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>In its unaudited 9M’25 financial results, First Holdco Plc (NGX: FIRSTHOLDCO; TP: N35.31) delivered a softer earnings performance, as profitability weakened despite strong growth in core banking income.</li><li>Specifically, Profit Before Tax (PBT) declined by 7.3% YoY to N556.5 billion, while Profit After Tax (PAT) fell by 15.5% YoY to N450.9 billion.</li><li>The underwhelming performance was largely driven by the double-whammy of a steep drop in Non-Interest Revenue (NIR) and a sharp rise in impairment charges, which together offset the solid expansion in Net Interest Income (NII) during the period.</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>

In its unaudited 9M’25 financial results, First Holdco Plc (NGX: FIRSTHOLDCO; TP: N35.31) delivered a softer earnings performance, as profitability weakened despite strong growth in core banking income.Specifically, Profit Before Tax (PBT) declined by 7.3% YoY to N556.5 billion, while Profit After Tax (PAT) fell by 15.5% YoY to N450.9 billion.The underwhelming performance was largely driven by the double-whammy of a steep drop in Non-Interest Revenue (NIR) and a sharp rise in impairment charges, which together offset the solid expansion in Net Interest Income (NII) during the period.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.

FIRSTHOLDCO - Weaker NIR, Higher Impairments Weigh on 9M'25 Earnings

First HoldCo

FIRSTHOLDCO - Weaker NIR, Higher Impairments Weigh on 9M'25 Earnings