- Zenith Bank Grows Nine Months Profit by 36% to N130bn
Shareholders of Zenith Bank Plc should be expecting a bumper harvest at the end of 2017 financial year if the impressive performance recorded for the nine months ended September 30, 2017 is sustained.
The results released yesterday showed growth in major performance indicators despite the challenging operating environment. The bank recorded gross earnings of N531.3 billion, showing a growth of 39.7 per cent above the N380.4 billion posted in the corresponding period of 2016. Net interest income rose marginally by 6.2 per cent from N189.8 billion to N201.5 billion, while non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion.
Still reflecting the challenges borrowers are facing in repayment of loans, the bank’s credit impairment charges rose by 115 per cent from N21.9 billion to N47.1 billion.
Zenith Bank grew its profit before tax (PBT) by 30.8 per cent from N116.6 billion to N152.5 billion, while profit after tax (PAT) grew faster by 36 per cent to N129.2 billion, compared with N95.4 billion in 2016.
The bank enjoyed high customer loyalty and patronage as deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September. But loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion. Total assets stood at N5.1 trillion, up from N4.6 trillion in December 2016.
Shareholders of Zenith Bank received an interim of N7.8 billion for the half year (H1) ended June 30, 2017. The dividend translates to 25 kobo per share.
The Chairman of Zenith Bank Plc, Mr. Jim Ovia had told shareholders last March that in line with its commitment to delivering superior returns to its much-valued shareholders, the bank ensured that a good chunk of the profit was set aside for shareholders.
According to him, even in the face of a very challenging operating environment, Zenith Bank has maintained its culture of outstanding performance and industry leadership.
He said: “As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market.”
The Group Managing Director/Chief Executive Officer of Zenith Bank, Mr. Peter Amangbo said as an institution of well-primed people, the bank relied on its pool of exceptional staff to make sound and timely decision and addressed issues in a manner that anticipated developments and demonstrated excellent understanding of the dynamics of the market and economy.