April 25, 2023/CSL Research Stanbic Q1 2023 unaudited numbers showed a 53%y/y increase in Interest Income to N50.4bn driven by improved yields on risk assets. Net Loans to customers declined marginally, down 0.6% in Q1 2023 from December 2022. Interest Expense also grew strongly, up 47% y/y to N14.0bn. Customers […]

April 21, 2023/CSL Research Access Holding’s FY 2022 Audited numbers showed a 37.5% y/y growth in Interest Income driven by growth in Interest Income on Net Loans to Customers (up 22.6% y/y) and Interest Income on Investment Securities. Interest Expense also grew strongly, up 55.8% y/y and 19.1% above our forecast […]

April 20, 2023/Cordros Report We update our views on ZENITHBANK (BUY, TP: NGN34.36), UBA (BUY, TP: NGN13.67) and GTCO (BUY, TP: NGN31.70). For ZENITHBANK, we increase our TP by 27.7% to NGN34.36/s (previously: NGN26.91/s) and maintain our “BUY” rating. The increment to our TP is based on our expectations of higher interest income buoyed […]