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Nigerian (NSE) Financials Sector Analysis

UpdatedFeb 19, 2026
DataAggregated Company Financials
Companies43
  • 7D3.8%
  • 3M32.9%
  • 1Y53.1%
  • YTD18.3%

Over the last 7 days, the Financials industry has risen 4.5%, driven by gains from Guaranty Trust Holding of 16%. In the same time, Ecobank Transnational was down 13%. This means that the industry has gained 51% over the past year. Looking forward, earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Feb 2026₦21.8t₦16.5t₦4.9t10.8x4.4x1.3x
Sat, 17 Jan 2026₦19.7t₦16.8t₦5.3t8.7x3.7x1.2x
Mon, 15 Dec 2025₦16.7t₦16.8t₦5.3t7.2x3.1x1x
Wed, 12 Nov 2025₦15.3t₦16.7t₦5.4t6.8x2.8x0.9x
Fri, 10 Oct 2025₦15.3t₦16.2t₦5.2t9x2.9x0.9x
Sun, 07 Sep 2025₦16.7t₦16.5t₦5.6t8.3x3x1x
Tue, 05 Aug 2025₦17.5t₦16.4t₦5.6t6.7x3.1x1.1x
Thu, 03 Jul 2025₦13.8t₦16.1t₦5.6t5.5x2.5x0.9x
Sat, 31 May 2025₦12.4t₦16.2t₦5.6t4.9x2.2x0.8x
Mon, 28 Apr 2025₦11.8t₦15.9t₦5.7t4.1x2.1x0.7x
Wed, 26 Mar 2025₦11.2t₦15.5t₦5.9t4.3x1.9x0.7x
Fri, 21 Feb 2025₦11.5t₦15.4t₦5.9t4.4x1.9x0.7x
Sun, 19 Jan 2025₦9.9t₦15.1t₦5.8t3.9x1.7x0.7x
Tue, 17 Dec 2024₦9.0t₦15.1t₦5.8t3x1.6x0.6x
Thu, 14 Nov 2024₦8.8t₦15.2t₦5.8t2.3x1.5x0.6x
Sat, 12 Oct 2024₦8.0t₦13.7t₦5.2t2.4x1.6x0.6x
Mon, 09 Sep 2024₦7.5t₦12.9t₦4.9t2.8x1.5x0.6x
Wed, 07 Aug 2024₦7.1t₦12.5t₦4.8t2.7x1.5x0.6x
Fri, 05 Jul 2024₦7.3t₦12.1t₦4.7t3.4x1.6x0.6x
Sun, 02 Jun 2024₦6.8t₦11.9t₦4.7t4.3x1.5x0.6x
Tue, 30 Apr 2024₦6.6t₦10.0t₦3.7t4.1x1.8x0.7x
Thu, 28 Mar 2024₦8.5t₦8.9t₦2.9t4.5x2.9x1x
Sat, 24 Feb 2024₦7.5t₦9.0t₦2.9t4.9x2.6x0.8x
Mon, 22 Jan 2024₦9.0t₦7.7t₦2.7t6.4x3.4x1.2x
Wed, 20 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Fri, 17 Nov 2023₦6.6t₦7.7t₦2.7t3.4x2.5x0.9x
Sun, 15 Oct 2023₦6.2t₦7.0t₦2.4t4.4x2.6x0.9x
Tue, 12 Sep 2023₦6.2t₦6.2t₦1.8t4.5x3.5x1x
Thu, 10 Aug 2023₦6.2t₦6.0t₦1.5t4.6x4x1x
Sat, 08 Jul 2023₦6.4t₦5.7t₦1.3t6.1x4.8x1.1x
Mon, 05 Jun 2023₦4.7t₦5.1t₦1.2t5x3.8x0.9x
Wed, 03 May 2023₦4.0t₦5.1t₦1.3t4.5x3.1x0.8x
Fri, 31 Mar 2023₦4.0t₦4.8t₦1.3t4.1x3.1x0.8x
Sun, 26 Feb 2023₦4.1t₦4.8t₦1.3t3.9x3.1x0.9x
Price to Earnings Ratio

3.1x


Total Market Cap: ₦4.1tTotal 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 4.4x 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 1.3x.
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 Market6.50%
Financials3.81%
Banks4.55%
Insurance2.56%
Capital Markets0.54%
Diversified Financial0.33%
Mortgage Finance0%0
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
GTCO Guaranty Trust Holding₦115.959.4%
+₦315.6b		84.5%PB1.1x
ZENITHBANK Zenith Bank₦83.707.5%
+₦240.3b		65.9%PB0.7x
JAIZBANK Jaiz Bank₦9.9921.1%
+₦77.6b		193.8%PB6.5x
ACCESSCORP Access Holdings₦25.004.2%
+₦51.8b		-9.1%PB0.3x
FIDELITYBK Fidelity Bank₦20.454.6%
+₦45.2b		7.6%PB1x

Latest News

NEM
₦34.45
NEM Insurance
7D
-4.3%
1Y
165.0%
GTCO
₦115.95
Guaranty Trust Holding
7D
9.4%
1Y
84.5%

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
₦25.00
Access Holdings
7D
4.2%
1Y
-9.1%
JAIZBANK
₦9.99
Jaiz Bank
7D
21.1%
1Y
193.8%
ZENITHBANK
₦83.70
Zenith Bank
7D
7.5%
1Y
65.9%

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.
ABBEYBDS
₦10.80
Abbey Mortgage Bank
7D
-12.9%
1Y
248.4%
SOVRENINS
₦2.56
Sovereign Trust Insurance
7D
-13.2%
1Y
122.6%
DEAPCAP
₦6.30
DEAP Capital Management & Trust
7D
-20.3%
1Y
536.4%
ETI
₦45.00
Ecobank Transnational
7D
-8.7%
1Y
29.7%
WEMABANK
₦27.00
Wema Bank
7D
3.8%
1Y
125.0%

last Report

Wema Bank Plc – Strong Loan Growth and Profitability Drive Solid 9M 2025 Performance Analyst: Qudus Adebara Executive Summary Wema Bank Plc delivered a robust performance for the nine months ended September 30, 2025, with strong revenue growth, expanded loan book, and improved profitability metrics. The Bank’s financial results reflect strong net interest income, effective cost management, and disciplined credit risk control.
FIRSTHOLDCO
₦48.75
First HoldCo
7D
1.6%
1Y
57.0%
WAPIC
₦3.21
Coronation Insurance
7D
-8.3%
1Y
18.5%
FCMB
₦12.30
FCMB Group
7D
7.0%
1Y
17.1%
NPFMCRFBK
₦5.50
NPF Microfinance Bank
7D
-8.2%
1Y
203.9%
FIDELITYBK
₦20.45
Fidelity Bank
7D
4.6%
1Y
7.6%
UCAP
₦19.50
United Capital
7D
-4.2%
1Y
-14.8%

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.