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Event
Zenith Bank (“the Group”) sustained its strong financial trajectory into the second quarter of the year, with gross earnings rising by an impressive 93% year-on-year to N1.29trn, up from N666.73bn in Q2 2023. This substantial growth reflects the Group’s robust operational strategies and market positioning, indicating a solid performance amidst a challenging economic landscape. The growth was driven by a 195% year-on-year interest income growth and a 42% year-on-year non-interest income growth.
Outlook
In line with the improved performance, we slightly revised our fair value estimate of the Group’s stock to N57.68 (previous: N56.15), which implies a 2.27x justified price-to-earnings multiple and a justified price-to-book multiple of 0.55x. Overall, we maintain our ……
Please follow the link “Zenith Bank Q2 2024 – Profitability Driven by Enhanced Interest and Trading Income” to view the whole report.
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