July 30, 2019/Cordros Report The Holdco released its unaudited H1-19 results, which showed that the Holdco’s NPL declined to 14.5% from 25.9%, as the largest NPL on the books (Atlantic Energy) was written off completely. This is positive, and in line with the management’s expectation to deliver a single-digit NPL […]
Investors Bite
Flour Mills of Nigeria Plc: A Promising Beginning
July 30, 2019/Cordros Research Q1-20 Update: From a finance cost-induced negative EPS in Q4-19 (end-Mar 19), FLOURMILL reported an impressive EPS growth of 16.5% y/y in Q1-20 (end-Jun 19). The upsurge in earnings largely stemmed from the blend of lower effective taxes (-700 bps) and material decline in finance charges […]
FBN Holdings Plc H1 2019: Declining NPLs Take Center Stage
July 30, 2019/InvestmentOne Report Net interest income of N72.5billion, down 2.2% q/q; down 2.0% y/y Non-interest income of N30.7billion, up 5.2% q/q, up 0.6% y/y Profit before tax of N20.6billion, up 6.5% q/q; up 2.6% y/y Profit after tax of N15.9billion, up 0.8% q/q; down 5.4 y/y FBNH kicked […]
