October 24, 2017/Cordros Research In its recently released Q3-17 results, UBA recorded decline in gross earnings (8.46% q/q), driven largely by 38.60% q/q decline in NIR (+26.55% y/y), which muted the growth in interest income (6.33% q/q and 10.01% y/y). However, over 9M-17, gross earnings grew by 25.75% (against our […]
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FCMB Group Seeks to Acquire Additional 60% Stake in Legacy Pension Managers
October 23, 2017/NSE FCMB Group Plc (Bloomberg: FCMB) hereby notifies the Nigerian Stock Exchange (“NSE”) that FCMB Group Plc (“FCMB”) has entered into an agreement with other shareholders of Legacy Pension Managers Limited (“Legacy”), for the acquisition of an additional 60% stake in Legacy. The proposed acquisition will increase FCMB’s […]
Seplat Q3 2017 Results: Net Finance Costs Up 10% YoY To $20m
Culled—Proshare October 23, 2017/FBNQuest Research Implications: Neutral to slightly positive reaction from the market likely Positives: Sales of US$147m up 146% y/y and 74% q/q, boosted by a significant (+292% y/y) rise in oil sales Negatives: Net finance costs up 10% y/y to US$20m This morning, Seplat Petroleum Development Company (Seplat) […]
