August 31, 2018/Cordros Report Update: Today, PZ released Q4-18 and 2018FY results, with the Board proposing NGN0.15/share dividend on 2018FY net profit of NGN1.93 billion (-48% vs. 2017FY; Cordros estimate: -44%). Q4-18 rounds off a disappointing year: In the three months to May 2018, reported net profit was lower by […]
Results & Dividends
Access Bank Q2 2018 Initial Impression: Uninspiring Non-Interest Income Weighs Down PBT
August 30, 2018/InvestmentOne Report Net interest income of N40.6billion, down 9.0% q/q; up 0.8% y/y Non-interest income of N24.3billion, down 41.8% q/q, 49.3% y/y Profit before tax of N18.4.0billion, down 32.9% q/q; 24.7% y/y Profit after tax of N17.5billion, down 20.8% q/q; up 2.7% y/y Late yesterday, Access Bank released […]
Access Bank Reports Q2 2018 Results – PBT and PAT Both Declined by 23% YoY
Culled—Proshare August 30, 2018/NSE Event: Access Bank reports Q2 2018 results Implications: Access Bank’s Q2 2018 PBT of N18.4bn tracks behind ours and consensus 2018 PBT forecast N88.0bn and N89.0bn respectively. Historically, the final quarter of the year is usually its weakest. Consequently, we expect to see marked downward revisions […]
