May 8, 2025/Cordros Report In this report, we update our outlook and estimates for TOTAL for 2025E. So far this year, the company’s performance has been underwhelming, with a loss per share of NGN0.35 reported in Q1-25, reflecting a decline in revenue (-17.9% y/y) and still biting cost pressures (-16.0% […]
Results & Dividends
Zenith Bank Plc Q1-25 Update: We Expect Profitability to Remain Sturdy
May 8, 2025/Cordros Report ZENITHBANK’s Q1-25 results aligned with our expectations. The bank recorded a 20.7% y/y growth in profit after tax as the strong core growth of 71.5% y/y offset the 67.1% y/y decline in non-core income. For 2025E, we forecast a 34.8% y/y growth in funded income (previously: […]
United Bank for Plc Q1-25 Update: Diversified Earnings Profile Underpin Compelling Upside
May 8, 2025/Cordros Report In Q1-25, UBA recorded a 37.3% y/y growth in gross earnings driven by growth across both core (+36.1% y/y) and non-core (+44.2% y/y) income. Looking ahead, we revise our gross earnings forecast upward (2025E: +26.7% y/y | previously: +23.4% y/y), underpinned by a 24.7% y/y and […]
