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>First Holdco Plc (NGX: FIRSTHOLDCO – TP: UR)* reported a weaker earnings performance in its unaudited H1’25 results, as profitability declined despite solid growth in core banking income.</li><li>Specifically, PBT declined by 13.6% YoY to N356.1 billion, while PAT contracted by 21.2% YoY to N283.8 billion.</li><li>The earnings underperformance was primarily driven by a steep decline in non-interest revenue (NIR) and a sharp increase in impairment charges, which offset gains from robust net interest income (NII).</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>

First Holdco Plc (NGX: FIRSTHOLDCO – TP: UR)* reported a weaker earnings performance in its unaudited H1’25 results, as profitability declined despite solid growth in core banking income.Specifically, PBT declined by 13.6% YoY to N356.1 billion, while PAT contracted by 21.2% YoY to N283.8 billion.The earnings underperformance was primarily driven by a steep decline in non-interest revenue (NIR) and a sharp increase in impairment charges, which offset gains from robust net interest income (NII).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.

First Holdco Plc - Weaker NIR and Credit Losses Undermine H1’25 Earnings

First HoldCo

First Holdco Plc - Weaker NIR and Credit Losses Undermine H1’25 Earnings