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NPF Microfinance Bank Plc is a niche microfinance lender anchored to the Nigerian Police Force payroll base, delivering a structurally elevated ROE of 27.6% (FY2025) on a modest equity base of ₦14.6bn, with earnings per share growing from ₦0.12 in FY2021 to ₦0.67 by FY2025 — a near 5.7× expansion over four years. At the current price of ₦4.20, the stock trades at 1.72× P/B against a justified P/B of 1.68× (ROE 27.6%, CoE 18%, g 4%), suggesting the market has largely but not fully priced in the quality premium. The mixed committee score — positive quality and risk offset by negative value and momentum — corroborates a view that the stock is fairly priced rather than compellingly cheap.

Verdict published 2026-08-11 · fundamentals through Q2-2026 · reviewed as the data changes