Zenith Bank Plc 9M:2024 Earnings Note | Robust Earnings
Zenith Bank Plc recently published its 9M:2024 unaudited financial results, recording a 118.17% YoY expansion in Gross Earnings to NGN2.90trn. This is on the back of increase in both interest income (+190.21% YoY to NGN1.95trn) and non-interest income (+44.72% YoY to NGN952.49bn) in the period. Meanwhile, Operating Expenses surged 113.46% YoY to NGN656.07bn owing to rising personnel costs and fuel & maintenance. Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 98.57% and 90.54% to NGN1.00trn and NGN827.28bn respectively.We expect Zenith bank to post decent top-line and bottom-line performance in 2024FY riding on increased interest income and Trading income in the period. We therefore maintain our 2024FY target price of NGN46.60. Compared to the current closing price of NGN42 as of 8th November 2024, this represents an OVERWEIGHT rating on the stock.
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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