September 30, 2021/CSL Research FBN Holdings (FBNH) Interest Income in the first half of 2021 declined significantly (down 22.4% y/y) due to lower yields on interest-earning assets relative to H1 2020. However, growth in Non-Interest Revenue, reduced funding costs, lower Impairment Charge and moderate Opex growth resulted in a moderate […]

September 23, 2021/Proshare by FBNQuest Research Increased loss expected in FY ’21 following recognition of N11bn in impairments INTBREW reported a disappointing bottom-line in Q2 ’21, after incurring an impairment loss of NGN11.3bn. This impairment arose from fx losses on the company’s outstanding USD278m loan that was due for repayment […]

September 23, 2021/Proshare by FBNQuest Research   Material upward revision to our price target following rollover to FY ’22f Fidelity’s H1 ’21 PAT of NGN19.3bn is tracking ahead of management’s implied H1 guidance of NGN15-16bn, and implies an annualised ROAE (pre-OCI) of 14.2% vs. guidance of 12.2%. Q2 ’21 pre-provision profit missed […]