Zenith bank’s H1 numbers came in
ahead of our run rate for 2015, with strong growth in both Interest and Fee
& Commission Income in spite of current macroeconomic conditions. Other
Income, however, declined significantly in Q2.
The bank’s annualized ROAE comes to 19.2% and
compares with 18.8% in 2014.
We have a Buy rating on Zenith
and a price target of N24.60/share (current price N15.93), based on an implied
1.3x P/BV multiple to our FY2015e BVPS estimates of N18.9.
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