October 31, 2025/Cordros Report United Bank for Africa (UBA) released its unaudited 9M-25 financials, reporting a 10.5% y/y decline in earnings per share (EPS) to NGN13.56 (9M-24: NGN15.15). This decline partly stemmed from the issuance of additional outstanding shares by the bank. Nonetheless, profit after tax increased modestly by 2.3% […]
Results & Dividends
Zenith Bank Plc 9M-25: Earnings Taper Amid Softer Trading Income and Higher Impairment Charges
October 31, 2025/Cordros Report Zenith Bank Plc (ZENITHBANK) published its unaudited 9M-25 financial results, reporting a 29.4% y/y drop in earnings per share (EPS) to NGN18.60 billion (9M-24: NGN26.34). The earnings contraction reflected a sharp drop in non-interest income (-37.5% y/y) and elevated credit impairment charges (+63.6% y/y), which offset […]
Guinness Nigeria Plc 15M-25 Update: Moderating Assumptions Reflect a More Balanced Outlook
October 31, 2025/Cordros Report We update our view on Guinness Nigeria Plc (GUINNESS) following their recently released results. In Q3-25, the brewer recorded gross and EBITDA margins expansions of 66bps y/y and 33bps y/y to 37.1% and 20.9%, respectively, reflecting strong topline growth (+64.7% y/y) and improved cost efficiency, amid […]
