Tuesday, March 15, 2016 05:55PM /Cordros Capital
Zenith Bank Plc (ZENITHBANK) released results for the financial year ended 31 December 2015. ZENITHBANK declared a final dividend of N1.55 (25 kobo interim) with a closure date running of March 29, 2016 and a payment date is April 6, 2016.
- Gross earnings increased by a modest 7.2% y/y, but moderated by 11.2% q/q in Q4'15, after non-interest income plummeted by 84.4% q/q.
- Interest income climbed by 11.1% y/y; after increasing by 13.6% q/q in Q4'15, chiefly driven by an 8.1% increase in loan book in the quarter. Interest expense increased 15.6% y/y but moderated by 11.0% q/q in Q4'15. Net interest income grew by 8.8% y/y.
- Loan loss expense increased by 20.0% y/y, after spiking by 135% q/q in Q4'15. Operating expenses grew by a marginal 2.6% y/y.
- Overall PBT and PAT increased by 4.9% y/y and 6.2% y/y respectively while ROAE slightly moderated to 18.4% from 18.7% in FY'14. Loans to customers and customer deposits each increased by 15.0% and 0.8% respectively.
Initial Impression of the Result - Positive
1. ZENITHBANK Appoints Prof. Ibidapo-Obe and Gabriel Upkeh as Independent Non-Executive Directors
2. ZENITHBANK Proposes 155kobo per share Dividend in 2015 Audited Result,(SP:N12.83k)
3. ZENITHBANK Healthy upside potential even after mixed Q3 - Proshare
4. ZENITHBANK Impairment Charges Drops by 50% in Q3 2015
5. ZENITHBANK Net Interest Income Grows by 12.6% in Q3’15
6. ZENITHBANK Declares N83.09 bn PAT in Q3'15 result,(SP:N17.78k)
7. Zenith Bank Q3 2015 returns slower growth (9% y/y) in funding income
8. ZENITHBANK on Course to Consolidate Its Industry Leadership; Grows Earnings by 55%
9. ZENITHBANK declares 25kobo Interim Dividend in Q2'15 result,(SP:N16.40k)
10. ZENITHBANK Rated NEUTRAL as Income Lines Help Drive PBT Up by 35%