Earnings Report /
Nigeria

FBN Holdings: FBN Holdings: Q2 21 – Management announces 2024 strategic plans; reiterate Buy

  • Q2 profit growth was in line with our estimates, but earnings quality was low due to volatile and one-off incomes

  • Given the positive outcomes of the asset clean-up strategy, management has now shifted focus to boosting profitability

  • We retain our Buy recommendation on FBNH on the group's growing agency banking franchise and asset quality improvements

Busola Jeje
Busola Jeje

Junior Research Analyst

Tellimer Research
3 August 2021
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