March 1, 2021/Cordros Report MTN Nigeria Communications Plc (MTNN) released its Q4-20 audited results yesterday (February 28) with revised 2019 numbers. The group reported EPS of NGN3.00 (+0.9% y/y), bringing the 2020FY EPS to NGN10.08 (+0.9%). The achieved EPS is in line with our estimate (-0.4% variance) and consensus estimate […]
Results & Dividends
Zenith Bank Q4 2020 Results Review: Favourable Risk Reward Relative to Peers
February 26, 2021/Proshare by FBNQuest Research 8% increase to price target Zenith Bank’s (Zenith) Q4 ’20 results showed that revenues and PBT beat our forecasts soundly, mainly because of a positive surprise in non-interest income. Fx revaluations gains of NGN22.9 (vs -NGN1.9bn Q4 ’19) drove the variance in non-interest income, […]
Zenith Q4 2020 Initial Impression: FX Revaluation Gain Supports Earnings
February 26, 2021/InvestmentOne Report · Net interest income of N74.50billion, up 9.94%q/q , 42.17%y/y · Non-interest income of N78.26billion, up 37.29%q/q, 3.84%y/y. · Profit before tax of N78.58billion, up 24.41%q/q, 17.08% y/y. · Profit after tax of N71.25billion, up 28.40%q/q, 22.59%y/y. FX Revaluation Gain Offsets the jump in Credit Losses […]
