ETI’s Q1'22 result reflected a continuum in revenue consolidation from FY’21. The overall earnings improvement highlighted strong growth in its digital banking segment vis-à-vis non-interest income, and improved net interest margins on the back of the ascension in yields in most parts of its Pan African subsidiaries. We forecast a FY'22 earnings of $392.0 million (vs $394.1 million previously) on the potential impact of higher yields and sus- tained digital banking traction. Further aided by the sustained containment of operational cost, we estimate that dividend payout in FY’22 could poten- tially surpass that of the previous year (0.16 US cents).