October 27, 2017/Cordros Research DANGSUGAR released Q3-17 result yesterday, showing revenue declined 1% y/y while EBITDA (226% y/y) and PAT (244% y/y) grew strongly. Continued stronger gross margin and tamed opex, primarily, in addition to higher investment income, was the lever for earnings growth. Annualized, the revenue and PAT reported […]
Results & Dividends
Access Bank: Declines in Loan Loss Provision, Opex Supported PAT Growth 26.04% Q/Q
October 27, 2017/Cordros Research Access Bank Plc (ACCESS) yesterday released its Q3-17 results, wherein gross earnings (9.31% q/q and 18.26% y/y, in line with our estimate) came in lower relative to Q2-17. This follows lackluster performance across income lines – interest income grew lower than expected (1.69% q/q and […]
FBN Holdings: Lackluster Performance Across Income Lines, PAT Up 24.44% q/q and 145.47% y/y
October 27, 2017/Cordros Research First Bank of Nigeria Holdings Plc (”FBNH”) released unaudited Q3-17 results yesterday, wherein gross earnings grew marginally by 1.85% q/q and 0.40% y/y (1.77% above our estimate), while PBT and PAT rose 28.01% q/q (71.19% y/y) and 24.44% q/q (145.47% y/y), respectively. The growth in earnings […]
