The Nigerian Stock Exchange (NSE) on Friday published Zenith Bank’s third quarter (Q3) 2013 results with Profit before tax (PBT) of N28.954 billion, a growth of 15.5 per cent against Q3 2012 and profit after tax (PAT) of N23.6 billion at 17 per cent growth
The main driver was net interest income which grew 19 per cent to N47.6 billion. Non-interest income grew also, by 7.1 per cent.
These healthy growth rates in revenue more than offset a 3 per cent rise in loan loss provisions, and a 14 per cent increase in opex.
Based on these Q3 2013 figures, Zenith is well on track to report an ROAE of close to 20 per cent for the full year, which is in line with management’s guidance.
Year to date, Zenith Bank shares have gained 12.1 per cent, but have underperformed the All Share Index by 21 per cent. However, in the last three months, the shares have gained 11 per cent, outperforming the market by
