Zenith Bank Plc reported her unaudited Q3 ended September 30th 2017 results to the market today (October 19, 2017). Closer analysis shows that both gross earnings and net income came in at 39.8% and 35.5% respectively.
- Zenith Bank gross earnings and net income came in at 39.8% and 35.5% respectively in Q3 ’17.
- Gross earnings was significantly impacted by improved returns on fees and commission income which grew by 53.5%.
- Cost to income dropped marginally to 20.3% and bigger chunk of it was used to settle AMCON levy for 2017.
- The bank reduced its creation of credit facility which we believed could be associated to existing high level of credit default.
- Zenith was aggressive in drive for income through deployment of financial assets as could be seen in the 398.5% growth on trading income.
- The bank net income in this Q3 is nearly at par with FY 2016 figure. We expect the performance to continue into Q4 ’17