Culled—Proshare November 29, 2016/FBNQuest Research PT unchanged; 2016-17E EPS forecasts up 3% UAC of Nigeria’s (UACN) Q3 2016 results were quite encouraging following a run of very difficult quarters. The group posted sales and PBT growth of 20% y/y and 231% y/y to N20.9bn and N2.4bn resp. and were ahead […]
Results & Dividends
FCMB Group Q3 2016 Results Review – Weak Q3 Driven by Marked Spike in Provisions
Culled—Proshare November 28, 2016/FBNQuest Research Neutral rating maintained despite 44% reduction to our PT FCMB Group’s (FCMB) Q3 2016 results came in well behind our forecasts, largely because of a negative surprise in loan loss provisions. Although non-interest income grew strongly (due to fx gains of N17.0bn) and opex declined […]
FCMB Group Records 168% Growth in Non-Interest Income in Q3’16 Results Due to FX Gains
Culled—Proshare November 25, 2016/FBNQuest Research Event: FCMB Group reports Q3 2016 results Implications: Negative market reaction likely Positives: 168% y/y growth in non-interest income largely due to fx gains Negatives: Pre-tax loss of -N2.1bn driven by a significant spike in loan loss provisions Late yesterday, the NSE published FCMB Holdings’ […]
