Earnings Report /
Nigeria

FCMB Group: Q3 21 earnings surprise on lower risk costs, upgrade to Buy

  • The holding group reported a 42% growth in after tax profits, well ahead of our expectation for a 29% drop

  • The group's cost management continues to be a concern, with Q3 cost to income ratio north of 70%

  • We upgrade FCMB to Buy after share price dip, we like ongoing efforts to drive customer acquisition via digital channels

Busola Jeje
Busola Jeje

Research Analyst

Tellimer Research
30 November 2021
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