November 21, 2025/Cordros Report In this note, we lower our year-end target price for ZENITHBANK to NGN72.01/s from NGN73.83/s, reflecting a downward revision to earnings forecasts driven by weaker loan growth expectations and a deeper contraction in non-interest income. Our revised 2025E EPS is now NGN24.40 (-25.8% y/y), compared to […]

November 21, 2025/Cordros Report We have updated our assumptions for UBA, reducing our year-end TP to NGN49.15/s (previous: NGN58.28/s) and maintaining our “BUY” rating on the stock. The decline in our TP stemmed from (1) the reduction in our 2025E gross DPS to NGN3.75/s (previous: NGN5.10/s), and the lowering of […]

November 20, 2025/Cordros Report In this update, we reduced our year-end target price for GTCO to NGN86.39/s (previously: NGN87.14/s) and downgraded the stock to “HOLD”, largely due to a weaker non-interest income. Specifically, the significant drop in fair value gains prompted a downward revision to non-funded income and a lower […]