Friday, October 23, 2015 06:25PM / Cordros Capital
Today, Zenith Bank Plc (ZENITHBANK) released its nine months results for the period ended 30th September 2015 on the Nigerian Stock Exchange (NSE)
For the nine month period, gross earnings grew by 23.1% y/y, supported by interest and non-interest income growth of 20.5% y/y and 32.3% y/y respectively.
In line with the industry trend, the bank reported a 99.2% increase in loan loss expenses but this was not significant enough to dampen after-tax earnings which grew by 16.9% y/y.
Loans declined by 3.4% q/q, taking growth YTD growth to 6.5%. Deposit growth declined from the previous quarter by 3.2%, translating to a 0.97% decline YTD.
The bank's Q3'15 stand alone numbers were more somber with gross earnings declining by 6.9% q/q while PAT grew by 15% q/q (on the back of a significantly lower effective tax rate).