AIICO’s PAT and EPS fell 64.3% apiece to ₦1.8bn and 11 kobo respectively.
AXA Mansard grew net premium income by 17.2% to ₦37.2bn despite the 12.2% increase in reinsurance expense.
CHI’s underwriting profit rose mildly by 4.1% to ₦1.9bn despite the 13.5% increase in underwriting expenses.
Coronation Insurance’s net margin fell by 15.5ppts to -8.6% while combine ratio rose by 11.1ppts to 95.2% due to the 20.8ppts increase in claims ratio.
NEM Insurance’s OPEX rose by 2.2% to ₦3.3bn, weighing on PAT.
AIRTEL Africa’s operating profit grew 43.3% to $1.1bn, following strong revenue growth and improvements in operating efficiency across all regional segments.
MTN Nigeria grew PAT by 45.5% y/y to ₦298.7bn.
BUACEMENT’s profit before tax growth (+33.1% y/y), supported by the unwinding of provisions for decommissioning liabilities (₦1.5bn) and lower interest expense (down 49.4% y/y).
CAP’s PAT fell by 12.2% to ₦1.1bn.
Conoil grew PAT by 111.1% y/y to print at ₦3.0bn.
ETI’s PBT and PAT surged 193.9% and 324.1% to ₦195.7bn and ₦143.1bn respectively, following sustained positive operating leverage.
FCMB’s PBT and PAT inched higher by 9.2% and 6.5% respectively to ₦23.9 and ₦20.9bn.
Fidelity Bank recorded a 25.1% y/y growth in interest income on loans and advances to ₦158.0bn.
Sterling Bank’s PBT and PAT increased by 13.0% and 14.7% y/y respectively despite rise in costs.
Stanbic Bank’s PBT and PAT declined by 30.3% and 31.5% y/y respectively due to depressed top-line and increased costs.
Unity Bank’s PBT and PAT rose 20.8% and 18.4% to ₦2.7bn and ₦2.5bn respectively due to improved top-line and cost management strategy.
WEMA recorded a 90.3% y/y growth in PBT to ₦11.3bn, supported by the 76.9% y/y decline in impairment provision.
Flourmills of Nigeria’s EBITDA rose 9.5% to ₦58.6bn as of 9M:2021, despite the 6.8% growth in its OPEX which printed at ₦39.8bn.
In its H1:2022 earnings result, Guinness Nigeria grew its EBITDA by 128.0% y/y to ₦13.6bn.
Okomu Oil’s EPS grew by 80.4% to ₦14.72. Similarly, Presco’s EPS surged 258.6% y/y to ₦18.9.
Source: Afrinvest
