FCMB Group: Q1 21 profits drop on lower asset yields and trading gains
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FCMB's profit was weaker than expected, due to lower revenues from interest earning assets and trading revenue
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Capital adequacy ratio declined to 16.5%, increasing the likelihood for a tier 2 capital raise in the near term
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We maintain our Buy rating. Management expects the AIICO acquisition to be finalised this month
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.