Exchange group’s profit before tax climbs to N20.6bn

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

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

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

During the period, gross earnings stood at N29.6bn, representing a 64.8 per cent increase from N17.9bn in 9M 2025.

Total revenue reached N27.3bn, up 79.8 per cent from N15.2bn, of which transaction fees more than doubled by 112.4 per cent to N20.7bn from N9.7bn, and listing fees grew 24.4 per cent to N3.7bn from N3.0bn. Operating expenses were recorded at N14.7bn compared to N9.4bn, while operating profit advanced 73.5 per cent to N14.9bn from N8.6bn.

Commenting on the results, the Group Chairman, Alhaji Umaru Kwairanga, stated, “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.

“Our focus 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. We are focused on returning optimal value to our shareholders through consistent robust dividends and bonus issues in tandem with the market and the company’s growth.”

Similarly, the Group Managing Director/Chief Executive Officer, Temi Popoola, added, “More Nigerians are investing, and more of them are doing it digitally. That broadening participation has more than doubled our transaction revenue and is creating real wealth for investors.

“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.”

The Group also noted a 69.6 per cent increase in its share of profit from associates to N5.7bn from N3.4bn, successfully improving its cost-to-income ratio by 2.6 percentage points down to 49.7 per cent from 52.3 per cent.

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Earnings per share settled at N5.33 for the period, reflecting the enlarged share base following the 1-for-3 bonus issue approved by shareholders in April 2026, compared to a restated N2.68 for 9M 2025.

Digital participation played a primary role in driving growth. Transaction fees more than doubled as higher trading volumes and a widening investor base took hold, with retail investors increasingly accessing the market through digital self-service channels spanning account opening to order execution on platforms connected to the Exchange. Listing fees similarly reflected continued capital raising activity and new market admissions.

The financial results mirror extensive wealth creation for investors across the wider market. As at 30 September 2026, the NGX All-Share Index had gained 61.43 per cent year-to-date, while equity market capitalisation rose by 64.12 per cent from N99.38tn at December 2025 to N163.10tn, marking an increase of N63.72tn.

This growth highlights the substantial expansion in the value of listed equities held by millions of Nigerians, pension funds, and institutional investors.

Total income grew faster than operating expenses at 64.8 per cent versus 56.8 per cent, lowering the cost-to-income ratio and lifting operating profit.

Cost growth reflects deliberate investment in capacity ahead of the next stage of market development, chief among them strengthening talent in technology, market surveillance, product, and investor engagement to support a larger, faster-moving, and more digital market, upgrading physical and operational infrastructure to underpin resilience and continuity, and expanding market development and partnerships through investor education, issuer engagement, and broader African outreach.

These investments lay the foundation for the Group’s technology roadmap encompassing platform modernisation, data services, and digital access, which management expects to drive further operating leverage as volumes scale.

On the balance sheet and strategic investments front, the share of profit from equity-accounted investees rose due primarily to the Central Securities Clearing System Plc, underlining the value of the Group’s position across the market value chain.

Total assets stood at N79.1bn and shareholders’ equity reached N61.1bn as at 30 September 2026, with shareholders receiving N8.2bn in dividends during the period, up 86.7 per cent, alongside the 1-for-3 bonus issue.