Category Archives: Banking

Analyst: Olumide Sole* In its Q3 financial statements, ZENITHBANK reported a 68% y/y jump in Gross Earnings to ₦362 billion, 8% below our estimate of ₦392 billion. This improvement was majorly a result of the expansion of the bank’s loan book in Q3 amid elevated interest rates, as Interest Income grew 71% y/y to ₦256...

Analyst: Olumide Sole* Target price: ₦10.00 Rating: BUY   Fidelity Bank released its Q3’23 financial statements, reporting Gross Earnings growth of 82% to ₦156 billion figure (Vetiva: ₦131 billion). This impressive growth came as a result of an 82% y/y increase in Interest Income to ₦135 billion (Vetiva: ₦121 billion), driven by a 33% y/y...