Earnings ReportFeatured

Zenith Bank Announces 30k Interim Cash Dividend, Builds Earnings By Marginal 4.99%

Coy: ZENITH BANK PLC. (ZENITHBANK)
Rating: Buy
Current Market Price: N22.00
Year High: N27.50
Year Low: N18.90
Fair Value: N43.02
By: Jeariogbe Tunde Segun (Equity Analyst)

Earnings Brief:

  • As in the previous year, the management of Zenith Bank had approved 30k cash dividend for the half year ended, 30th June, 2022
  • The closure date for the said dividend is 7th September, 2022
  • Thus, the qualification date is 6th September, 2022
  • While, payment date is 13th September, 2022
  • Earnings per Share for the half year build slightly by 4.99%
  • Foreign currency translation differences for foreign operations which was estimated at N28.818 billion dipped the earnings, thus bringing the total comprehensive income per share to N2.27 as against N3.53 estimated in the corresponding year.
  • Earnings Yield in appreciable at 16.13% as against 13.85% yield achieved in the corresponding year
  • Loan to Deposit rate stood at 57.75% lower than the 60.55% posted in the corresponding year
  • See below for detailed figures/ratio comparison

ZENITH INT’L PLC

Bourse Nigerian Stock Exchange
Code Name ZENITHBANK
Sector FINANCIAL SERVICES
Market Classification PREMIUM BOARD
Nature of Business Commercial Banking
Date of Incorporation May-30-1990
Date Listed  Oct-21-2004
End of Accounting Year 31st December
Website www.zenithbank.com
Registrar VERITAS REGISTRARS LIMITED
Auditor PRICEWATERHOUSECOOPERS
Share Price@Relsd (N)                                                        22.00
Earnings per Share                                                          3.55
Intrinsic Value(N)                                                        43.02
Share Outstanding 31,396,493,786
Market Capitalisation                                      690,722,863,292

ZENITH INT’L PLC

Statement of Comprehensive Income

  2022 2021

%CHG

GROSS EARNINGS                404,763,000,000            345,559,000,000 17.13
INTEREST INCOME                241,726,000,000            203,934,000,000 18.53
INTEREST EXPENSES                  56,983,000,000               43,994,000,000 29.52
NET INTEREST INCOME                184,743,000,000            159,940,000,000 15.51
OPEX                163,514,000,000            135,155,000,000 20.98
DEPRECIATION                  13,417,000,000               12,925,000,000 3.81
AMORTISATION                     1,669,000,000                 1,770,000,000 5.71
PBT                130,005,000,000            117,059,000,000 11.06
TAX                  18,592,000,000               10,940,000,000 69.95
PAT                111,413,000,000            106,119,000,000 4.99
TOTAL COMP INCOME                  80,573,000,000            110,794,000,000 -27.28

Statement of Financial Position

Total Assets          10,115,362,000,000         8,515,471,000,000 18.79
Total Liabilities            8,843,086,000,000         7,372,024,000,000 19.95
Net Assets            1,272,276,000,000         1,143,447,000,000 11.27
Property Plan & Equipment                202,284,000,000            193,209,000,000 4.70
Retained Earnings                592,205,000,000            519,995,000,000 13.89
Total Deposits            7,152,964,000,000         5,770,434,000,000 23.96
Total Loans and Advances            4,131,035,000,000         3,493,946,000,000 18.23

Financial Strength/Solvency Ratio

TICKERS 2022 2021

%CHG

Debt Ratio 87.42% 86.57% 0.98
Total Debt to Equity Ratio (MRQ)                                        6.95                                    6.45 7.81
Equity Ratio 12.58% 13.43% -6.33
Beta Value                                        1.01                                    1.11 -9.01

PROFITABILITY RATIOS

TICKERS 2022 2021

%CHG

EBITDA MARGIN 53.96% 53.70% 0.48
PRE-TAX MARGIN 32.12% 33.88% -5.19
EFFECTIVE TAX RATE 14.30% 9.35% 53.02
IE TO GE 14.08% 12.73% 10.58
ROAE 8.76% 9.28% -5.64
ROAA 1.10% 1.25% -11.62

EFFICIENCY RATIOS

TICKERS

2022

2021

 
OPEX TO GE 40.40% 39.11% 3.29
GE TO TA 4.00% 4.06% -1.39
LDR 57.75% 60.55% -4.62

ZENITH INT’L PLC

Investment/Valuation Ratios

Tickers 2022 2021 %Chg
EPS 3.55 3.38 4.99
TCIP/SHARE 2.57 3.53 -27.28
P/E-Ratio 1.55 1.80 14.12
Earnings Yield 16.13% 13.85% 16.44
BV/Share 40.52 36.42 11.27
PBV 0.54 0.67 -18.97

DIVIDEND INFORMATION

Tickers

2022 2021

%Chg

Latest Final Dividend                                        0.30                                    0.30 0.00
Final Dividend Pay-Out Ratio 8.45% 8.88% -4.75
Final Dividend Yield 1.36% 1.23% 10.91

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Earnings ReportFeatured

Zenith Bank Announces 30k Interim Cash Dividend, Builds Earnings By Marginal 4.99%

Coy: ZENITH BANK PLC. (ZENITHBANK)
Rating: Buy
Current Market Price: N22.00
Year High: N27.50
Year Low: N18.90
Fair Value: N43.02
By: Jeariogbe Tunde Segun (Equity Analyst)

Earnings Brief:

  • As in the previous year, the management of Zenith Bank had approved 30k cash dividend for the half year ended, 30th June, 2022
  • The closure date for the said dividend is 7th September, 2022
  • Thus, the qualification date is 6th September, 2022
  • While, payment date is 13th September, 2022
  • Earnings per Share for the half year build slightly by 4.99%
  • Foreign currency translation differences for foreign operations which was estimated at N28.818 billion dipped the earnings, thus bringing the total comprehensive income per share to N2.27 as against N3.53 estimated in the corresponding year.
  • Earnings Yield in appreciable at 16.13% as against 13.85% yield achieved in the corresponding year
  • Loan to Deposit rate stood at 57.75% lower than the 60.55% posted in the corresponding year
  • See below for detailed figures/ratio comparison

ZENITH INT’L PLC

Bourse Nigerian Stock Exchange
Code Name ZENITHBANK
Sector FINANCIAL SERVICES
Market Classification PREMIUM BOARD
Nature of Business Commercial Banking
Date of Incorporation May-30-1990
Date Listed  Oct-21-2004
End of Accounting Year 31st December
Website www.zenithbank.com
Registrar VERITAS REGISTRARS LIMITED
Auditor PRICEWATERHOUSECOOPERS
Share Price@Relsd (N)                                                        22.00
Earnings per Share                                                          3.55
Intrinsic Value(N)                                                        43.02
Share Outstanding 31,396,493,786
Market Capitalisation                                      690,722,863,292

ZENITH INT’L PLC

Statement of Comprehensive Income

  2022 2021

%CHG

GROSS EARNINGS                404,763,000,000            345,559,000,000 17.13
INTEREST INCOME                241,726,000,000            203,934,000,000 18.53
INTEREST EXPENSES                  56,983,000,000               43,994,000,000 29.52
NET INTEREST INCOME                184,743,000,000            159,940,000,000 15.51
OPEX                163,514,000,000            135,155,000,000 20.98
DEPRECIATION                  13,417,000,000               12,925,000,000 3.81
AMORTISATION                     1,669,000,000                 1,770,000,000 5.71
PBT                130,005,000,000            117,059,000,000 11.06
TAX                  18,592,000,000               10,940,000,000 69.95
PAT                111,413,000,000            106,119,000,000 4.99
TOTAL COMP INCOME                  80,573,000,000            110,794,000,000 -27.28

Statement of Financial Position

Total Assets          10,115,362,000,000         8,515,471,000,000 18.79
Total Liabilities            8,843,086,000,000         7,372,024,000,000 19.95
Net Assets            1,272,276,000,000         1,143,447,000,000 11.27
Property Plan & Equipment                202,284,000,000            193,209,000,000 4.70
Retained Earnings                592,205,000,000            519,995,000,000 13.89
Total Deposits            7,152,964,000,000         5,770,434,000,000 23.96
Total Loans and Advances            4,131,035,000,000         3,493,946,000,000 18.23

Financial Strength/Solvency Ratio

TICKERS 2022 2021

%CHG

Debt Ratio 87.42% 86.57% 0.98
Total Debt to Equity Ratio (MRQ)                                        6.95                                    6.45 7.81
Equity Ratio 12.58% 13.43% -6.33
Beta Value                                        1.01                                    1.11 -9.01

PROFITABILITY RATIOS

TICKERS 2022 2021

%CHG

EBITDA MARGIN 53.96% 53.70% 0.48
PRE-TAX MARGIN 32.12% 33.88% -5.19
EFFECTIVE TAX RATE 14.30% 9.35% 53.02
IE TO GE 14.08% 12.73% 10.58
ROAE 8.76% 9.28% -5.64
ROAA 1.10% 1.25% -11.62

EFFICIENCY RATIOS

TICKERS

2022

2021

 
OPEX TO GE 40.40% 39.11% 3.29
GE TO TA 4.00% 4.06% -1.39
LDR 57.75% 60.55% -4.62

ZENITH INT’L PLC

Investment/Valuation Ratios

Tickers 2022 2021 %Chg
EPS 3.55 3.38 4.99
TCIP/SHARE 2.57 3.53 -27.28
P/E-Ratio 1.55 1.80 14.12
Earnings Yield 16.13% 13.85% 16.44
BV/Share 40.52 36.42 11.27
PBV 0.54 0.67 -18.97

DIVIDEND INFORMATION

Tickers

2022 2021

%Chg

Latest Final Dividend                                        0.30                                    0.30 0.00
Final Dividend Pay-Out Ratio 8.45% 8.88% -4.75
Final Dividend Yield 1.36% 1.23% 10.91

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