Zenith Bank Plc: FY’16 Earnings Update

— Having consistently grown gross earnings and PBT over the last six years in the face of significant headwinds, we insist that Zenith Bank has strongly positioned itself amongst the leaders in the banking sector given its FY’16 stunning performance.

Surpassing our gross earnings estimates of ₦467.13bn for FY’16, Zenith bank reported a 17.45% growth in gross earnings to ₦507.99 bn (vs. ₦432.53 bn in FY’15). This increase was moderately supported by a ₦45.66 bn (₦0.85 bn in FY’15) income from both Foreign exchange trading income and foreign currency revaluation gains.

Interest income was also impressive for the period as we believe the company benefited from the high interest rate regime of FY’16. For the period the company grew interest income by 10.45% to ₦384.55 bn (vs. ₦348.17 bn in FY’15) as interest.

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