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Nigerian (NSE) Financials Sector Analysis

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies43
  • 7D2.1%
  • 3M38.4%
  • 1Y63.5%
  • YTD23.3%

Over the last 7 days, the Financials industry has risen 6.1%, driven by gains from First HoldCo of 12%. During this same period, the United Capital underperformed, falling 7.9%. In the last 12 months, the industry was up 61%. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 23 Feb 2026₦22.7t₦16.5t₦4.9t11.8x4.6x1.4x
Wed, 21 Jan 2026₦19.9t₦16.8t₦5.3t9.6x3.7x1.2x
Fri, 19 Dec 2025₦17.1t₦16.8t₦5.3t7.3x3.2x1x
Sun, 16 Nov 2025₦16.7t₦16.7t₦5.3t7.8x3.2x1x
Tue, 14 Oct 2025₦15.4t₦16.1t₦5.2t9.6x2.9x1x
Thu, 11 Sep 2025₦16.8t₦16.5t₦5.6t8.2x3x1x
Sat, 09 Aug 2025₦17.7t₦16.5t₦5.6t8.4x3.2x1.1x
Mon, 07 Jul 2025₦14.1t₦16.1t₦5.6t5.5x2.5x0.9x
Wed, 04 Jun 2025₦12.5t₦16.1t₦5.6t4.9x2.2x0.8x
Fri, 02 May 2025₦11.9t₦16.0t₦5.6t4.3x2.1x0.7x
Sun, 30 Mar 2025₦11.2t₦15.6t₦5.7t4.3x2x0.7x
Tue, 25 Feb 2025₦11.2t₦15.4t₦5.9t4.4x1.9x0.7x
Thu, 23 Jan 2025₦9.9t₦15.1t₦5.8t4.1x1.7x0.7x
Sat, 21 Dec 2024₦9.3t₦15.1t₦5.8t3.2x1.6x0.6x
Mon, 18 Nov 2024₦8.9t₦15.2t₦5.8t2.5x1.5x0.6x
Wed, 16 Oct 2024₦8.0t₦13.7t₦5.1t2.4x1.6x0.6x
Fri, 13 Sep 2024₦7.7t₦13.1t₦5.2t2.8x1.5x0.6x
Sun, 11 Aug 2024₦7.4t₦12.4t₦4.8t2.8x1.6x0.6x
Tue, 09 Jul 2024₦7.3t₦12.1t₦4.7t3x1.5x0.6x
Thu, 06 Jun 2024₦6.8t₦12.0t₦4.7t3.8x1.4x0.6x
Sat, 04 May 2024₦7.1t₦10.6t₦3.9t4.2x1.8x0.7x
Mon, 01 Apr 2024₦8.5t₦9.1t₦3.2t4.8x2.7x0.9x
Wed, 28 Feb 2024₦7.3t₦9.1t₦3.0t4.8x2.5x0.8x
Fri, 26 Jan 2024₦8.7t₦7.7t₦2.7t5.9x3.3x1.1x
Sun, 24 Dec 2023₦7.5t₦7.8t₦2.7t4.3x2.8x1x
Tue, 21 Nov 2023₦6.5t₦7.6t₦2.7t3.9x2.4x0.9x
Thu, 19 Oct 2023₦6.3t₦7.0t₦2.4t4.4x2.7x0.9x
Sat, 16 Sep 2023₦6.2t₦6.8t₦2.2t4.5x2.8x0.9x
Mon, 14 Aug 2023₦6.2t₦6.0t₦1.6t4.5x4x1x
Wed, 12 Jul 2023₦6.5t₦5.7t₦1.3t6.1x4.8x1.1x
Fri, 09 Jun 2023₦4.7t₦5.1t₦1.2t5.8x3.8x0.9x
Sun, 07 May 2023₦4.1t₦5.2t₦1.3t4.5x3.1x0.8x
Tue, 04 Apr 2023₦4.1t₦4.8t₦1.3t4.1x3.2x0.8x
Thu, 02 Mar 2023₦4.3t₦4.8t₦1.3t4.1x3.2x0.9x
Price to Earnings Ratio

3.2x


Total Market Cap: ₦4.3tTotal Earnings: ₦1.3tTotal Revenue: ₦4.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.6x202420252026
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 4.6x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.84x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 55% per year over the last three years.
  • Revenues for these companies have grown 51% 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 Market3.90%
Financials2.14%
Insurance10.16%
Diversified Financial8.44%
Banks0.93%
Mortgage Finance0%0
Capital Markets-2.77%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 14.6x.
    • 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 2.3x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 23% over the next 5 years.
  • However this is lower than its past earnings growth rate of 70% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 16% 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₦54.0012.1%
+₦260.1b		75.9%PB0.8x
ZENITHBANK Zenith Bank₦86.506.3%
+₦209.5b		75.1%PB0.8x
GTCO Guaranty Trust Holding₦118.005.4%
+₦190.3b		87.2%PB1.1x
STANBIC Stanbic IBTC Holdings₦128.909.5%
+₦178.1b		101.4%PE5.4x
JAIZBANK Jaiz Bank₦11.0032.5%
+₦120.4b		224.5%PB7.2x

Latest News

CUSTODIAN
₦70.25
Custodian Investment
7D
28.0%
1Y
269.7%
GTCO
₦118.00
Guaranty Trust Holding
7D
5.4%
1Y
87.2%

GTCO: Board Dividend Decisions Will Highlight Elevated Downside Risk

Analysts have raised their NGN fair value estimate for Guaranty Trust Holding from NGN68.38 to NGN72.96, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News Board meeting scheduled for January 27, 2026, to review the audited financial statements for the year ending December 31, 2025 (Key Developments).
ACCESSCORP
₦25.90
Access Holdings
7D
4.4%
1Y
-2.3%
JAIZBANK
₦11.00
Jaiz Bank
7D
32.5%
1Y
224.5%
ZENITHBANK
₦86.50
Zenith Bank
7D
6.3%
1Y
75.1%

ZENITHBANK: Board Dividend Decision Will Highlight Risks To Current Pricing

Analysts have modestly adjusted their price target on Zenith Bank to NGN72.01. This reflects updated views on discount rates, revenue growth assumptions and future P/E expectations.
CORNERST
₦6.15
Cornerstone Insurance
7D
-3.6%
1Y
77.7%
SOVRENINS
₦2.32
Sovereign Trust Insurance
7D
-17.1%
1Y
75.8%
DEAPCAP
₦7.62
DEAP Capital Management & Trust
7D
-10.1%
1Y
669.7%
ETI
₦47.60
Ecobank Transnational
7D
5.8%
1Y
37.2%
ETRANZACT
₦22.90
eTranzact International
7D
-0.2%
1Y
252.3%
VFDGROUP
₦13.40
VFD Group
7D
-3.9%
1Y
53.4%
GUINEAINS
₦1.42
Guinea Insurance
7D
-6.0%
1Y
86.8%
FIRSTHOLDCO
₦54.00
First HoldCo
7D
12.1%
1Y
75.9%
STANBIC
₦128.90
Stanbic IBTC Holdings
7D
9.5%
1Y
101.4%
FIDELITYBK
₦20.40
Fidelity Bank
7D
-2.4%
1Y
11.5%
UCAP
₦19.15
United Capital
7D
-7.9%
1Y
-15.1%

UNITED CAPITAL PLC – Solid Earnings Momentum and Balance Sheet Expansion Underscore Strong Q3 2025 Performance

Strategic Context United Capital Plc delivered a resilient performance for the nine months ended 30 September 2025, reflecting robust earnings growth, sustained profitability, and a significantly strengthened balance sheet. The Group’s results highlight its ability to navigate a dynamic macroeconomic landscape marked by elevated interest rates, tighter liquidity, and fluctuating market yields.