Banking Sector Update | FY’10 Earnings Season Looms

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March 21, 2011, Vetiva Research
 
 
As a confirmation of our earlier market intelligence that the Nigerian Accounting Standards Board (NASB) has given its consent to the CBN’s request for a waiver on the 1% general provisions on Performing Loans, the NASB has officially issued a circular to all the banks, communicating its new position.
 
In addition, the Board also made an official publication in the dailies. Hence, we reiterate the outlook on our coverage banks.
 
It is important to state that some results have been approved by the CBN and should be made public this week as the Boards of these banks meet to deliberate on issues relating to corporate actions. We expect Guaranty Trust Bank Plc, United Bank for Africa Plc, Zenith Bank Plc, and Stanbic-IBTC Bank Plc to lead the pack in terms of earnings release.
 
Please find attached  the earlier report wherein we communicated the new position of the NASB, as well as the media publication by the NASB.
 
Please note that we have updated the share prices to reflect Friday’s close.
 
 
Kindly Download Reports Here : 
         
NASB Publication
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