Sept 6, 2016/InvestmentOne Research Downgrade to a SELL despite +64.9% increase in PBT forecast on FX gains. Following FBNH’s Q2 2016 results which showed a +8.1% q/q improvement in PBT, we raised our 2016E PBT forecast by +64.9% to reflect the FX gains on revaluation. The increase in FX gains […]
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UBA confirms 25% subsidiaries’ contribution to profit
6/9/2016/Punch Stanley Opara The Group Managing Director/ CEO, United Bank for Africa, Mr. Kennedy Uzoka, has said the banks African subsidiaries contributed 25 per cent of the group’s profit and account for over a quarter of its overall total deposit base, which is largely made up of low-cost savings and […]
UBA Records Strong YTD Performance; Shares Still Cheap
Sept 01, 2016/FBNQuest Research Limited changes to estimates, price target On the back of UBA’s Q2 2016 results, we have raised our 2016E earnings forecasts substantially to reflect the fx-related gains which boosted the results. However, our 2017E estimates see modest revisions because the underlying results were in line. We […]
