Earnings Flash

The HY 2021 result of Fidelity Bank Plc showed that interest income declined by 2.89% from N87.62 bn in HY 2020 to N85.09 bn in the current period. Net interest income increased by 4.09% to N50.30 bn in HY 2021 from N48.32bn in HY 2020. Profit before tax increased by 72.43% from N11.96 bn recorded in HY 2020 to N20.63 bn in the current period. Profit after tax increased by 70.80% from N11.30 bn in HY 2020 to N19.31 bn in HY 2021, despite a 100% surge in income tax expense. Earnings per share increased by 71.79% from N0.39 in HY 2020 to N0.67 in the current period. Fidelity Bank currently trades at N2.30.

Please find here FidelityBank Plc HY’2021 result analysis

The HY’2021 result of UBA Plc showed that Interest income advanced by 8.29% from N205.59bn in HY’2020 to N222.63 bn in the current period. Net interest income increased by 24.09% to N148.07 bn in HY’2021 from N119.32 bn in HY’2020.  Profit before tax advanced by 33.36% from N57.13bn recorded in HY’2020 to N76.19 bn in the current period. Likewise, profit after tax advanced by 36.35% from N44.43 bn in HY’2020 to N60.58 bn in HY’2021. Consequently, earnings per share went up by 36.29% from N1.24 in HY’2020 to N1.69 in HY’2021. The company proposed an interim dividend of N0.20. UBA currently trades at N7.85.

Please find here UBA Plc HY’2021 result analysis

GTCO Plc HY’2021 showed that interest income declined by 17.97% from N153.71 bn in HY’2020 to N126.09 bn in the current period. Net interest income went down by 16.11% from N127.62bn in HY’2020 to N107.06 bn in HY’2021. Profit before tax also declined by 15.18% from N109.71 bn in HY’2020 to N93.06 bn in the current period. Profit after tax went down by 15.76% from N94.27 bn in HY’2020 to N79.41 bn in the current period. Consequently, GTCO recorded a 16% fall in earnings per share from N3.32 in HY’2020 to N2.79 in HY’2021. The company proposed an interim dividend of N0.30. GTCO currently trades at N27.10

Please find here GTCO Plc HY’2021 result analysis

Stanbic Plc HY’2021 showed that interest income declined by 19.77% from N55.13 bn in HY’2020 to N44.23 bn in the current period. Net interest income went down by 12.44% from N37.55 bn in HY’2020 to N32.88 bn in HY’2021. Profit before tax declined by 52.85% from N52.41 bn in HY’2020 to N24.71 bn in the current period. Profit after tax went down by 50.13% from N45.20 bn in HY’2020 to N22.54bn in the current period, despite a 69.95% decline in income tax expense. Consequently, Stanbic recorded a 54.18% decrease in earnings per share from N4.19 in HY’2020 to N1.92 in HY’2021. The company proposed an interim dividend of N1.00. Stanbic currently trades at N39.75.

Please find here Stanbic Bank Plc HY’2021 result analysis

Dangote Sugar Plc. showed that Revenue grew by 33.03% from N161.09 bn in FY’2019 to N214.30 bn in FY’2020. Similarly, gross profit increased by 40.38% to N53.75 bn in FY’2020 from N38.29 bn in FY’2019. The increase in gross profit was driven by the surge in revenue despite a 30.74% hike in cost of sales. Profit from operations advanced by 48.46% from N29.93 bn in FY’2019 to N44.44 bn in FY’2020, due to a 49.67% increase in other income and a 16.83% decline in selling and distribution expenses. Profit before tax grew by 52.98% to N45.62bn in FY’2020 from N29.82 bn in FY’2019. Profit after tax grew by 33.15% from N22.36 bn in FY’2019 to N29.77 bn in FY’2020, despite a 112.5% increase in income tax expenses. Consequently, earnings per share rose by 31.02%, from N1.87 in FY’2019 to N2.45 in FY’2020. Dangote Sugar has a BVPS of N10.39, P/BV of 1.73x and P/E ratio of 7.35x. The stock currently trades at N18.00.

Please find here Dangote Sugar Plc FY-2020 result analysis

The Q4’2020 result of Zenith Plc showed that Interest income advanced by 1.26% from N415.56 bn in Q4’2019 to N420.81 bn in the current period. Net interest income increased by 12.23% to N299.68 bn in Q4’2020 from N267.03 bn in Q4’2019. The increase in net interest income was driven by a 18.45% decline in interest expense. Likewise, profit before tax advanced by 5.17% from N243.29 bn recorded in Q4’2019 to N255.86 bn in the current period. The growth in profit was driven by a 256.89% and 3.29% increase in other operating income and trading income, respectively, but subdued by a 64.51% hike in impairment charge and a 20.75% fall in net fees and commission income. Profit after tax grew by 10.40% from N208.84 bn in Q4’2019 to N230.57 bn in Q4’2020, due to a 26.57% decline in income tax expense. Consequently, earnings per share went up by 10.38% from N6.65 in Q4’2019 to N7.34 in Q4’2020. Zenith currently trades at N26.00.

Please find here the Zenith Q4 2020 Earnings Flash snapshot

Dear Client/Reader,

Stanbic Plc HY’2020 showed an increase in bottom-line result as profit for the period grew by 24.72%. Interest income declined by 9.30% from N60.78 bn in HY’2019 to N55.13 bn in the current period. Net interest income went down by 4.48% from N39.31 bn in HY’2019 to N37.55 bn in HY’2020. Profit before tax advanced by 17.37% from N44.65 bn in HY’2019 to N52.41 bn in the current period. The increase in profit before tax is attributable to a 94.63% increase in trading income, and supported by declines in key expenditure line items, such as; the fees and commission expense and operating expense, which both went down by 5.41% and 3.06%, respectively. Profit after tax went up by 24.72% from N36.25 bn in HY’2019 to N45.20 bn in the current period, due to a 14.31% decline in income tax expense. Consequently, Stanbic recorded a 22.51% increase in earnings per share from N3.42 in HY’2019 to N4.19 in HY’2020. The company proposed an interim dividend of N0.40. Stanbic currently trades at N37.50.

Please find attached GTB Plc HY-2020 result analysis.  

Regards,

Click here for the full result analysis.

Dear Client/Reader, 

The HY’2020 result of UBA Plc showed that Interest income advanced by 0.34% from N204.89 bn in HY’2019 to N205.59 bn in the current period. Net interest income increased by 8.36% to N119.32 bn in HY’2020 from N110.12 bn in HY’2019. The increase in net interest income was driven by the rise in interest income and an 8.97% drop in the interest expense. In a similar tune, operating income increased by 7.70% from N182.64 bn in HY’2019 to N196.71 bn in the current period, on the back of a 6.73% and 7.52% increase in fees and commission income and net trading and foreign exchange income, respectively. However, profit before tax declined by 18.71% from N70.27 bn recorded in HY’2019 to N57.13 bn in the current period. The decline in profit was due to a 150.22% and 20.57% increase in net impairment loss and operating expenses, respectively. Likewise, profit after tax declined by 21.69% from N56.74 bn in HY’2019 to N44.43 bn in HY’2020. Consequently, earnings per share went down by 23.46% from N1.62 in HY’2019 to N1.24 in HY’2020. The company proposed an interim dividend of N0.17. UBA currently trades at N6.45.

Please find attached UBA Plc HY-2020 result analysis.  

Regards,

Click here for the full result analysis.

Dear Client/Reader, 

Stanbic Plc HY’2020 showed an increase in bottom-line result as profit for the period grew by 24.72%. Interest income declined by 9.30% from N60.78 bn in HY’2019 to N55.13 bn in the current period. Net interest income went down by 4.48% from N39.31 bn in HY’2019 to N37.55 bn in HY’2020. Profit before tax advanced by 17.37% from N44.65 bn in HY’2019 to N52.41 bn in the current period. The increase in profit before tax is attributable to a 94.63% increase in trading income, and supported by declines in key expenditure line items, such as; the fees and commission expense and operating expense, which both went down by 5.41% and 3.06%, respectively. Profit after tax went up by 24.72% from N36.25 bn in HY’2019 to N45.20 bn in the current period, due to a 14.31% decline in income tax expense. Consequently, Stanbic recorded a 22.51% increase in earnings per share from N3.42 in HY’2019 to N4.19 in HY’2020. The company proposed an interim dividend of N0.40. Stanbic currently trades at N37.50.

Please find attached STANBIC Plc HY-2020 result analysis.        

Regards,

Click here for the full result analysis.