Earnings Report /
Nigeria

FBN Holdings: Weaker Q3 21 earnings on lower revenue and higher taxes, downgrade to Hold

  • FBNH reported an 87% yoy drop in net attributable profit. Profitability ratios were significantly lower for the quarter

  • The holdco will have a new managing director from January, who has a positive track record managing Fidelity Bank

  • We downgrade to Hold after the recent share price rally, and on weaker cost efficiency and capital ratios

Busola Jeje
Busola Jeje

Research Analyst

Tellimer Research
9 December 2021
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