2022 was a challenging year for the banking sector owing to several factors such as the global economic downturn stemming from the Russia-Ukraine crisis, harsh domestic macroeconomic conditions and Ghanaian debt related impairments. The banking sector generally recorded a growth in their topline majorly on the back of higher interest rate; however, as inflation remained...
Our conviction stocks closed higher in November, gaining 1.8% m/m, underperforming the ASI by 1.2ppts. Our picks have yielded a return of 71.2% YTD, outperforming the ASI by 32.0ppts. Starting with the Consumer Goods sector, it was a mixed month as DANGSUGAR eased 7.94% m/m, while NESTLE (+9.5% m/m) closed in the green. All in,...
Analyst: Olumide Sole* In its Q3 financial statements, ZENITHBANK reported a 68% y/y jump in Gross Earnings to ₦362 billion, 8% below our estimate of ₦392 billion. This improvement was majorly a result of the expansion of the bank’s loan book in Q3 amid elevated interest rates, as Interest Income grew 71% y/y to ₦256...
Analyst: Olumide Sole* Target price: ₦10.00 Rating: BUY Fidelity Bank released its Q3’23 financial statements, reporting Gross Earnings growth of 82% to ₦156 billion figure (Vetiva: ₦131 billion). This impressive growth came as a result of an 82% y/y increase in Interest Income to ₦135 billion (Vetiva: ₦121 billion), driven by a 33% y/y...