VETIVA COMMENTARY

In Q1’24, ACCESSCORP showed robust topline growth, with Gross Earnings rising 140% y/y to ₦974 trillion. This increase was primarily

4th Quarter Performance In its Q4 results, UBA’s Gross Earnings came in at ₦767 billion, 213% higher y/y. This was as a result of a

In the second meeting of the year, the Cardoso-led Monetary Policy Committee (MPC) raised the Monetary Policy Rate by 200bps to 24.75%

Headline inflation rose by +180bps to 31.70% y/y in February (January: 29.90% y/y). This outturn is a 40bps print above Bloomberg

Robust revenue growth in a challenging landscape Nigerian Breweries navigated a turbulent business landscape in Q4’23, marked by

Robust revenue growth in a challenging landscape Nigerian Breweries navigated a turbulent business landscape in Q4’23, marked by

VCI Index shed 0.6% in Q4’23 In 2023, the VCI index faced a downturn, experiencing a year-on-year decline of 13.2%. The main

Consumer price inflation ascended to 28.92% y/y, 20bps lower than our estimate (Vetiva: 29.12% y/y) and 72bps above the prior month

Absence of material FX revaluation gains to drag NIR In 2023, most of our coverage banks recorded material FX revaluation gains;

Nigerian Banks: Core banking to drive growth In 2023, the Nigerian banking industry recorded an impressive performance, driven majorly