Banking Sector: Q2 2015 Earnings Review



•We have made upward revision to our FY 2015E following the better-than-expected Q2 2015 results. Our new forecasts combined with the current depressed price levels have led to rating upgrade across our universe of banking stocks: Guaranty Trust Bank (GTB, upgrade to HOLD); FBNH (upgrade to BUY); Access Bank (upgrade to BUY) and Zenith Bank (BUY recommendation maintained).

•Across our coverage universe, we have made upward revisions to our earnings forecasts post the Q2 2015 results. This was informed by a mix of a strong q/q growth in interest income, which more than offset the rise in OPEX and the huge spike that we saw in the sector’s impairment charges. We highlight that our conservative estimates post the Q1 2015 results also contributed to the upward review of our earnings forecasts.

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Catch Them Young

The growing years of a child is an aspect that should not be treated with levity as this is the period when habits are formed. Raising successful children is not just about providing for their welfare and educational needs but also instilling important principles in them.

A child’s financial habits usually determine his future finances. A child who has imbibed the habit of investing cash gifts received from relatives, friends and awards would eventually become a financially prudent adult. Parents should take the responsibility of educating their children on savings and investments by encouraging making them to set aside a little from their pocket monies and also encourage them to go as far as earning extra monies by taking up some chores. 

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Things Only Entrepreneurs Would Understand – 2

I am sure you still remember that “Entrepreneurship is a lifestyle born of a process (i.e. principled steps made-up over time) and a continued optimistic and developmental mindset”.  So having read through the first part, this is the concluding part of those things only an entrepreneur would understand.


1. You always want to move onto the next big thing

Ideas are constantly flowing through your mind and you want to put them into practice ASAP.


2. You constantly write down ideas

Whether it’s on an iPad or the napkin in a restaurant; if you have an idea you are going to make a note of it.


3. You accept that some ideas can be & or are just crazy

You’ll have 99 crazy ideas but understand that just one needs to be perfect.

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