Culled—Proshare 29/8/2017/FBNQuest Research Event: Stanbic IBTC Holdings reports Q2 2017 results Implications: Upward revsions to consensus earnings forecasts likely Positives: PBT and PAT up 94% y/y and 169% y/y respectively Negatives: Significant spike in loan loss provisions; opex also up by double-digits This morning, Stanbic IBTC (Stanbic) published its Q2 2017 results which […]
Results & Dividends
Flour Mills of Nigeria: Core Momentum Inspires Fresh Upside
Culled—Proshare 29/8/2017/ ARM Research The stone the builders rejected… Prior to the FX-induced equity rally in Nigeria, the food sub-sector bore the brunt of a challenging macro-economic environment as investors priced in effects of constrained consumer income, naira depreciation and high interest rate on the performance of food producers. The […]
United Bank for Africa Plc: Upward Revision to 2017F Estimates
August 29, 2017/Cordros Research In its recently released H1-17 results, UBA recorded a significant growth in gross earnings (+34.51% y/y), driven by impressive growth across income lines – interest income (+44.25%) and non-interest revenue (+16.01%). Over H2, we believe the improved yields on interest earning assets (expanded 205 bps to […]
