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Nigerian (NSE) Financials Sector Analysis

UpdatedJul 07, 2026
DataAggregated Company Financials
Companies45
  • 7D0.5%
  • 3M4.8%
  • 1Y57.6%
  • YTD32.1%

Over the last 7 days, the Financials industry has remained flat, although notably Wema Bank gained 19%. As for the the longer term, the industry is up 58% over the past 12 months. As for the next few years, earnings are expected to grow by 19% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Jul 2026₦25.5t₦17.5t₦5.1t8.5x5x1.5x
Thu, 04 Jun 2026₦27.7t₦17.4t₦5.1t10.2x5.4x1.6x
Sat, 02 May 2026₦27.7t₦16.9t₦4.8t9.6x5.7x1.6x
Mon, 30 Mar 2026₦23.6t₦16.6t₦4.9t10.8x4.8x1.4x
Wed, 25 Feb 2026₦23.4t₦16.6t₦4.9t12.1x4.7x1.4x
Fri, 23 Jan 2026₦19.6t₦16.8t₦5.3t9.6x3.7x1.2x
Sun, 21 Dec 2025₦17.2t₦16.8t₦5.3t7.3x3.2x1x
Tue, 18 Nov 2025₦16.7t₦16.7t₦5.3t7.9x3.2x1x
Thu, 16 Oct 2025₦15.3t₦16.1t₦5.2t10.1x2.9x0.9x
Sat, 13 Sep 2025₦17.0t₦16.5t₦5.6t9.8x3x1x
Mon, 11 Aug 2025₦17.7t₦16.5t₦5.6t8.4x3.2x1.1x
Wed, 09 Jul 2025₦14.4t₦16.1t₦5.6t5.5x2.6x0.9x
Fri, 06 Jun 2025₦12.9t₦16.1t₦5.6t4.9x2.3x0.8x
Sun, 04 May 2025₦11.7t₦16.0t₦5.7t4.5x2.1x0.7x
Tue, 01 Apr 2025₦11.4t₦16.1t₦5.7t4.3x2x0.7x
Thu, 27 Feb 2025₦11.2t₦15.4t₦5.9t4.3x1.9x0.7x
Sat, 25 Jan 2025₦10.6t₦15.1t₦5.8t4.1x1.8x0.7x
Mon, 23 Dec 2024₦9.3t₦15.1t₦5.8t3.2x1.6x0.6x
Wed, 20 Nov 2024₦8.9t₦15.3t₦5.8t2.5x1.5x0.6x
Fri, 18 Oct 2024₦8.0t₦13.7t₦5.2t2.5x1.5x0.6x
Sun, 15 Sep 2024₦7.8t₦13.1t₦5.2t2.8x1.5x0.6x
Tue, 13 Aug 2024₦7.4t₦12.4t₦4.8t2.9x1.5x0.6x
Thu, 11 Jul 2024₦7.2t₦12.2t₦4.7t3.1x1.5x0.6x
Sat, 08 Jun 2024₦6.7t₦12.0t₦4.7t2.9x1.4x0.6x
Mon, 06 May 2024₦7.1t₦10.9t₦4.0t4.2x1.8x0.7x
Wed, 03 Apr 2024₦8.5t₦9.1t₦3.2t5.2x2.7x0.9x
Fri, 01 Mar 2024₦7.2t₦9.2t₦3.0t4.8x2.4x0.8x
Sun, 28 Jan 2024₦8.8t₦7.8t₦2.7t6.4x3.2x1.1x
Tue, 26 Dec 2023₦7.5t₦7.8t₦2.7t4.3x2.8x1x
Thu, 23 Nov 2023₦6.5t₦7.6t₦2.7t4.1x2.5x0.9x
Sat, 21 Oct 2023₦6.2t₦7.0t₦2.4t4.3x2.6x0.9x
Mon, 18 Sep 2023₦6.2t₦6.9t₦2.2t4.4x2.8x0.9x
Wed, 16 Aug 2023₦6.2t₦6.0t₦1.6t4.5x4x1x
Fri, 14 Jul 2023₦5.8t₦5.7t₦1.3t5.5x4.3x1x
Price to Earnings Ratio

4.3x


Total Market Cap: ₦5.8tTotal Earnings: ₦1.3tTotal Revenue: ₦5.7tTotal 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 5.0x 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 57% per year over the last three years.
  • Revenues for these companies have grown 46% 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 Market0.21%
Financials0.51%
Capital Markets5.42%
Banks0.45%
Diversified Financial0.024%
Mortgage Finance0%0
Insurance-0.53%
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?

CompanyLast Price7D1YValuation
WEMABANK Wema Bank₦29.7018.8%
+₦188.6b		83.3%PB1.9x
UBA United Bank for Africa₦42.407.3%
+₦128.2b		16.2%PB0.4x
FIRSTHOLDCO First HoldCo₦60.502.5%
+₦66.7b		116.1%PB0.8x
NGXGROUP Nigerian Exchange Group₦129.7512.8%
+₦38.6b		239.2%PE27.3x
ACCESSCORP Access Holdings₦23.502.6%
+₦31.8b		6.6%PB0.3x

Latest News

NEM
₦25.50
NEM Insurance
7D
-9.3%
1Y
33.2%
INTENEGINS
₦5.00
International Energy Insurance
7D
-13.6%
1Y
127.3%
ZENITHBANK
₦105.00
Zenith Bank
7D
-7.5%
1Y
82.5%
Narrative Update • Jul 02

ZENITHBANK: Higher Margins And P/E Repricing Will Drive Future Upside

Analysts have lifted their fair value estimate for Zenith Bank from NGN72.01 to NGN145.20, citing updated assumptions that include slightly higher projected revenue growth, a stronger profit margin profile, and a higher future P/E multiple. What’s in the News for Zenith Bank Zenith Bank has scheduled a board meeting for June 29, 2026, to consider and approve the group’s financial results for the half year ending June 30, 2026.
FIDELITYBK
₦18.50
Fidelity Bank
7D
0.8%
1Y
-7.5%
FIRSTHOLDCO
₦60.50
First HoldCo
7D
2.5%
1Y
116.1%
UBA
₦42.40
United Bank for Africa
7D
7.3%
1Y
16.2%
CUSTODIAN
₦65.90
Custodian Investment
7D
-9.9%
1Y
134.5%
GTCO
₦126.80
Guaranty Trust Holding
7D
-0.2%
1Y
50.1%
Narrative Update • Jul 01

GTCO: Higher Future Earnings Multiple Will Support Returns If Margins Hold

Analysts have lifted their price target fair value estimate for Guaranty Trust Holding from NGN116.17 to NGN154.61, reflecting updated assumptions around revenue growth, profit margins and a revised future P/E outlook. What's in the News 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, and to discuss issues relating to the half year dividend, along with other business matters.
WEMABANK
₦29.70
Wema Bank
7D
18.8%
1Y
83.3%
JAIZBANK
₦7.95
Jaiz Bank
7D
-3.0%
1Y
150.0%
Narrative Update • Jun 29

Jaiz Bank Plc – Shareholders Approve ₦150 Billion Capital Raise to Support Expansion and Lending Growth

Transaction Overview Author: Qudus Adebara (Research Analyst, DLM Securities) Jaiz Bank Plc has received shareholder approval to raise an additional ₦150 billion in capital as part of its growth and expansion strategy. The approval was granted at the Bank’s 14th Annual General Meeting (AGM) held in Abuja.
CORNERST
₦5.70
Cornerstone Insurance
7D
-5.0%
1Y
26.7%
ACCESSCORP
₦23.50
Access Holdings
7D
2.6%
1Y
6.6%
NGXGROUP
₦129.75
Nigerian Exchange Group
7D
12.8%
1Y
239.2%
Narrative Update • Jun 16

Nigerian Exchange Group (NGX Group) – Strategic Partnership Discussions with Abu Dhabi Securities Exchange (ADX)

Overview Author: Qudus Adebara (Research Analyst, DLM Capital Group) The Nigerian Exchange Group (NGX Group) and the Abu Dhabi Securities Exchange (ADX) are exploring a strategic partnership aimed at deepening cross-border capital market activities and attracting greater Middle Eastern investment flows into Africa. The proposed collaboration aligns with Nigeria’s broader objective of positioning its capital market as a gateway for international investors seeking exposure to high-growth opportunities across sectors such as energy, infrastructure, technology, manufacturing, and oil & gas.
FCMB
₦10.00
FCMB Group
7D
4.2%
1Y
9.3%
FTGINSURE
₦2.90
Fortis Global Insurance
7D
192.9%
1Y
1,350.0%
LINKASSURE
₦1.52
Linkage Assurance
7D
-3.2%
1Y
17.7%