In its recently released Q3-17 results, ZENITHBANK reported 35.19% q/q and 8.89% y/y decline in gross earnings, following higher-than-expected contraction in interest income (-30.96% q/q and +4.54% y/y, 28.87% below our estimate) and a steep decline in non-interest revenue (42.07% q/q and 16.29% y/y, ahead of our estimate by 56.71%). We have cut our ...
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