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Tuesday, September 22, 2020

Fitch’s Negative Outlook on UBA Subsidiaries Linked to Parent Action

Banks in Nigeria have started to scale back their operating expenses as they begin to "right-size" their staffing needs to remain competitive and protect business margins. A clear example of the emerging shift in industry strategy occurred in January 2020 when the United Bank of...

GTBank Q4 2019 Results Review: >25% ROAE in View Despite Modest EPS Growth

10% increase to our 2020-21E EPS forecasts GT Bank’s (GTB) Q4 2019 PBT came in ahead of our forecast due to positive surprises in pre-provision profits and loan loss impairments. Consequently, we have increased our 2020-21E earnings forecasts by c.10% on average. Our new price...

Stanbic IBTC Q4 2019 Results Review: Sell-off Overdone Taking a Long Term View

by FBNQuest Research 9% avg. increase to our 2020-21E EPS forecasts Despite visible macroeconomic headwinds for 2020E largely due to external factors, Stanbic IBTC’s (Stanbic) management has guided to a 2020E ROAE of 25-30%. Management sees strong AUM growth of 15-20% y/y, stable NIMs of...

Access Bank FY 2019 results: Solid growth, slight fall in RoAE

Access Bank reported audited FY 2019 results on Friday. Net Profits were reported at N97.5bn (US$270.8m), up 2.7% from the previous year. Net Interest Income (NII) was up 59.7% y/y. Access Bank proposes a total dividend of N0.65/s which (inclusive of an earlier interim...

ARDOVA PLC declares 31% Revenue boost, Nets N3.915bn in FY’19

The full year financial report of Ardova Plc for the period ended, 31 December 2019, released on 2nd of March, 2020, revealed that the gross earnings of the firm rose by 31.06% to about N176bn when compared with N134bn recorded same period in...

MTN Nigeria 2019FY: Performance in line with expectations; strong growth continues

By Cordros Research Event: MTN Nigeria Communications Plc (MTNN) released its Q4-19 and 2019FY audited results after close of market last Friday (28 February 2020), in which the company reported an EPS growth of 75.5% in Q4, underpinned by accelerating topline growth and lower operating...

Nestle Nigeria Plc 2019FY: Q4 Earnings Weighed by Higher Effective Tax

Event: NESTLE published Q4-19 and 2019FY results yesterday, which showed that the company’s EPS declined by 10.6% y/y in Q4. The y/y EPS decline was weighed by higher finance costs and effective tax rate, both of which offset the strong operational performance. On the...

UBA FY-19 First Glance: Strong FY-19 Performance Recorded

UBA PLC recently released its audited FY-19 numbers, which showed that the bank recorded a 14.6% y/y EPS growth to NGN2.52 for the fiscal year. The momentum which was witnessed through most of the year tailed off a bit in Q4, however, that wasn’t...

Dangote Cement Plc 2019FY-Price War: Unwarranted Pandemonium

Relative to 2019, when we were impulsive on cement prices, we struggle to any material upside for selling prices going forward. Management reiterated its commitment towards keeping prices stable while maintaining market share despite the aggressive competitive landscape especially in Nigeria; we have a...

GTBank 2019FY First Glance: Industry-Best Efficiency Supports Performance

GUARANTY recently released its audited FY-19 numbers, which were in line with the performances posted right through the quarters of the year. EPS settled 6.4% higher year-on-year at NGN6.96/s. The performance was supported by moderate growth in both interest and non-interest income, alongside industry-best...
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