Earnings Report /
Nigeria

Stanbic IBTC: Q2 21 – earnings continue to falter; we cut our target price

  • Q2 21 profit fell 56% yoy and was below our forecast, due to lower trading revenue and compressed margins

  • Asset quality metrics were positive, with the NPL ratio down to 3.2%. Restructured loans also fell, to 2% of gross loans

  • We reiterate our Buy rating, but decrease our 12-month TP from NGN53.6 to NGN47, as CRR debits continue to hit margins

Busola Jeje
Busola Jeje

Research Analyst

Tellimer Research
17 September 2021
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