Yesterday, Fidelity Bank (Fidelity) reported Q3 2014 results which showed strong double digit y/y growth in both PBT and PAT of around 60%. The strong y/y growth was expected because Q3 2013 was a particularly weak quarter. As such, the Q3 2014 earnings growth rates were boosted by base effects. Sequentially, the picture was subdued, with PBT falling -20% q/q while PAT was up slightly, by 4% q/q.
9M2014 revenue declines by 12.1% y/y In its nine months result to September 2014, Cadbury Nigeria posted revenue of N23.31billion, i.e. a decline of 12.2% compared with N26.55billion in the previous year. On a quarterly basis, the company recorded revenue of N7.99billion in 3Q2014, down by 4.9% and 12.3% compared with N8.40billion and N9.12billion respectively in the second quarter of the year and the third quarter of 2013.
This afternoon Skye Bank (Skye) published its Q3 2014 results which showed that PBT and PAT both grew by 26% y/y to N5.1bn and N4.1bn respectively. Profit before provisions grew by just 5% y/y (due to some reclassification in 2013, we prefer not to comment in detail on y/y movements on the separate income lines) and combined with a 1.7% y/y reduction in opex to more than offset a 17.7% y/y increase in loan loss provisions to drive the double-digit growth in PBT.
Today, BETAGLAS recorded an active bargain tendency to end the session with moderate gain of +5.00% while hitting new high in the year with an upper breakout, following a prolonged lacklustre trading pattern.
The Nigerian Stock Exchange (NSE) as part of its commitment to improve liquidity and deepen the market announced that a new stock will be joining the league of High Priced Stocks. The stock announced is Seven-Up Bottling Company Plc. The Exchange’s Head of Market Surveillance, Mr. Abimbola Babalola stated that the analysis of the trading activities of Seven-Up indicated that in the last six months the company has met the criteria set by the Exchange and thus has been included among the High Priced Stocks.
Our views on the results: Stanbic’s 9M-14 results are commendable in our view, given that it has maintained a stronger-than-expected growth at the top-line and at the bottom-line. The annualised 9M-14 EPS of N3.10 is ahead of the market’s expectation of N2.53 for FY-14E.
Stanbic IBTC Holdings (Stanbic) Q3 2014 results which have just been published show that the bank was very close to delivering another record quarter of earnings. Q3 PBT of N10.4bn was only 2% shy of the record results which the bank delivered in Q2 2014.