Following FCMB’s impressive Q1’22 performance, we revise our FY’22 earnings expectation upwards to N23.8billion (vs N20.8 billion previously). Our robust earnings expectation primarily reflects an expected increase in net interest income on the impact of higher yields and an improved asset base. In addition, we believe that the bank’s digital banking efforts should further bolster revenue from net fees and commissions. Nevertheless, a significant downside risk to our expectation is the bank’s elevated operational cost.