Nigerian Exchange Group (NGX Group) Plc grew its bottom-line by 83.3 per cent in the third quarter as profit before tax rose from N11.2 billion to N20.6 billion.
Key extracts of the unaudited report and accounts of NGX Group for the third quarter ended September 30, 2026 indicated that gross earnings rose by 64.8 per cent to N29.6 billion in third quarter 2026 as against N17.9 billion in third quarter 2025. Profit before tax jumped by 83.3 per cent to N20.6 billion in 2026 compared with N11.2 billion in comparable period of 2025.
Profit after tax rose by 86.4 per cent to N14.7 billion in third quarter 2026 compared with N7.9 billion in third quarter 2025.
The net profit in third quarter 2026 was already 40 per cent above the group’s full-year 2025 profit after tax of N10.5 billion.
Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umaru Kwairanga said the performance reflected 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.
According to him, NGX Group is converting that activity into earnings while improving efficiency and investing in the people and infrastructure the next phase of growth requires.
He noted that the results showed 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. 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,’ Kwairanga said.
Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Temi Popoola, explained that more Nigerians are investing, with more of these investors doing so digitally.
‘That broadening participation 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,’ Popoola said.
Further analysis showed that earnings per share was N5.33 for the period, reflecting the enlarged share base following the one-for-three bonus issue approved by shareholders in April 2026.
Transaction fees more than doubled to N20.7 billion. Growth was driven by higher trading volumes and a widening investor base, as retail investors increasingly access the market through digital self-service, from account opening to order execution, on platforms connected to the Exchange. Listing fees grew by 24.4 per cent to N3.7 billion, reflecting continued capital raising activity and continued new admissions to the market.
The group’s results mirror the value being created for investors across the market. As at September 30, 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 N99.38 trillion at December 2025 to N163.10 trillion, representing an increase of N63.72 trillion. This growth reflected the significant 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 to 56.8 per cent, lowering the cost-to-income ratio to 49.7 per cent from 52.3 per cent and lifting operating profit 73.5 per cent to N14.9 billion.
Cost growth reflected deliberate investment in capacity ahead of the next stage of market development, including strengthening talent in technology, market surveillance, product and investor engagement to support a larger, faster-moving and more digital market; upgrading the physical and operational infrastructure that underpins market resilience and continuity and investor education, issuer engagement and the African partnerships that broaden the Exchange’s reach.
NGX Group stated that these investments laid the foundation for the group’s technology roadmap, including platform modernisation, data services and digital access, which management expects to drive further operating leverage as volumes scale.
Share of profit from equity-accounted investees rose 69.6 per cent to N5.7 billion, driven primarily by Central Securities Clearing System Plc (CSCS), underlining the value of the group’s position across the market value chain.
Total assets stood at N79.1 billion and shareholders’ equity at N61.1 billion as at September 30, 2026. Shareholders received N8.2 billion in dividends during the period, up 86.7 per cent, in addition to the one-for-three bonus issue.