NGX Group’s Nine-Month Profit Before Tax Jumps 83% to ₦20.6 Billion as Digital Trading Grows

Nigerian Exchange Group Plc (NGX Group) recorded an 83.3% increase in profit before tax to ₦20.6 billion for the nine months ended September 30, 2026, as higher trading activity and growing investor participation boosted transaction-related revenue.

The Group’s unaudited results, released on October 27, show that profit before tax rose from ₦11.2 billion in the corresponding period of 2025. Profit after tax increased by 86.4% to ₦14.7 billion, compared with ₦7.9 billion a year earlier.

Revenue reached ₦27.3 billion, up 79.8% from ₦15.2 billion, while gross earnings increased 64.8% to ₦29.6 billion.

The performance points to the growing financial value of activity on Nigeria’s capital market, particularly as more investors use digital channels to access trading services.

Transaction fees more than double

Transaction fees were the largest revenue contributor, increasing 112.4% to ₦20.7 billion from ₦9.7 billion in the first nine months of 2025.

NGX Group attributed the increase to higher trading volumes and a widening investor base, with retail investors increasingly using digital self-service channels for activities such as account opening and order execution.

Listing fees also grew, rising 24.4% to ₦3.7 billion from ₦3 billion. The increase reflected capital-raising activity and new admissions to the market.

The figures show that NGX Group is benefiting from both activity in the secondary market, where investors trade existing securities, and activity involving companies seeking access to public capital.

Digital access meets a stronger stock market

The Group’s earnings growth coincided with a strong performance by the Nigerian equities market.

The NGX All-Share Index gained 61.43% between the beginning of 2026 and September 30. Equity market capitalisation increased by 64.12%, from ₦99.38 trillion at the end of December 2025 to ₦163.10 trillion.

That represented an increase of ₦63.72 trillion in the value of listed equities over the nine-month period.

The market’s performance is important context for NGX Group’s results. Higher share prices and increased trading activity can encourage investor participation and generate more transaction-related income for the exchange group.

However, the results do not establish that digital access alone caused the increase in earnings. The company also identified higher trading volumes and a wider investor base as important drivers.

Operating efficiency improves

NGX Group’s operating expenses increased 56.8% to ₦14.7 billion, compared with ₦9.4 billion in the corresponding period of 2025.

Although costs rose, income grew faster, helping the Group reduce its cost-to-income ratio to 49.7% from 52.3%.

Operating profit increased 73.5% to ₦14.9 billion from ₦8.6 billion.

The company said higher operating costs reflected investment in personnel, technology, market infrastructure, investor education, issuer engagement and partnerships.

These investments are intended to support a larger and more digitally accessible market.

The Group has identified platform modernisation, data services and wider digital access as important parts of its technology roadmap.

CSCS contributes to earnings

NGX Group also benefited from its investments across the capital-market value chain.

Its share of profit from equity-accounted investees increased 69.6% to ₦5.7 billion, driven primarily by the Central Securities Clearing System Plc (CSCS).

The result highlights the contribution of businesses supporting the infrastructure behind securities trading, clearing and settlement.

As of September 30, NGX Group reported total assets of ₦79.1 billion and shareholders’ equity of ₦61.1 billion.

The Group also said shareholders received ₦8.2 billion in dividends during the period, an increase of 86.7%, alongside the one-for-three bonus issue approved in April 2026.

What the results mean for Nigeria’s capital market

NGX Group’s performance offers an indication of how rising investor activity can translate into earnings for the institutions operating the capital market.

Digital onboarding and self-service trading channels can make market participation easier, while increased trading volumes create more opportunities for transaction-related income.

But the sustainability of the growth will depend on whether investor participation remains broad-based, market activity is maintained, and the Group’s technology investments deliver greater efficiency.

For Nigeria’s capital market, the longer-term test is not only whether trading volumes and share prices continue to rise, but whether more people and businesses can access the market and use it to mobilise long-term capital.

NGX Group’s nine-month results show that the expansion in market activity is already contributing to stronger earnings. The next question is whether the Group can sustain that performance while building the infrastructure required for a deeper and more accessible market.