October 27, 2017/Cordros Research CADBURY released Q3-17 result yesterday, showing revenue growth of 9.3% y/y and PAT of N702 million, from a loss reported in Q2. Also worthy of note is that the reported profit is CADBURY’s single-quarter largest since Q4-15, thanks to significant expansion of gross margin. Compared to […]
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Access Bank: Declines in Loan Loss Provision, Opex Supported PAT Growth 26.04% Q/Q
October 27, 2017/Cordros Research Access Bank Plc (ACCESS) yesterday released its Q3-17 results, wherein gross earnings (9.31% q/q and 18.26% y/y, in line with our estimate) came in lower relative to Q2-17. This follows lackluster performance across income lines – interest income grew lower than expected (1.69% q/q and […]
FBN Holdings: Lackluster Performance Across Income Lines, PAT Up 24.44% q/q and 145.47% y/y
October 27, 2017/Cordros Research First Bank of Nigeria Holdings Plc (”FBNH”) released unaudited Q3-17 results yesterday, wherein gross earnings grew marginally by 1.85% q/q and 0.40% y/y (1.77% above our estimate), while PBT and PAT rose 28.01% q/q (71.19% y/y) and 24.44% q/q (145.47% y/y), respectively. The growth in earnings […]
