ZENITHBANK Grows Interest Income by 11.1% as Loan Loss Expense Spikes by 135% QoQ in Q4'15

Proshare

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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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

 

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