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Nigerian (NSE) Financials Sector Analysis

UpdatedSep 01, 2026
DataAggregated Company Financials
Companies46
  • 7D6.0%
  • 3M11.5%
  • 1Y62.0%
  • YTD59.5%

In the last week, the Financials industry is up 6.0%, with First HoldCo up 13%. Meanwhile, Jaiz Bank actually underperformed within the industry, shrinking 6.5% in the last week. In the last 12 months, the industry was up 62%. As for the next few years, earnings are expected to grow by 20% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 02 Sep 2026₦30.9t₦17.8t₦5.4t7.6x5.8x1.7x
Fri, 31 Jul 2026₦29.7t₦17.8t₦5.3t8.6x5.6x1.7x
Sun, 28 Jun 2026₦25.7t₦17.5t₦5.1t9.1x5x1.5x
Tue, 26 May 2026₦29.2t₦17.4t₦5.1t10.2x5.7x1.7x
Thu, 23 Apr 2026₦28.2t₦16.9t₦5.2t9.3x5.4x1.7x
Sat, 21 Mar 2026₦24.1t₦16.6t₦4.9t10.6x4.9x1.5x
Mon, 16 Feb 2026₦21.4t₦16.6t₦4.9t11.1x4.3x1.3x
Wed, 14 Jan 2026₦19.4t₦16.8t₦5.3t9x3.6x1.2x
Fri, 12 Dec 2025₦16.8t₦16.8t₦5.3t7.2x3.2x1x
Sun, 09 Nov 2025₦16.6t₦16.7t₦5.4t7.4x3.1x1x
Tue, 07 Oct 2025₦15.4t₦16.2t₦5.2t8.7x2.9x1x
Thu, 04 Sep 2025₦16.5t₦16.5t₦5.6t7.8x2.9x1x
Sat, 02 Aug 2025₦17.4t₦16.5t₦5.6t6.5x3.1x1.1x
Mon, 30 Jun 2025₦13.8t₦16.1t₦5.6t5.4x2.5x0.9x
Wed, 28 May 2025₦12.3t₦16.1t₦5.6t4.9x2.2x0.8x
Fri, 25 Apr 2025₦11.3t₦15.7t₦5.6t3.7x2x0.7x
Sun, 23 Mar 2025₦10.8t₦15.5t₦5.9t4.2x1.8x0.7x
Tue, 18 Feb 2025₦11.7t₦15.4t₦5.9t4.4x2x0.8x
Thu, 16 Jan 2025₦9.8t₦15.1t₦5.8t3.9x1.7x0.7x
Sat, 14 Dec 2024₦9.0t₦15.1t₦5.8t3x1.6x0.6x
Mon, 11 Nov 2024₦8.8t₦15.2t₦5.8t2.4x1.5x0.6x
Wed, 09 Oct 2024₦8.1t₦13.7t₦5.1t2.6x1.6x0.6x
Fri, 06 Sep 2024₦7.4t₦12.9t₦4.9t2.8x1.5x0.6x
Sun, 04 Aug 2024₦7.1t₦12.4t₦4.8t2.7x1.5x0.6x
Tue, 02 Jul 2024₦7.0t₦12.0t₦4.7t3.3x1.5x0.6x
Thu, 30 May 2024₦6.5t₦11.7t₦4.6t4.3x1.4x0.6x
Sat, 27 Apr 2024₦6.6t₦10.0t₦3.7t4.2x1.8x0.7x
Mon, 25 Mar 2024₦8.4t₦8.9t₦2.9t4.6x2.9x0.9x
Wed, 21 Feb 2024₦7.5t₦9.2t₦3.0t5x2.5x0.8x
Fri, 19 Jan 2024₦9.0t₦7.7t₦2.7t6.2x3.4x1.2x
Sun, 17 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Tue, 14 Nov 2023₦6.6t₦7.6t₦2.7t3.2x2.5x0.9x
Thu, 12 Oct 2023₦6.2t₦6.9t₦2.4t4.4x2.6x0.9x
Sat, 09 Sep 2023₦6.4t₦6.3t₦1.8t4.9x3.6x1x
Price to Earnings Ratio

3.6x


Total Market Cap: ₦6.4tTotal Earnings: ₦1.8tTotal Revenue: ₦6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.9x202420252026
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 5.8x which is higher than its 3-year average PE of 2.9x.
  • The 3-year average PS ratio of 0.95x 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 45% per year over the last three years.
  • Revenues for these companies have grown 42% 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 Market2.16%
Financials5.95%
Banks7.11%
Capital Markets1.74%
Insurance1.11%
Mortgage Finance0%0
Diversified Financial-0.54%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below 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 2.6x.
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₦146.7014.7%
+₦854.9b		357.0%PB1.9x
ACCESSCORP Access Holdings₦32.5018.2%
+₦264.8b		25.7%PB0.4x
ZENITHBANK Zenith Bank₦128.305.2%
+₦258.7b		97.4%PB1x
GTCO Guaranty Trust Holding₦133.604.6%
+₦215.6b		46.0%PB1.4x
UBA United Bank for Africa₦47.857.6%
+₦150.3b		2.5%PB0.5x

Latest News

ACCESSCORP
₦32.50
Access Holdings
7D
18.2%
1Y
25.7%
INTENEGINS
₦2.81
International Energy Insurance
7D
-19.5%
1Y
-15.9%
VERITASKAP
₦1.14
Veritas Kapital Assurance
7D
-10.9%
1Y
-39.4%
FIDELITYBK
₦20.50
Fidelity Bank
7D
9.0%
1Y
-3.1%
ETI
₦74.00
Ecobank Transnational
7D
6.1%
1Y
105.6%
AVACAP
₦6.00
Ava Capital
7D
-16.7%
1Y
n/a
VFDGROUP
₦11.10
VFD Group
7D
-6.3%
1Y
2.8%
Narrative Update • Aug 05

VFD Group Plc Delivers Strong H1 2026 Earnings Growth Amid Expanding Investment Portfolio and Successful Capital Raise

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) VFD Group Plc reported a strong financial performance for the six months ended June 30, 2026, driven by robust growth in investment income, improved operating profitability, and a successful capital raising exercise that significantly strengthened shareholders’ funds. The Group’s gross earnings increased by 30.5% YoY to ₦53.71 billion, while Profit Before Tax (PBT) surged by 98.4% to ₦11.98 billion from ₦6.04 billion in H1 2025.
ABBEYBANK
₦7.75
Abbey Bank
7D
-3.7%
1Y
19.2%
Narrative Update • Aug 04

Abbey Mortgage Bank Plc Delivers Strong H1 2026 Earnings Growth Driven by Higher Interest Income and Deposit Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Abbey Mortgage Bank Plc reported a robust financial performance for the six months ended June 30, 2026, supported by strong growth in interest income, expanding customer deposits, and a significant increase in investment securities. Profit Before Tax (PBT) rose by 77.7% YoY to ₦1.51 billion from ₦850.46 million in H1 2025, while Profit After Tax (PAT) increased by 61.7% YoY to ₦1.31 billion.
JAIZBANK
₦8.00
Jaiz Bank
7D
-5.3%
1Y
81.8%
WEMABANK
₦29.65
Wema Bank
7D
2.4%
1Y
43.2%
ETRANZACT
₦13.25
eTranzact International
7D
-8.6%
1Y
28.6%
FIRSTHOLDCO
₦146.70
First HoldCo
7D
14.7%
1Y
357.0%
ZENITHBANK
₦128.30
Zenith Bank
7D
5.2%
1Y
97.4%
AFRIPRUD
₦11.10
Africa Prudential
7D
-4.3%
1Y
-30.6%
Narrative Update • Jul 21

Africa Prudential Plc Delivers Strong Q1 2026 Earnings Growth Driven by Robust Investment Income and Improved Operating Efficiency

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Africa Prudential Plc reported a solid financial performance for the three months ended March 31, 2026, supported by strong growth in interest income and improved operating efficiency. Revenue from core registrar and service operations rose modestly, while investment income remained the dominant earnings driver.
UBA
₦47.85
United Bank for Africa
7D
7.6%
1Y
2.5%
GTCO
₦133.60
Guaranty Trust Holding
7D
4.6%
1Y
46.0%
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.