NESTLE Nigeria |

Nigerian Central Bank Gives Lenders Forbearance on Bad Loans

LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria granted lenders permission to write off any fully provided non-performing loans without waiting for the full year required by regulations, as authorities seek ways to boost lending and avert a recession in Africa’s biggest economy. The decision follows a request by banks for an amendment to the rule that requires lenders to retain bad debt in their books for 12 months before they are…

NESTLE NIGERIA RELEASES FULL YEAR 2015 RESULTS – FIRST TAKE

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — NESTLE (HOLD, TP: N721.72) released its audited full year 2015 results earlier today. While topline came in below our expectations at N151.3 billion (PAFR 2015E: N157.5 billion), earnings were in line with our estimates with PBT up 19.9% to N29.3 billion (PAFR 2015E: N28.8 billion) and PAT up 6.8% to N23.7 billion (PAFR 2015E N24.2 billion). Key drivers for revenue growth (up 5.5%) were price increases, new product lines…