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

United Bank for Africa / Equity Bottom-Up

<ul><li>United Bank for Arica Plc (NGX: UBA— TP: UR*) reported a modest earnings growth of 6.1% YoY to N335.5 billion in its audited H1’25 results.</li><li>Although the results showed a robust topline performance, the accelerated growth in interest expense (+70.4% YoY), amidst a 36.0% YoY decline in Non-interest Revenue (NIR) undermined overall performance.</li><li>Interest income expanded by 32.9% YoY to N1.3 trillion, reflecting a strong asset yield of 12.2% on a robust earning-asset base of c.N23.0 trillion. </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>

United Bank for Arica Plc (NGX: UBA— TP: UR*) reported a modest earnings growth of 6.1% YoY to N335.5 billion in its audited H1’25 results.Although the results showed a robust topline performance, the accelerated growth in interest expense (+70.4% YoY), amidst a 36.0% YoY decline in Non-interest Revenue (NIR) undermined overall performance.Interest income expanded by 32.9% YoY to N1.3 trillion, reflecting a strong asset yield of 12.2% on a robust earning-asset base of c.N23.0 trillion. 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.

H1'25 Earnings Update - UBA - Soft Earnings Growth in H1'25