Nigerian Exchange Group Plc (NGX Group) has posted a profit before tax of ₦20.6 billion for the nine months to September 30, 2026, representing an 83.3% increase from ₦11.2 billion in the same period last year. The growth is attributed to a surge in retail trading, which more than doubled the company's core fee income. The profit after tax rose 86.4% to ₦14.7 billion, already 40% above the full-year 2025 profit after tax of ₦10.5 billion.
The company's revenue rose 79.8% to ₦27.3 billion, driven primarily by transaction fees, which climbed to ₦20.7 billion from ₦9.7 billion, a 112.4% increase. Transaction fees now account for roughly three-quarters of the company's revenue. Listing fees grew 24.4% to ₦3.7 billion. NGX Group credits the jump to higher trading volumes and a wider investor base, with more retail investors using digital self-service channels.
The results follow a sharp equity rally, with the NGX All-Share Index gaining 61.43% year-to-date as of September 30. Equity market capitalization rose 64.12% from ₦99.38 trillion in December 2025 to ₦163.10 trillion, an increase of ₦63.72 trillion. Group Managing Director/CEO Temi Popoola attributed the growth to more Nigerians investing, with a significant increase in digital transactions.
Operating expenses rose 56.8% to ₦14.7 billion, slower than the 64.8% growth in total income. The cost-to-income ratio improved to 49.7% from 52.3%, and operating profit rose 73.5% to ₦14.9 billion. Management attributes the cost growth to spending on technology, surveillance, product and investor-engagement staff, market infrastructure and facilities, and investor education.
Share of profit from associates rose 69.6% to ₦5.7 billion, driven mainly by Central Securities Clearing System (CSCS) Plc. Total assets stood at ₦79.1 billion, and shareholders' equity was ₦61.1 billion. Shareholders received ₦8.2 billion in dividends during the period, up 86.7%, on top of a 1-for-3 bonus issue approved in April.
Group Chairman Alhaji (Dr.) Umaru Kwairanga said the results demonstrate what a well-governed and strategically astute market institution can deliver as Nigeria's capital market deepens. He added that the board is focused on returning optimal value to shareholders through consistent robust dividends and bonus issues.
With transaction fees making up the bulk of revenue, NGX Group's earnings are closely tied to trading activity. The company's investments in technology and data services aim to reduce this dependence. The results will be closely watched to determine how much of this growth is structural and how much cyclical.
Key points
- NGX Group reports 83.3% increase in profit before tax for nine months to September 2026
- Transaction fees drive revenue growth, accounting for roughly three-quarters of revenue
- Company invests in technology and data services to reduce dependence on trading activity
