Those figures are too good to ignore
I could only get few units before it ballooned...

yMcy56:

Chai!!
People are trying....dey don move am to 8 quick quick!

yMcy56:

Chai!!
People are trying....dey don move am to 8 quick quick!

The price jumped up within 3-5 minutes
The offer was above 35M before with less than 5/6m bids or so ...

Usual Initial euphoria. Something tells me it'll stll pull back. Great result though

SonofElElyonRet:


N6 EPS ma niyi ke?

Q2 EPS is actually N3. Its still impressive..

Q2 EPS without FX gains is N1.23. Not bad but not as impressive.

Lets see what other banks do

Princkez:
bought some UCAP @37-37.20 today

You be long termer na, nothing do you.
You'll just have to buy more after markdown for possible future price appreciation.......and when bonus is added, na Godwin be that.

nosa2:


Q2 EPS is actually N4.26. Its still impressive..

Q2 EPS without FX gains is N2.48. Not bad but not as impressive.

Lets see what other banks do

it will be good you show us how you arrive at your own figure. As far as the data available is applied, they are correct at N6.01

Profit for the period is N59.431 Billion
outstanding shares is 19.803B

when you divide profit by OS you get N3
When you annualize this, it becomes N6

perhaps you are using recapitalized OS which has not been commited yet.

And when you say without forex gain, do you now mean that all 100% gained will be stripped off the bank?
I want to learn something here

yMcy56:
UCAP is supposed to touch around 45 before markdown, but these guys won't just allow that stock to breathe!
Could it be that they placed big offers at high prices to buy cheaper or they're actually taking profits?


Meanwhile, FCMB Q2 2024
Over +250% gain in PAT
Hope I see it right....
https://doclib.ngxgroup.com/Financial_NewsDocs/41739_FCMB_GROUP_PLC-_QUARTER_2_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_JULY_2024.pdf

are you sure it's up to 70%? me i no see that 250% o. I have been looking for it

robobo:
it has flew. The Act is passed. Should we await Bankers Committee instituting an action in court?

Chances of repealing this bill or fighting this in court is very slim. The banks have no choice but take this sucker punch for the team. if the populace could bare sharp increase in cost of living from subsidy removal and readjustment of currency rate, onetime shakedown of banks Forex sharp practice by IRS is not ideal but understandable. 30% leftover is enough to work with for re-investment.

A cynical view of the 70% levy been misappropriated is valid, hopefulyl it's allocated to capital infrastructural development for the good of the populace.

sterlingD:
ABBEY MORTGAGE BANK PLC Q2 2024

https://doclib.ngxgroup.com/Financial_NewsDocs/41737_ABBEY_MORTGAGE_BANK_PLC-_QUARTER_2_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_JULY_2024.pdf

Slowly but surely this new Abbey mgt group is working, more gas in the cylinders available to fire for rapid growth in it's space. It's a marathon not a sprint.

vacanci:


it will be good you show us how you arrive at your own figure. As far as the data available is applied, they are correct at N6.01

Profit for the period is N59.431 Billion
outstanding shares is 19.803B

when you divide profit by OS you get N3
When you annualize this, it becomes N6

perhaps you are using recapitalized OS which has not been commited yet.

And when you say without forex gain, do you now mean that all 100% gained will be stripped off the bank?
I want to learn something here

I changed my original post back to PAT. And yes, I removed 100% of FX gain (35,191,270,000)

presiade:

However, a price mark-down to about one-third (1/3) of the qualification-date price will happen post bonus payment.

So essentially mark down date not known yet ?
What date is qualification for UCAP?

Hogwarthtrades:


Chances of repealing this bill or fighting this in court is very slim. The banks have no choice but take this sucker punch for the team. if the populace could bare sharp increase in cost of living from subsidy removal and readjustment of currency rate, onetime shakedown of banks Forex sharp practice by IRS is not ideal but understandable. 30% leftover is enough to work with for re-investment.

A cynical view of the 70% levy been misappropriated is valid, hopefulyl it's allocated to capital infrastructural development for the good of the populace.



Slowly but surely this new Abbey mgt group is working, more gas in the cylinders available to fire for rapid growth in it's space. It's a marathon not a sprint.

The bank does not own the money in question. It is shareholders fund.And the senerio you painted is different

Streetinvestor2:
You dey mind the yeye government. They have borrowed life out of the economy without anything to show for it.They are looking inward to steal from us via 50%on forex,dormant accounts and unclaimed dividend..what a useless minister of finance and half baked cbn governor. This was actually they stopped bank from paying dividend from it and part of recapitalisation fund.

Have increased rate which you said they will maintain

SonofElElyonRet:


So essentially mark down date not known yet ?
What date is qualification for UCAP?

UCAP qualification date is still July 31st

Streetinvestor2:
The bank does not own the money in question. It is shareholders fund.And the senerio you painted is different

Kindly enlighten my simple mind!

nosa2:


I changed my original post back to PAT. And yes, I removed 100% of FX gain (35,191,270,000)

my calculation was also on the PAT and it gave me N6 EPS annualized using the current OS of about 19.8B Units.

So yes, the figure in their report is correct

Streetinvestor2:
The bank does not own the money in question. It is shareholders fund.And the senerio you painted is different

No mind Oga Hog he is just trying to rationalise a clear wrong decision/ policy from the govt for reason best known to him.

He even said the gain is from "forex sharp practices" and i wonder if the industry has any regulator and if so, what was the regulator doing by condoning sharp practices that yielded in excess of 3 trillion, yet no licence was revoked for the sharp practices.

if it stand and is fully implemented then it is clearly an expropriation (which is a good euphemism for collecting something with force) and not a taxation.

Because with taxation you know before you do the business and not after, i guess that is why finance / appropriation bill comes at the start of a fiscal cycle and not at the end of it.

vacanci:


my calculation was also on the PAT and it gave me N6 EPS annualized using the current OS of about 19.8B Units.

So yes, the figure in their report is correct

What you call annualized is actually forward EPS. This is not the same as EPS. What they publish in their report is factually wrong

nosa2:


What you call annualized is actually forward EPS. This is not the same as EPS. What they publish in their report is factually wrong

you appear to know more than the auditors and the regulator (CBN) that approved the report to be published.

Maybe you should bring out the figures you are using and do the calculation let's see

Hogwarthtrades:


Chances of repealing this bill or fighting this in court is very slim. The banks have no choice but take this sucker punch for the team. if the populace could bare sharp increase in cost of living from subsidy removal and readjustment of currency rate, onetime shakedown of banks Forex sharp practice by IRS is not ideal but understandable. 30% leftover is enough to work with for re-investment.

A cynical view of the 70% levy been misappropriated is valid, hopefulyl it's allocated to capital infrastructural development for the good of the populace.



Slowly but surely this new Abbey mgt group is working, more gas in the cylinders available to fire for rapid growth in it's space. It's a marathon not a sprint.

It is double taxation. They have already been taxed 30% CIT and part of it is from foreign exchange gain. The tax has also been paid already. You can't make a tax law and then apply it retrospectively.

Some must have seen Zenith Bank Result already.
I guess it will be a good one considering the volume traded today

https://doclib.ngxgroup.com/Financial_NewsDocs/41736_ZENITH_BANK_PLC-ZENITH_BANK_PLC_ANNOUNCEMENT_CORPORATE_ACTIONS_JULY_2024.pdf

Heishere:


It is double taxation. They have already been taxed 30% CIT and part of it is from foreign exchange gain. The tax has also been paid already. You can't make a tax law and then apply it retrospectively.

You dey mind the guy.How about other companies that declared forex gain.Does this equally apply to foreign banks with branches in nigeria. Why is the useless government trying to steal from shareholders who have made loses in other companies that declared loss because of the forex policy. The thieves you have as house members decided to add 20% of thr own since the executives want to collect 50%.
I can't wait for the protest to turn to revolution against this few criminals

dapix:


UCAP qualification date is still July 31st

Thanks

sky2891:
Some must have seen Zenith Bank Result already.
I guess it will be a good one considering the volume traded today

https://doclib.ngxgroup.com/Financial_NewsDocs/41736_ZENITH_BANK_PLC-ZENITH_BANK_PLC_ANNOUNCEMENT_CORPORATE_ACTIONS_JULY_2024.pdf

Or maybe just forces trying to push it more above rights issue price

What's up with VFD... 🤔

SonofElElyonRet:


Or maybe just forces trying to push it more above rights issue price

But it traded at 40 naira last week. Right Issue price had not been announced then

Senate Increases Banks’ Windfall Levy To 70%

https://businessday.ng/news/article/senate-increases-windfall-tax-on-banks-to-70/

Let the banks breathe

megawealth01:
Senate Increases Banks’ Windfall Levy To 70%

https://businessday.ng/news/article/senate-increases-windfall-tax-on-banks-to-70/

Warning signs for the banking sector.
The Central Bank of Nigeria (CBN) has raised the interest rate from 26.25% to 26.75%, a move that may have far-reaching implications. Furthermore, the Senate has increased taxation on forex gains from 50% to 70%, a decision that could spell trouble for the banking sector.
Red days may indeed lie ahead for banks, as these changes could lead to increased borrowing costs, reduced lending, and decreased profitability. The sector is bracing itself for a challenging period ahead.
The Ichimoku strategy of Agbalowomeri is knocking strongly.

Mankind2024:
Warning signs for the banking sector.
The Central Bank of Nigeria (CBN) has raised the interest rate from 26.25% to 26.75%, a move that may have far-reaching implications. Furthermore, the Senate has increased taxation on forex gains from 50% to 70%, a decision that could spell trouble for the banking sector.
Red days may indeed lie ahead for banks, as these changes could lead to increased borrowing costs, reduced lending, and decreased profitability. The sector is bracing itself for a challenging period ahead.
The Ichimoku strategy of Agbalowomeri is knocking strongly.

I think Net Revenue From Funds (NRFF) should increase for banks with good deposit base.
Banks always find their way.

megawealth01:
Senate Increases Banks’ Windfall Levy To 70%

https://businessday.ng/news/article/senate-increases-windfall-tax-on-banks-to-70/

The useless government will soon go for dorm accounts since they are after forex gains

Judging from current trends, the federal government appears poised to enforce capital gains tax more stringently, potentially targeting equity investors with realised gains of N1 million and above. However, I foresee a likelihood of the current policy being repealed in the long term.
The government's dire financial situation suggests that this measure may be a desperate attempt to shore up revenue, rather than a sustainable fiscal strategy. As the economic landscape evolves, it's possible that this policy will be revisited and ultimately reversed

Mankind2024:
Warning signs for the banking sector.
The Central Bank of Nigeria (CBN) has raised the interest rate from 26.25% to 26.75%, a move that may have far-reaching implications. Furthermore, the Senate has increased taxation on forex gains from 50% to 70%, a decision that could spell trouble for the banking sector.
Red days may indeed lie ahead for banks, as these changes could lead to increased borrowing costs, reduced lending, and decreased profitability. The sector is bracing itself for a challenging period ahead.
The Ichimoku strategy of Agbalowomeri is knocking strongly.

Na only mumu bank go declare better fx gains.
Banks also have to come together to fight against retrospective application of the new amended law.
The law is that new legislations cannot have retrospective application. In other words you cannot use a new law to tax profits made before the law was enacted.
So Bulaba and his 40 things gang should keep off 2023 fx gains.

Streetinvestor2:
The useless government will soon go for dorm accounts since they are after forex gains

They have already announced that and even the CBN governor mentioned it recently