Results & Dividends

Nestle Nigeria Q4 2019 Results Review: Subdued Growth Exp. Over the 2020-21E Period

Culled—Proshare March 11, 2020 FBNQuest Research Outperform rating maintained  Nestle Nigeria’s (Nestle) earnings declined -11% y/y to N8.8bn, missing our estimate by around 42%. The primary driver for this variance was a negative surprise in operating expenses which came in 23% above our estimate. Through 2019, management heavily invested in […]

Access Bank Q4 2019 Results Review: Maintaining Outperform Rating

Culled—Proshare March 11, 2020 FBNQuest Research 4% cut to our 2020E EPS and price target Access Bank’s (Access) Q4 2019 PBT missed our forecast by 56% due to negative surprises in non-interest income and loan loss provisions. The negative surprise in non-interest income was underpinned by a net fx loss […]

Access Bank FY 2019 results: Solid growth, slight fall in RoAE

March 10, 2020/Coronation Report Access Bank reported audited FY 2019 results on Friday. Net Profits were reported at N97.5bn (US$270.8m), up 2.7% from the previous year. Net Interest Income (NII) was up 59.7% y/y.   Access Bank proposes a total dividend of N0.65/s which (inclusive of an earlier interim dividend […]