ZENITH BANK: WHEN SUPERLATIVE NUMBERS BEAT EXPECTATIONS
The determination by management of Zenith Bank to create value, consistent with its desire to deliver satisfactory services to all class of customers in the corporate, retail and investment banking space, has again reflected on the first quarter earnings report released to the investing and banking public during Friday’s trading. This is despite the fact that it came slightly late, compared to the filing date for the 2016 scorecard. The bank maintained it quarterly and yearly consistent growth in gross earnings and bottom line to outperform estimates, which was strongly supported by impressive growth in interest and non-interest income to show the strength of asset quality that sustain profitability. Its treasury and trading income significantly boosted earnings, notwithstanding the huge provision for bad loans during the period. In absolute numbers, Gross Earnings remained robust to start the 2017 financial year with 48.8%at N147.74bnfrom N99.44bmin 2016, while pr...