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>Following UBA's 9M'25 financial results, which trailed our expectations primarily in terms of Non-Interest Revenue (NIR), we have revised financial projections for the counter, lowering our Profit After Tax (PAT) estimate by 8.1% to N759.2 billion.</li><li>The downward revision reflects 14.6% and 5.9% reductions in NIR and Net Interest Income (NII) forecasts, respectively.</li><li>Conversely, we expect some support from lower tax and impairment charges, aided by the N11.8 billion tax credit recorded in Q3'25.</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>

Following UBA's 9M'25 financial results, which trailed our expectations primarily in terms of Non-Interest Revenue (NIR), we have revised financial projections for the counter, lowering our Profit After Tax (PAT) estimate by 8.1% to N759.2 billion.The downward revision reflects 14.6% and 5.9% reductions in NIR and Net Interest Income (NII) forecasts, respectively.Conversely, we expect some support from lower tax and impairment charges, aided by the N11.8 billion tax credit recorded in Q3'25.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.

UBA Company Update - NIR Recovery to Support FY’26 PAT