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.
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CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer
The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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