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>Exogenous factors such as the upward adjustment to the Cash Reserve Ratio (CRR) and higher interest rates have led to liquidity constraints for FCMB, with cost-of-funds (CoF) rising by 2.6ppts to 8.3% in 9M'24.</li><li>Nevertheless, management is optimistic that the bank can assuage the funding cost pressures in FY'25 by utilizing inflows from its capital raise exercise to reduce its stock of expensive deposits.</li><li>Consequently, we project a moderation in CoF to 7.5% in FY'25 (FY'24: 8.3%) on the back of expected temperance in interest charges on its expensive Interest-Bearing Liabilities (IBL) due to the aforementioned plan to use capital raise proceeds to reduce IBL and potential interest rate cut in H2'25.</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>

Exogenous factors such as the upward adjustment to the Cash Reserve Ratio (CRR) and higher interest rates have led to liquidity constraints for FCMB, with cost-of-funds (CoF) rising by 2.6ppts to 8.3% in 9M'24.Nevertheless, management is optimistic that the bank can assuage the funding cost pressures in FY'25 by utilizing inflows from its capital raise exercise to reduce its stock of expensive deposits.Consequently, we project a moderation in CoF to 7.5% in FY'25 (FY'24: 8.3%) on the back of expected temperance in interest charges on its expensive Interest-Bearing Liabilities (IBL) due to the aforementioned plan to use capital raise proceeds to reduce IBL and potential interest rate cut in H2'25.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 NL -  Effective Capital Utilization to Mitigate Funding Cost

FCMB Group

FCMB NL - Effective Capital Utilization to Mitigate Funding Cost