Zenith Posts N88.8bn Profit in H1, 2019

• Zenith Posts N88.8bn Profit in H1, 2019

Zenith Bank plc, one of Africa’s leading banks, posted gross earnings of N331.68 billion in the first half of 2019.

In the audited financial statements released on Monday through the Nigerian Stock Exchange, that number was 2.83 percent more than the N322.20 generated in the same period of 2018.

The lender realised a net interest income of N142.51 billion, a decline of 7.43 percent when compared with N153.86 achieved in the corresponding period of 2018.

The statements show the decline was as a result of a drop in interest and similar income from N228.67 billion to N214.60 billion.

Profit before tax rose by 3.86 percent to N111.67 billion, up from N107.35 billion recorded in the same period of 2018.

Profit after tax remained strong at N88.88 billion, again up by 8 percent from N81.73 percent filed in the first half of 2018.

Commenting on the performance, the bank said: “Despite the growth in our deposit base, we optimized interest expense leading to a four percent reduction from N74.7 billion to N72.1 billion due to the Group’s improved funding mix and our profound treasury management skills.”

The lender also stated, “Our robust risk management ensured that our absolute Gross Non-Performing Loans (NPLs) remained flat. However, the marginal movement in NPL ratio was as a result of the three percent reduction in our loan book from N2.02 trillion as at December 2018 to N1.95 trillion at the end of the period.”

On sustenance, the bank said: “Going into the second half of the year, we will continue to consolidate our leadership in the corporate space while our retail banking drive will continue unabated.”