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Nigeria's Zenith Bank Q3 profit falls YOY

Zenith Bank PLC reported a third-quarter group profit attributable to equity holders of the parent of 52.67 billion Nigerian nairas, down from 53.86 billion nairas a year ago.

Despite the decrease, EPS for the three months to Sept. 30 increased to 198 kobos versus 172 kobos in the year-before period.

Net interest income came in at 74.56 billion nairas, up from 62.53 billion nairas. Fee and commission income dropped year on year to 23.26 billion nairas from 33.27 billion nairas.

The Lagos-based lender booked impairment charges for credit losses of 4.62 billion nairas, compared to 4.66 billion nairas a year earlier. Operating expenses amounted to 30.22 billion nairas, up from the year-ago 27.73 billion nairas.

For the nine months ended Sept. 30, the bank's attributable profit rose to 143.75 billion nairas from the year-ago 129.05 billion nairas.

As of Oct. 17, US$1 was equivalent to 363.50 Nigerian nairas.