Thursday, February 21, 2019 04:10 PM / Proshare MARKETS
Zenith Bank Plc held its FY 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals.
The management of the bank in its review of the Nigerian economy and key developments in the banking sector stated that with an improving macro-economic environment, Nigeria remains Africa’s largest economy with strong sectors and significant opportunities.
Nigeria has seen a gradual convergence between the NAFEX and NIFEX exchange rates since the beginning of the year 2018 while its foreign reserves grew marginally by 2.1% QoQ from $42.2bn recorded at the end of Q3 2018 to $43.1bn recorded at the end of Q4 2018.
Zenith Bank Plc recorded a gross earnings of N630.34bn in FY 2018 as against N745.19bn in FY 2017, down by -15.41% YoY. The drop in earnings can be attributed to decline in interest income and trading income which was due to the lower yielding environment in 2018 compared to 2017. The bank’s Profit After Tax increased by 11.30% YoY from N173.79bn in FY 2017 to N193.42bn in FY 2018.
The bank’s balance sheet/statements of financial position reflected that it recorded drops in its loans and advances to customers while its total assets, total liabilities and shareholder’s fund went up.
At the close of trading today, the share price of Zenith Bank Plc dropped by a tick size of -1.94% to close at N25.30k from N25.80k previous close price.
In a nutshell, below are the key takeaways from the FY 2018 earnings presentation made by the bank’s management;
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