Digital Access Drives NGX Group's 9M Profit Growth

Nigerian Exchange Group Plc (NGX Group) reported a significant increase in its profit before tax for the nine months ended September 30, 2026. The Group's profit before tax (PBT) rose 83.3 percent to 20.6 billion naira, up from 11.2 billion naira in the same period of 2025. Profit after tax (PAT) also increased by 86.4 percent to 14.7 billion naira, already exceeding the Group’s full-year 2025 profit after tax of 10.5 billion naira.

This strong financial performance reflects a structural shift within Nigeria's capital market, driven by a growing number of retail investors. These investors increasingly access the market through digital self-service channels, leading to higher trading volumes. NGX Group is converting this market activity into increased earnings while improving operational efficiency and investing in future growth.

Key financial drivers included transaction fees, which more than doubled to 20.7 billion naira, propelled by higher trading volumes and a widening investor base. Listing fees grew by 24.4 percent to 3.7 billion naira, reflecting continued capital raising activities. Total income expanded faster than operating expenses (64.8 percent versus 56.8 percent), reducing the cost-to-income ratio to 49.7 percent from 52.3 percent and lifting operating profit by 73.5 percent to 14.9 billion naira. Earnings per share stood at 5.33 naira.

The Group's robust results mirror the significant value being created for investors across the broader market. As of September 30, 2026, the NGX All-Share Index (ASI) had gained 61.43 percent year-to-date, while equity market capitalization rose by 64.12 percent from 99.38 trillion naira in December 2025 to 163.10 trillion naira. This represents an increase of 63.72 trillion naira, reflecting a substantial expansion in the value of listed equities held by millions of Nigerians, pension funds, and institutional investors.

NGX Group is deliberately investing in capacity ahead of the next stage of market development. These investments focus on strengthening talent in technology, market surveillance, product, and investor engagement, alongside upgrading physical and operational infrastructure for market resilience and continuity. Management expects these investments, foundational for the Group’s technology roadmap including platform modernization and digital access, to drive further operating leverage as volumes scale. Shareholders received 8.2 billion naira in dividends during the period, up 86.7 percent, in addition to a 1-for-3 bonus issue.