Investors were badly beaten in local equities, as the benchmark index declined by 6.1% and the market capitalization contracted by N3.5 trillion to N55.5 trillion. Consequently, YtD return moderated to 31.36% as of April's end.
In FY’23, ZENITHBANK demonstrated its capability as a strong pure-play bank with hardy earnings growth (+202.3%). Contrary to our earlier views, NII was at the centre stage of gross earnings expansion (+124.0%), displacing the strong contribution (c.55.0%) we saw from NIR in H1’23.
Unilever Nigeria Plc (UNILEVER) has demonstrated remarkable resilience in maintaining its margins despite the country's economic realities. In Q1'24, UNILEVER reported a net income of N3.4 billion (+25.7% YoY), driven primarily by higher product pricing and increased volumes.
Following the release of GTCO's Q1'24 financial results, we have updated our assumptions and estimates for FY'24 and subsequent years.
UBA’s Q1 2024 unaudited numbers showed a strong 129.7% y/y growth in Interest Income to N440.8bn driven mainly by growth in Interest Income on Investment Securities, loans and on cash and bank balances. Net Loans to customers grew 39.5% in Q1 2024 compared with the December 2023 position, inclusive of the impact of devaluation on foreign currency loans. Interest Expense also grew strongly, up 93.9% y/y. Customer Deposits were up 23.4% in Q1 2024 compared with the December 2023 position. Overall, Net Interest Income was up 151.3% y/y to N300.7bn for Q1 2024 compared with N119.6bn for Q1 2023.
Presco Plc (PRESCO) in its audited FY 2023 results reported a 26.4% y/y growth in Revenue to N102.42bn from N81.03bn (FY 2022). However, on a q/q basis, Revenue was down 11.3% to N25.55bn (Q4 2023) from N28.8bn (Q3 2023) possibly due to the observed decline in CPO price during the quarter. The overall topline growth in the year was driven by improved sales of CPO, mill by-products and Fresh fruit Bunches (FFB).
