{"id":18380,"date":"2017-10-20T13:27:54","date_gmt":"2017-10-20T12:27:54","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=18380"},"modified":"2017-10-20T13:27:54","modified_gmt":"2017-10-20T12:27:54","slug":"zenith-bank-reports-q3-2017-results-pbt-26","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-reports-q3-2017-results-pbt-26\/","title":{"rendered":"Zenith Bank reports Q3 2017 results with PBT up 26%"},"content":{"rendered":"

Zenith Bank\u2019s Q3 2017 results which have just been published show low single digit y\/y declines in both PBT and PAT.<\/p>\n

Although profit before provisions of N114bn showed a greater decline (-8% y\/y),\u00a0 those on the provisions and opex lines proved significant, helping to limit the decline on the PBT line.<\/p>\n

Both revenue lines contributed to the decline in profit before provisions: while funding income was flattish, non-interest income fell -16% y\/y because of base effects.<\/p>\n

Also on a q\/q basis, because of base effects again, the bank recorded a marked fall of -42% q\/q for non-interest income.<\/p>

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Notwithstanding, non-interest income actually surprised positively, coming in much stronger than we had expected. Given a lackluster performance in funding income however, the impact of the better-than-expected non-interest income result was not felt. A significant positive surprise in loan loss provisions was the main reason for Zenith\u2019s better-than-expected PBT (and PAT) result.<\/p>\n

The market is likely to take some time to digest these results. On the one hand, the y\/y comparables show declines on revenues and earnings. And the q\/q changes in revenue are also weak, similar to what we have observed for other tier 1 banks. On the other hand, the positive surprise on the provisions line is significant. Some will argue that Q4 may throw up some major negative surprises on this line in particular \u2013 effectively a justification to discount the surprise in Q3. While we would not dismiss this view completely, we doubt the extent of a q\/q jump in provisions in Q3 will be of such magnitude to validate consensus\u2019 N173bn FY 2017E PBT estimate. To our mind, this forecast is very conservative. As such, we expect a positive reaction to these results, even if delayed. We would encourage investors to buy into any sell-off on the back of these results.<\/p>\n","protected":false},"excerpt":{"rendered":"

Zenith Bank\u2019s Q3 2017 results which have just been published show low single digit y\/y declines in both PBT and PAT. Although profit before provisions of N114bn showed a greater decline (-8% y\/y),\u00a0 those on the provisions and opex lines proved significant, helping to limit the decline on the PBT line. Both revenue lines contributed …<\/p>\n","protected":false},"author":6,"featured_media":18381,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[740,575,627],"coauthors":[2391],"class_list":["post-18380","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-nse","tag-sec","tag-zenith-bank"],"yoast_head":"\nZenith Bank reports Q3 2017 results with PBT up 26% - National Wire<\/title>\n<meta name=\"description\" content=\"Zenith Bank\u2019s Q3 2017 results which have just been published show low single digit y\/y declines in both PBT and PAT.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-reports-q3-2017-results-pbt-26\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zenith Bank reports Q3 2017 results with PBT up 26% - 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