External broker reports(aggregated public sources), CardinalStone

CardinalStone

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing.

Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Equity Bottom-Up

<ul><li>FCMB Group Plc (FCMB: TP – N12.62) reported a 12.0% YoY increase in PAT to N32.2 billion in its unaudited Q1’25 results, translating to an EPS of N3.26 (Q1’24: N5.81).</li><li>The performance was largely underpinned by a 58.0% YoY surge in Net Interest Income (NII) to N87.5 billion, which offset a 32.5% drop in Non-Interest Revenue (NIR), largely impacted by a N2.4 billion FX loss (vs.a N26.8 billion gain in Q1’24).</li><li>NII accounted for 72.7% of operating income, supported by a 5.3ppt increase in asset yields to 22.0%, which outweighed the 1.9ppt rise in Cost of Funds (CoF) to 9.5%, lifting Net Interest Margin (NIM) to 9.0% (Q1’24: 7.4%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

FCMB Group Plc (FCMB: TP – N12.62) reported a 12.0% YoY increase in PAT to N32.2 billion in its unaudited Q1’25 results, translating to an EPS of N3.26 (Q1’24: N5.81).The performance was largely underpinned by a 58.0% YoY surge in Net Interest Income (NII) to N87.5 billion, which offset a 32.5% drop in Non-Interest Revenue (NIR), largely impacted by a N2.4 billion FX loss (vs.a N26.8 billion gain in Q1’24).NII accounted for 72.7% of operating income, supported by a 5.3ppt increase in asset yields to 22.0%, which outweighed the 1.9ppt rise in Cost of Funds (CoF) to 9.5%, lifting Net Interest Margin (NIM) to 9.0% (Q1’24: 7.4%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FCMB Group Plc - Improved Asset Yields Bolster PAT Expansion