Here are the analysis of Afrinvest of GTB, Unilever, First Bank, and Zenith Bank:

Guaranty Trust Bank, which highlights the company’s performance for Q3 ’09 and our outlook for FY ‘09.
Highlights:
Q3’09 Results:
· GTBank recorded a strong growth of 43.5% in gross earnings during the period under review
· Impressive YOY growth of 50.0%in its interest and discount income (which constitutes 70% of its gross earnings) while cost grew by 33%
· Balance sheet crossed the N1.0tn (US$7.1bn) landmark
Key Strategic Drivers for the performance
· Sound Risk Management Framework coupled with prudent and conservative business model seems paying off in the current economic terrain
· Customers’ loyalty contributed to impressive growth in Deposits
· Low Non-performing loan ration at 3.07% when compared to industry average of 5.3%
FY 09 Outlook:
· We have a positive out look of the company based on the past performance, YTD gain stands at 49%
· On the basis of these, our recommendation is to ACCUMULATE with a 12 month price target estimate of N18.48 indicating 16.2% upside potential.

First Bank, which highlights the company’s performance for 6M ’09 and our outlook for FY ’09 (9 Months to December 31, 2009).
Highlights:
6 Month ’09 Results:
· First Bank recorded a modest growth of 32.2% in gross earnings during the period under review
· N29.5bn Provision for risk assets greatly impaired profits
Key Strategic Drivers for the performance
· Efficiency ratio impaired across board while cost to income ratio also increased
· High Non-performing loan ratio at 8.2% when compared to industry average of 5.3% and previous year’s 1.8%
FY 09 Outlook:
· The bank has embarked on aggressive cost containment strategy across board
· The bank hopes to capture more market share on the heel of its proposed acquisition/merger deal which has reached advanced stage
· We don’t expect the above strategies to significantly impact its bottom line over the next 12 months
· As a result of these, we recommend REDUCE for 6 month outlook and NEUTRAL for 12 month outlook

Unilever Nigeria PLC, which highlights the September 30th Q3 results and our FY’09 outlook for the company.
Highlights:
· Unilever generated impressive Q3’09 results with improved earnings
· Turnover (N32.6bn) went up 16.6% from Q3’08 levels, while PAT (N5.5bn) grew by 125.9% over same period.
· Improved operating efficiencies and focus on portfolio management
· Our recommendation is NEUTRAL, with a FY’09 price target estimate of N19.30

Zenith Bank Plc, which highlights the company’s performance for the un-audited 12 Months to September 30, 2009 and our outlook for FY’09 (15 Months to December 31, 2009)
Highlights:
12M’09 Results:
· Zenith Bank recorded growth of 19.4% in gross earnings during the period under review
· Impressive growth of its loan to deposit to ratio to 60.4% up from 38.1% in the corresponding period
· 8.1% drop in deposits to N1.1tn (US$7.2bn)
Key Strategic Drivers for the performance
· Strategic focus on aggressive cheap deposit generation, leveraging on its strong brand name
· Conservative lending policies and low-cost, technology driven operations
· Zenith’s loan portfolio of N658.1bn (US$4.3bn) is the second largest in the industry
FY 09 Outlook:
· Based on Zenith’s past performance, our outlook is positive as Zenith is one of only 2 banks that have a positive YTD return in 2009
· Our forecast for the bank’s full year pre-tax profit for year ending 31 December 2009 to be N29.7bn(US$196.0m)
· On the basis of these, our recommendation is to ACCUMULATE with a 12 month price target estimate of N16.57 indicating 15.4% upside potential.

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