A combination of low oil prices and negative effects on growth from the fixed naira currency has squeezed Zenith Bank’s earnings while the lender’s share price dropped on the back of the disappointing results.
Shares of Zenith bank were down (-1.3 percent) to N11.30 on news this afternoon that the lender underperformed to start 2015 financial year.
For the first three months through March 2016, the lender’s net income fell by 4.01 percent to N26.57 billion from N27.68 billion as at March 2015, the bank said in a statement posted on the floor of the Nigeria Stock Exchange (NSE) on Monday.
Gross earnings reduced by 12.25 percent to N99.43 billion in the period under review.
Loans and advances to customers were down by 1.05 percent to N1.92 trillion.
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