Ahead of banks' Q3 earnings release, we share our expectations for our coverage in this report. We expect Q3 earnings to grow vs Q2'21 and Q3'20, respectively. Our earnings expectation is premised on higher quarterly yields (following interest rate normalization from last year's weakness) and higher net fee income. However, this projected Q3 improvement is unlikely to paper over the H1'21 cracks for banks such as FCMB, GTCO and STANBIC, who, in our view, are still likely to report weaker 9M'21 earnings.
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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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