Zenith Bank Plc 2024FY Earnings Note | Interest & Trading Income Drives Growth
Zenith bank's growth trajectory was underpinned by robust earnings expansion, driven by impressive gains in both interest and non-interest income streams, benefitting from the high-interest rate environment.However, the expansion came with rising operational costs, as the bank faced increased personnel expenses alongside higher fuel and maintenance costs. These factors contributed to a substantial uptick in operating expenses, reflecting the broader inflationary pressures affecting the economy. Despite these cost challenges, Zenith Bank sustained impressive profitability, with both pre-tax and after-tax profits showing strong double-digit growth.
Overall, we are optimistic about the Bank’s performance in 2025 given a descent interest income in the period alongside non-interest revenue, particularly trading income.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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