Core banking to drive growth 2023 was a challenging year for the banking sector globally, as the sector suffered from the fallout of regional banks in the U.S amid tighter monetary policies, confluence of geopolitical tensions, economic uncertainties, and technological advancements. However, SSA banks proved resilient amid headwinds, with Nigerian banks leading the pack, owing...
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...