Nigerian Exchange Group Plc 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 86.4 percent to N14.7 billion, already exceeding the Group's full-year 2025 profit after tax of N10.5 billion with a quarter of the year remaining. Earnings per share reached N5.33 for the period, adjusted for a 1-for-3 bonus issue approved by shareholders in April 2026.
The surge reflects significant structural shifts in Nigeria's capital markets. Transaction fees more than doubled to N20.7 billion, driven by higher trading volumes and an expanding investor base, particularly retail investors accessing the market through digital self-service channels. Listing fees grew 24.4 percent to N3.7 billion, reflecting ongoing capital raising activity and new market admissions. Total income grew 64.8 percent while operating expenses increased 56.8 percent, lowering the cost-to-income ratio to 49.7 percent from 52.3 percent and boosting operating profit 73.5 percent to N14.9 billion.
Market conditions have strengthened considerably. The NGX All-Share Index gained 61.43 percent year-to-date as at September 30, 2026, while equity market capitalisation rose 64.12 percent from N99.38 trillion at December 2025 to N163.10 trillion, an increase of N63.72 trillion. Share of profit from equity-accounted investees rose 69.6 percent to N5.7 billion, driven primarily by Central Securities Clearing System Plc. Total assets stood at N79.1 billion and shareholders' equity at N61.1 billion as at September 30.
The Group's management attributed performance to deliberate investments in capacity. These include strengthening technology and market surveillance talent, upgrading physical and operational infrastructure, and expanding investor education and African partnerships. Shareholders received N8.2 billion in dividends during the period, up 86.7 percent, in addition to the bonus issue. Group Chairman Umaru Kwairanga stated the results demonstrate what a well-governed market institution can deliver as Nigeria's capital market deepens. Group Managing Director Temi Popoola noted that more Nigerians are investing digitally, with the broadening participation more than doubling transaction revenue and creating wealth for investors.
For savers and investors, the NGX Group's performance shows that capital market participation, particularly through digital channels, is generating increasing value and wealth creation across millions of Nigerians, pension funds and institutional investors.