NGX Group Profit Hits N20.6bn As Transaction Fees Double

Nigerian Exchange Group Plc has reported profit before tax of N20.6 billion for the nine months ended September 30, 2026, up 83.3 percent from N11.2 billion in the same period of 2025.

Profit after tax rose by 86.4 percent to N14.7 billion, already 40 percent above the Group’s full-year 2025 PAT of N10.5 billion, with a quarter of the year still to run, driven by transaction fees that more than doubled to N20.7 billion from N9.7 billion.

Profit after tax rose by 86.4 percent to N14.7 billion, already 40 percent above the Group’s full-year 2025 profit after tax of N10.5 billion, with a quarter of the year still to run.

According to the results released on October 27, 2026, gross earnings grew by 64.8 percent to N29.6 billion from N17.9 billion, while revenue jumped by 79.8 percent to N27.3 billion from N15.2 billion.

The performance was driven by transaction fees which more than doubled to N20.7 billion from N9.7 billion, representing a 112.4 percent growth. Listing fees also grew by 24.4 percent to N3.7 billion from N3.0 billion, reflecting continued capital raising activity and new admissions to the market.

The Group said the growth reflects a structural shift in Nigeria’s capital market, with more investors, increasingly retail and increasingly onboarding through digital self-service channels, trading more often across a deeper market.

“The broadening participation more than doubled our transaction revenue and is creating real wealth for investors,” Group managing director/chief executive officer, Temi Popoola said.

The results mirror significant wealth creation for investors. As at September 30, 2026, the NGX All-Share Index had gained 61.43 percent year-to-date, while equity market capitalisation rose by 64.12 percent from N99.38 trillion at December 2025 to N163.10 trillion, representing an increase of N63.72 trillion in the value of listed equities held by millions of Nigerians, pension funds and institutional investors.

On efficiency, total income grew faster than operating expenses (64.8 percent versus 56.8 percent), lowering the cost-to-income ratio to 49.7 percent from 52.3 percent and lifting operating profit by 73.5 percent to N14.9 billion.

Operating expenses rose to N14.7 billion from N9.4 billion, which the Group said reflects deliberate investment in capacity ahead of the next stage of market development, including strengthening talent in technology, market surveillance, product and investor engagement, upgrading physical and operational infrastructure, and market development partnerships.

Total assets stood at N79.1 billion and shareholders’ equity at N61.1 billion as at September 30, 2026. Earnings per share stood at N5.33 for the period, compared to N2.68 in nine months 2025 restated for the bonus issue.

Speaking on the results, Group chairman, Alhaji Umaru Kwairanga, said, “these results show what a well governed and strategically astute market institution can deliver as Nigeria’s capital market deepens. Our priority as a board has been to ensure that the capital market grows in terms of products, listed companies and investor participation and that the growth is matched by disciplined cost allocation to investments that strengthen the market’s foundations.”

Popoola added, “we are investing ahead of that curve, in our people, our infrastructure and our technology roadmap, so that the market can absorb the next wave of investors efficiently and securely. Our focus for the rest of the year and beyond is to scale our platforms, deepen market data and digital access, and extend our partnerships across Africa.”