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Event
Building on the positive momentum from the first two quarters of 2024, Zenith Bank Plc (“the Group”) delivered an outstanding performance in Q3 2024. The Group recorded a remarkable 117% year-on-year growth in gross earnings, jumping from N346.97bn in Q3 2023 to N754.35bn, primarily driven by robust growth in interest income.
Valuation
We slightly adjusted our fair value estimate downward to N56.22 (previously N57.68), representing a justified price-to-earnings multiple of 2.85x and a price-to-book multiple of 0.48x. Despite this adjustment, we maintain our BUY recommendation.
Please follow the link “Zenith Bank Q3 2024 – On the Cusp of Ending 2024 Strong” to view the whole report.
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