Culled—Proshare October 18, 2017/FBNQuest Research 6% Cut to Our Earnings Estimates and Price Target UBA’s Q3 2017 PBT came in weaker than expected, mainly because of a negative surprise in opex (c. 11% higher than our forecast). To a lesser extent, subdued funding income (c. 5% lower than our estimate) […]
Results & Dividends
UBA Plc – Weighed By Expensive Funding
Culled—Proshare October 17, 2017/ARM Research As market watchers say, late Friday is the best time to release bad earnings while early Monday is the perfect timing for an impressive result. With this in mind, UBA’s early release on Monday was initially greeted with optimism, with a more critical assessment of […]
UBA Plc – Strong Earnings Run Rate Despite Marginal Miss
Culled—Proshare October 17, 2017/Vetiva Research Gross Earnings up 26% y/y – 7% ahead of our estimate · Strong FX trading income masks high costs, amidst improving FX liquidity · We maintain our 8% loan growth forecast, Ytd 6% · Target price revised marginally lower to N9.32 (Previous: N9.74) Strong y/y […]
