Nigerian Exchange Group Plc (NGX Group) has announced an 83.3% year-on-year surge in Profit Before Tax (PBT) to N20.6 billion for the nine months ended September 30, 2026, driven by a structural shift toward digital retail trading and expanding capital market depth.
According to the Group’s Q3 2026 financial results, Profit After Tax (PAT) expanded by 86.4% to N14.7 billion, up from N7.9 billion recorded in the corresponding period of 2025. The nine-month bottom-line performance is already 40% higher than the Group’s full-year 2025 profit after tax of N10.5 billion, with one quarter of the financial year remaining.
Electronic Trading Boosts Transaction Revenue
Gross earnings for the period rose by 64.8% to N29.6 billion, compared to N17.9 billion in 9M 2025. This growth was primarily anchored by a sharp rise in revenue, which climbed 79.8% to N27.3 billion.
Transaction fees more than doubled (+112.4%) to reach N20.7 billion, up from N9.7 billion in 9M 2025. Management attributed this revenue surge to expanding trading volumes and a growing retail investor base accessing the Exchange via electronic digital channels from account opening to order execution.
Listing fees also grew by 24.4% to N3.7 billion, reflecting sustained equity rights issues, private placements, and fixed-income admissions by corporate and sovereign issuers.
Operating Efficiency and Strategic Investments
NGX Group demonstrated positive operating leverage during the period, as income growth outpaced operating expenses. Operating expenses increased by 56.8% to N14.7 billion, reflecting targeted investments in technology platform modernization, market surveillance, talent acquisition, and market infrastructure upgrades.
Despite these capital deployments, the Group's cost-to-income ratio improved by 2.6 percentage points to 49.7%, down from 52.3% in 9M 2025, while operating profit surged 73.5% to N14.9 billion.
Additionally, the Group's share of profit from associates primarily driven by Central Securities Clearing System Plc (CSCS), rose 69.6% to N5.7 billion, underscoring value creation across the post-trade value chain.
Investor Value and Outlook
Earnings per share (EPS) for the period rose to N5.33, compared to a restated N2.68 in 9M 2025, adjusting for the 1-for-3 bonus share issuance approved in April 2026.
Commenting on the results, Group Managing Director/CEO Temi Popoola noted that broadening digital participation is creating real wealth for market participants while allowing the Exchange to scale its infrastructure and extend strategic partnerships across Africa.