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 […]

April 20, 2023/Cordros Report Access Holdings Plc (ACCESSCORP) released its 2022FY results this morning, showing a 3.1% y/y decline in EPS to NGN4.44 (2021FY: NGN4.58), despite its top-line crossing the NGN1.00 trillion mark. The decline in the group’s earnings can be attributed to the higher impairment charges (+137.7% y/y) in […]