | 4.6x | 1.4x |
| Thu, 05 Mar 2026 | ₦23.5t | ₦16.6t | ₦4.9t | 11.7x | 4.8x | 1.4x |
| Sat, 31 Jan 2026 | ₦19.6t | ₦16.9t | ₦5.4t | 8.8x | 3.6x | 1.2x |
| Mon, 29 Dec 2025 | ₦17.6t | ₦16.8t | ₦5.3t | 7.1x | 3.3x | 1x |
| Wed, 26 Nov 2025 | ₦16.2t | ₦16.8t | ₦5.3t | 7.1x | 3.1x | 1x |
| Fri, 24 Oct 2025 | ₦17.8t | ₦16.1t | ₦5.2t | 8.5x | 3.4x | 1.1x |
| Sun, 21 Sep 2025 | ₦16.6t | ₦16.3t | ₦5.5t | 9x | 3x | 1x |
| Tue, 19 Aug 2025 | ₦17.6t | ₦16.5t | ₦5.6t | 9.1x | 3.1x | 1.1x |
| Thu, 17 Jul 2025 | ₦17.0t | ₦16.1t | ₦5.6t | 6.1x | 3.1x | 1.1x |
| Sat, 14 Jun 2025 | ₦12.9t | ₦16.1t | ₦5.6t | 5x | 2.3x | 0.8x |
| Mon, 12 May 2025 | ₦12.0t | ₦16.4t | ₦5.8t | 4.7x | 2.1x | 0.7x |
| Wed, 09 Apr 2025 | ₦11.3t | ₦15.7t | ₦5.8t | 3.6x | 1.9x | 0.7x |
| Fri, 07 Mar 2025 | ₦10.7t | ₦15.4t | ₦5.9t | 4.2x | 1.8x | 0.7x |
| Sun, 02 Feb 2025 | ₦11.1t | ₦15.4t | ₦5.9t | 4.2x | 1.9x | 0.7x |
| Tue, 31 Dec 2024 | ₦9.5t | ₦15.1t | ₦5.8t | 3.5x | 1.7x | 0.6x |
| Thu, 28 Nov 2024 | ₦8.7t | ₦15.3t | ₦5.8t | 3x | 1.5x | 0.6x |
| Sat, 26 Oct 2024 | ₦8.6t | ₦14.0t | ₦5.3t | 2.6x | 1.6x | 0.6x |
| Mon, 23 Sep 2024 | ₦7.9t | ₦13.4t | ₦5.2t | 2.9x | 1.5x | 0.6x |
| Wed, 21 Aug 2024 | ₦7.3t | ₦12.4t | ₦4.8t | 2.7x | 1.5x | 0.6x |
| Fri, 19 Jul 2024 | ₦7.3t | ₦12.2t | ₦4.7t | 3.2x | 1.5x | 0.6x |
| Sun, 16 Jun 2024 | ₦7.0t | ₦12.0t | ₦4.7t | 3.1x | 1.5x | 0.6x |
| Tue, 14 May 2024 | ₦7.0t | ₦11.6t | ₦4.5t | 4.2x | 1.6x | 0.6x |
| Thu, 11 Apr 2024 | ₦7.9t | ₦9.6t | ₦3.6t | 5x | 2.2x | 0.8x |
| Sat, 09 Mar 2024 | ₦7.2t | ₦9.2t | ₦3.0t | 4.4x | 2.4x | 0.8x |
| Mon, 05 Feb 2024 | ₦8.5t | ₦9.0t | ₦2.9t | 5.3x | 2.9x | 0.9x |
| Wed, 03 Jan 2024 | ₦7.6t | ₦7.7t | ₦2.7t | 4.3x | 2.8x | 1x |
| Fri, 01 Dec 2023 | ₦6.7t | ₦7.6t | ₦2.7t | 4.3x | 2.5x | 0.9x |
| Sun, 29 Oct 2023 | ₦6.2t | ₦7.4t | ₦2.5t | 4.4x | 2.5x | 0.8x |
| Tue, 26 Sep 2023 | ₦6.3t | ₦7.0t | ₦2.4t | 4.3x | 2.6x | 0.9x |
| Thu, 24 Aug 2023 | ₦6.1t | ₦6.0t | ₦1.6t | 4.5x | 3.9x | 1x |
| Sat, 22 Jul 2023 | ₦6.3t | ₦5.8t | ₦1.5t | 5.8x | 4.4x | 1.1x |
Price to Earnings Ratio
4.4x
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 5.1x 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 1.5x.
Past Earnings Growth
- The earnings for companies in the Financials industry have grown 52% 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 | 1.36% | |
| Financials | 2.14% | |
| Banks | 2.64% | |
| Diversified Financial | 0.72% | |
| Mortgage Finance | 0% | 0 |
| Capital Markets | -0.051% | |
| Insurance | -1.06% | |
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?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| FIRSTHOLDCO First HoldCo | ₦79.35 | 25.5% +₦715.7b | 146.4% | PB1x | |
| ZENITHBANK Zenith Bank | ₦109.00 | 2.3% +₦102.7b | 43.4% | PB0.9x | |
| FIDELITYBK Fidelity Bank | ₦20.95 | 5.5% +₦69.5b | -2.8% | PB1x | |
| STANBIC Stanbic IBTC Holdings | ₦166.90 | 2.4% +₦62.0b | 68.2% | PE6.5x | |
| ABBEYBANK Abbey Bank | ₦9.70 | 33.8% +₦24.9b | 21.3% | PE38.8x |
