Equity Analysis /
Nigeria

FBN Holdings: FBN HOLDINGS: Strong earnings momentum, but valuation is fair; reiterate Hold

    Olabisi Ayodeji
    Olabisi Ayodeji

    Equity Research Analyst, Banks (Africa)

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    Tellimer Research
    1 August 2018
    Published byTellimer Research
    In our view, the group is now fairly priced in the context of its steady capital ratios and strong internal capital generation. That said, we continue to see asset quality as a key risk for FBNH, as NPLs remain elevated given delays to expected recoveries.