chillykelly86:


FBNH's audited results is not yet out. But UBA has been added.

Image credits to @rufyb on X.

The book value of ACCESS is overstated as the tier 1 capital taken in USD was stated in 2022 and 2023 AFS under equity in NGN without factoring in devaluation. Because of this understatement and its use of USD tier 1 capital added to equity, which other banks are currently not doing, some of the metrics calculated for the bank can be wrong when computing investment ratios for common shareholders. The Tier 1 Cap has been very useful for its fast expansion program.

Princkez:
TRANSCORP on full bid oooo....sis McY56 any information??

Maybe it's insider things yet to be made public.....
* Could be due to the removal of electricity subsidy and, the new tariff na something else!
* * One thing I know as well is that : with the new shareholding structure, we may be experiencing and seeing a New TRANSCORP, different from the old one we know..

** Caveat: Not any form of advice o*

yMcy56:

Maybe it's insider things yet to be made public.....
* Could be due to the removal of electricity subsidy and, the new tariff na something else!
* * One thing I know as well is that : with the new shareholding structure, we may be experiencing and seeing a New TRANSCORP, different from the old one we know..

** Caveat: Not any form of advice o*

i do not think the electricity subsidy removal will increase the income of the DISCOS. they had been over invoicing the govt on the subsidy. Now that customers on band A have to shoulder the responsibilities, they will be more prudent in energy utilizations

unite4real:


i do not think the electricity subsidy removal will increase the income of the DISCOS. they had been over invoicing the govt on the subsidy. Now that customers on band A have to shoulder the responsibilities, they will be more prudent in energy utilizations

It will surely rub on the discos as i doubt govt paying any so called subsidy to them promptly. Now they collect their money sharp sharp. Now before any fault or outage occurs na them they run to quickly fix it unlike before - that tells me they are motivated to deliver and surely benefitting better than before.

unite4real:
i do not think the electricity subsidy removal will increase the income of the DISCOS. they had been over invoicing the govt on the subsidy. Now that customers on band A have to shoulder the responsibilities, they will be more prudent in energy utilizations

How will it not increase the income of the Discos?
Also remember that TRANSCORP is both DISCO and GENCO

BabsO2:


The book value of ACCESS is overstated as the tier 1 capital taken in USD was stated as one fixed value in Naira on the equity statements for 2022 and 2023 despite the major NGN devaluation. Because of this understatement and its use of USD tier 1 capital added to equity, which other banks are currently not doing, some of the metrics calculated for the bank can be wrong when computing investment ratios for common shareholders. The Tier 1 Cap has been very useful for its fast expansion program.

You may need to shed light on this. If possible, direct us to the page on the Annual report.

However, I think tier 1 capital is simply tier 1 capital. The question to ask is: do the other banks you said are not doing so have USD tier 1 capital? What USD tier 1 capital will result in is a fluctuation in equity( closely following fluctuations in exchange rates, to the extent/ratio of the USD tier 1 capital to total equity), not miscalculation. It's equity that will never be paid back, isn't it?

BabsO2:


The book value of ACCESS is overstated as the tier 1 capital taken in USD was stated in 2022 and 2023 in NGN without factoring in devaluation. Because of this understatement and its use of USD tier 1 capital added to equity, which other banks are currently not doing, some of the metrics calculated for the bank can be wrong when computing investment ratios for common shareholders. The Tier 1 Cap has been very useful for its fast expansion program.

The bolded is confusing. Between 2022 and 2023, due to the devaluation of naira, any dollar holdings will result in improved valuations in accounts stated in naira. You may need to revisit those sentences so we can get your opinion clearly.

robobo:



"I think he needed the drama to tidy the results up" == in hindisght (20/20), this is looking more like the intention.


"You might not be far from the truth, he wanted to turn a new leave now"== i would not bet on this, i would rather say my goals are aligned with his. the day that goals does not align again you would really understand that he has not turn any new leave (or tree)

WT like most (if not all) Nigeria big man are driven by ego (forbes thing e.t.c.) so you can be rest assured since they are in government that would be on his top radar also. so Oando might not be going anywhere, might even witness a lot of pumping once the AFS are sound enough i.e. post release of AFS for 2022 and 2023 FY

( i am seeing/dreaming something like the AP / Otedola saga from sub 10 to over 300)

He has the backing of "Oga on the top", the Forbes list will be bobo juice. #300 is over optimistic, but it is possible Shaa.

TRANSCORP is the main GenCo and holds a 60% stake of AEDC (which has the second highest number of metered customers)...

yMcy56:

How will it not increase the income of the Discos?
Also remember that TRANSCORP is both DISCO and GENCO

yMcy56:

How will it not increase the income of the Discos?
Also remember that TRANSCORP is both DISCO and GENCO

before now, band A customers pay N68/kwh, total payable should be around N240. the difference of almost N170 is a burden of subsidy by the govt. So many areas were marked to be enjoying 20-24hrs supply by the DISCOS when some actually dont have light up to 10 hours a day. I think the govt also trying to prove to the discos that they have been over invoicing.
Now the total supply for each day are being published by the DISCOS on their website as mandated by NERC. this will help in the tariff reviews which will happen every 2 months.
If you have observed, the DISCOS have been concentrating more power on the the Band A customers while the others have been denied what they usually enjoy in terms of hours. They cannot afford to loose band A customers by stepping them down to band B.
I also suspect that following their inefficiencies, the govt may attempt to use that as an excuse to take over the discos and re-align them

BabsO2:


Looking more and more like he needed the drama to tidy things up and come out bragging of the turnaround he has led. Could see the bragging already started in the November 2023 AGM The air around him in that AGM suggests he would love the good limelight and not a boring delisted operation. Though he can still achieve limelight by SM even if he delists - dinning with the ......

He hinted about dividend in that AGM. He won't fail cos people will judge his uncle with his action.

chillykelly86:


The bolded is confusing. Between 2022 and 2023, due to the devaluation of naira, any dollar holdings will result in improved valuations in accounts stated in naira. You may need to revisit those sentences so we can get your opinion clearly.

Look at the Consolidated statement of Financial Position and the note 38 of the AFS. You should be able to spot it. Seems I cannot paste an attached picture at the moment.

One need to understand the make up of Total Equity for banks
1. Common Shareholders
2. Additional Tier 1 Capital,

In FUGAZ additional tier 1 is zero for all of them except for Access.

chillykelly86:


You may need to shed light on this. If possible, direct us to the page on the Annual report.

However, I think tier 1 capital is simply tier 1 capital. The question to ask is: do the other banks you said are not doing so have USD tier 1 capital? What USD tier 1 capital will result in is a fluctuation in equity( closely following fluctuations in exchange rates, to the extent/ratio of the USD tier 1 capital to total equity), not miscalculation. It's equity that will never be paid back, isn't it?

Look at page 57 the line item for Additional Tier 1 Capital
Look at page 204 note c(ii)

The AFS has no misstatement.

But the computation of BVPS of N70 is a misstatement. As that is not net assets a common NGX shareholder is entitled to.

GTCO on full offer!!! And is seriously dragging Zenith down with it. The market always has its own ways of doing things...

Following

GTCO AGM May 9, 2024

Closure of Register. April 29, 2024
Dividend payment. May 9, 2024

That the issued share capital of the Company be and is hereby increased from ₦14,715,589,612.00 to ₦22,215,589,612.00

https://doclib.ngxgroup.com/Financial_NewsDocs/40890_GUARANTY_TRUST_HOLDING_COMPANY_PLC-_NOTICES_OF_ANNUAL_GENERAL_MEETING_(AGM)_-__ANNUAL_GENERAL_MEETING_(AGM)_APRIL_2024.pdf

KarlTom:
GTCO AGM May 9, 2024

Closure of Register. April 29, 2024
Dividend payment. May 9, 2024

That the issued share capital of the Company be and is hereby increased from ₦14,715,589,612.00 to ₦22,215,589,612.00

https://doclib.ngxgroup.com/Financial_NewsDocs/40890_GUARANTY_TRUST_HOLDING_COMPANY_PLC-_NOTICES_OF_ANNUAL_GENERAL_MEETING_(AGM)_-__ANNUAL_GENERAL_MEETING_(AGM)_APRIL_2024.pdf

from the dividend, then this one.

chai!!!

KarlTom:
GTCO AGM May 9, 2024

Closure of Register. April 29, 2024
Dividend payment. May 9, 2024

That the issued share capital of the Company be and is hereby increased from ₦14,715,589,612.00 to ₦22,215,589,612.00

https://doclib.ngxgroup.com/Financial_NewsDocs/40890_GUARANTY_TRUST_HOLDING_COMPANY_PLC-_NOTICES_OF_ANNUAL_GENERAL_MEETING_(AGM)_-__ANNUAL_GENERAL_MEETING_(AGM)_APRIL_2024.pdf

Zagee:


Good to see you're now a poet . Quite refreshing reading something less technical .

We all believe the call from CBN is to bolster the ranks and file of the banking sector even if were left with 2 banks in each category. Let everybody put their money where there mouth is. I would be waiting for the directors to take the lead anyway.

When you say "dilute current shareholders' fund", how?

Do you understand now?

ositadima1:







Do you understand now?

In Mohbad voice from the song Egwu, "Music no need permission to enter your spirit,

Aiye iye, aiye iye,
Ooh-ooh, ooh"

Oowww!!! Classic share dilution..

unite4real:


from the dividend, then this one.

chai!!!

What better time to do it??

ositadima1:







Do you understand now?

In Mohbad voice from the song Egwu, "Music no need permission to enter your spirit,

Aiye iye, aiye iye,
Ooh-ooh, ooh"

Whats the purpose? to raise capital? So what are the implications? Is this likely to repeat itself in other banks?

https://punchng.com/investor-injects-fresh-funds-into-ellah-lakes/

Some Ellah news

SonofElElyonRet:
https://punchng.com/investor-injects-fresh-funds-into-ellah-lakes/

Some Ellah news

It's been in the purview since their last memo. The koko is at what price?

ositadima1:


You are two, you and big Sister, now your mother is birthing another child.

Personally, I would be worried because I would have to share that sweet pap and akara with a new arrival. ;

I think it's not all gloom and doom, but it depends on what metrics you're viewing it from.

In the voice of bulaba: "these are baby steps of pain"
"I wish there was any other way, but there's none"..

Zagee:


I think it's not all gloom and doom, but it depends on what metrics you're viewing it from.

In the voice of bulaba: "these are baby steps of pain"
"I wish there was any other way, but there's none"..

"Increase authorized share capital: The company proposes to increase its authorized share capital from ₦14.7 billion to ₦22.2 billion by creating 15 billion new ordinary shares."

Effectively, the OS moved from 29 billion to 44 billion. Remember that the fantastic profit after tax (PAT) recorded in 2023 resulted in earnings per share (EPS) of 18, up from 5.95 in 2022, but this may not be sustainable. Assuming GTCO maintains the same PAT, the EPS would drop from 18 to 12, which I think would have a significant effect on current shareholders.

This is not conclusive, I am just thinking aloud o.

ositadima1:



"Increase authorized share capital: The company proposes to increase its authorized share capital from ₦14.7 billion to ₦22.2 billion by creating 15 billion new ordinary shares."

Effectively, the OS moved from 29 billion to 44 billion. Remember that the fantastic profit after tax (PAT) recorded in 2023 resulted in earnings per share (EPS) of 18, up from 5.95 in 2022, but this may not be sustainable. Assuming GTCO maintains the same PAT, the EPS would drop from 18 to 12, which I think would have a significant effect on current shareholders.

This is not conclusive, I am just thinking aloud o.

Long-termers will elucidate further. As for me and my house, we are at peace.

yMcy56:

Ok no vex sir.
It's because of the 67.2M cross deals I said that, it was even more than that.......since it was done off market. Reason I said it was my opinion..

Please, how do you get to know that particular deal was done off market, after all it was available on the trade deal list of GTCO

yMcy56:

It's cross deals at bargain price not dumping......that's my opinion though..... and what it looks like..

Despite the "punishment" for GTCo, heavy cross deals are still ongoing....

Some hefty cross deals in ZENITH @39/39+ too....

The 67M+ units costs N2.6bn only

Madam Mercy, please how do you identify a cross deal

ositadima1:



"Increase authorized share capital: The company proposes to increase its authorized share capital from ₦14.7 billion to ₦22.2 billion by creating 15 billion new ordinary shares."

Effectively, the OS moved from 29 billion to 44 billion. Remember that the fantastic profit after tax (PAT) recorded in 2023 resulted in earnings per share (EPS) of 18, up from 5.95 in 2022, but this may not be sustainable. Assuming GTCO maintains the same PAT, the EPS would drop from 18 to 12, which I think would have a significant effect on current shareholders.

This is not conclusive, I am just thinking aloud o.

The os will move from 29 billion to 44 billion. And the money raised with the new os will not generate revenue and new eps why will the bank maintain the same PAT with injection of new fund into the business. Some of this analysis paralysis dey tiya me.As a business man, you look for more money with money. It is simple new os, new revenue,new PAT and new eps simple

Streetinvestor2:
The os will move from 29 billion to 44 billion. And the money raised with the new os will not generate revenue and new eps why will the bank maintain the same PAT with injection of new fund into the business. Some of this analysis paralysis dey tiya me.As a business man, you look for more money with money. It is simple new os, new revenue,new PAT and new eps simple

Based on my understanding, the Central Bank of Nigeria (CBN) wants banks to have huge reserves of a specific kind in order to be able to absorb shocks if any were to happen. If this raised fund is to satisfy the CBN's request, then know that the fund will not contribute much to the growth of the bank.

Streetinvestor2:
The os will move from 29 billion to 44 billion. And the money raised with the new os will not generate revenue and new eps why will the bank maintain the same PAT with injection of new fund into the business. Some of this analysis paralysis dey tiya me.As a business man, you look for more money with money. It is simple new os, new revenue,new PAT and new eps simple

Right issue means dilution.
44B os.May God help Gtb to generate more revenue in this 2024.if not, eps will reduce drastically and interim dividend may not take place as usual.Banks share prices will peak during these fund raising exercise, next is OYO.Dividend payments at the mercy of CBN.i see huge declines in 2024 financial end for banks but other battered sectors will be recuperating by year end.....