With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for banks in the Middle East and Africa. This feature excludes previously reported stories.
Zenith Bank
Nigeria's Zenith Bank PLC reported full-year 2020 group profit attributable to equity holders of the parent of 230.37 billion naira, up from 208.69 billion naira in 2019.
The bank booked after-tax group profits for full-year 2020 of 230.57 billion naira, up from the year-ago 208.84 billion naira despite impairment charges rising year over year to 39.53 billion naira from 24.03 billion naira.
EPS for the period increased year over year to 7.34 naira from 6.65 naira.
Net interest income rose on a yearly basis to 299.68 billion naira from 267.03 billion naira, while net income on fees and commission decreased to 79.33 billion naira from 100.11 billion naira. Trading income amounted to 121.68 billion naira, up from the year-ago 117.80 billion naira.
Operating expenses amounted to 148.11 billion naira, up from the year-ago 129.45 billion naira.
The lender's board proposed a final dividend of 2.70 naira per share, compared to the year-ago 2.50 naira per share.
Ahli United Bank
Bahrain's Ahli United Bank BSC reported full-year 2020 net profit attributable to the owners of the bank of $452.2 million, down from $730.5 million in 2019, as provision for credit losses and other charges rose.
EPS for the period was 4.3 cents, compared to 7.2 cents a year earlier.
Provision for credit losses and other charges increased over the period to $254.9 million from $54.4 million.
Net interest income for the period declined on a yearly basis to $799.4 million from $951.5 million, as did fees and commissions, to $103.7 million from $127.3 million.
The lender's board recommended a distribution comprising a cash dividend of 1.25 U.S. cents per share and a bonus ordinary share issue of 5% for 2020, down from 5.0 cents per share and 10%, respectively, in 2019.
Bank ABC
Bahrain's Arab Banking Corp. (BSC) posted a fourth-quarter 2020 consolidated net loss attributable to shareholders of the parent of $33 million, compared to a net profit $33 million a year earlier.
Net interest income fell on a yearly basis to $134 million from $143 million.
Impairment charges for the period were $95 million compared to $36 million.
Total operating expenses fell year over year to $126 million from $140 million.
For the year ended Dec. 31, the bank reported an attributable net loss of $89 million, compared to a profit of $194 million a year earlier.
Credit loss expenses widened over the period to $329 million from $82 million in 2019.
As of Feb. 23, US$1 was equivalent to 381.09 Nigerian naira.
