Zenith Bank PLC - Earnings beat estimates despite weaker Q4 numbers
​ZENITHBANK released FY’15 results reporting better than expected performances across most line items; EPS of N3.37 (Consensus: N3.29, Vetiva: N3.17). Although Q4’15 performance came in weaker than previous quarters (Gross Earnings and PAT down 11% and 25% respectively q/q) – pressured by the tough macro environment - full year Earnings were largely ahead of consensus estimates. Despite the weaker yield environment (due to the CBN’s monetary easing stance), Interest Income rose 14% q/q (20% ahead of our Q4 estimate, supported by the strong 8% loan growth recorded in Q4’15 vs. our flat growth forecast. Whilst Trading Income rose 14% y/y on the back of the moderation in fixed income yields, Commission on Turnover (COT) declined significantly to peg Non-Interest Income back by 6% y/y.
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