Zenith Bank Grows Profit After Tax to N104bn in H1 2020

Zenith Bank Plc grew profit after tax from N88.882 billion reported in the first half (H1) of 2019 to N103.826 billion in H1 2020.

In the bank’s interim statement for the six months period ended 30 June, 2020, net interest income rose from N142.515 billion achieved in the corresponding period of 2019 to N157.409 billion in the period under review.

While the bank impairment loss on financial and non-financial instruments increased from N13.735 billion filed in the same period of 2019 to N23.923 billion in H1 2020, the bank still posted N133.486 billion in net interest income after impairment loss on financial and non-financial instruments, up from N128.780 billion achieved in H1 2019.

Zenith Bank’s profit before tax stood at N114.124 billion in the period under review, up from N11.677 billion posted in the same period of 2019.

Profit after tax increased from N88.882 billion recorded in H1 2019 to N103.826 billion in H1 2020 due to the decline in income tax paid from N22.795 billion in H1 2019 to N10.298 billion in H1 2020.

Earnings per share grew from N2.83 per share filed in H1 2019 to N3.30 per share during the period under review.