Zenith Bank Posts N178 Billion Profit After Tax in 2019
Zenith Bank, Nigeria’s most profitable bank, has said it invested over N12 billion through targeted interventions in education, healthcare, sports and infrastructural development to drive change across Nigeria in the last five years.
In its sustainability report for the 2019 financial year released on Friday, the top tier bank said having operated for 30 years in Nigeria and other regions, it is no stranger to the sustainable business drive.
“We are leveraging the progress that we have made so far as a platform to deliver more impact,” stated Jim Ovia, Chairman, Zenith Bank Plc.
He said “We understand that the financial services sector plays a very crucial role in the overall economic development of Nigeria. Hence, to maximise our impact, we have made concerted efforts to lead the way in providing financial resources and support to strategic sectors that will sustainably steer the nation towards economic prosperity. We are always challenging ourselves to deeply examine our business processes to integrate
sustainability into every aspect of our business.”
Expanding its strong business model anchored on sustainability report, Zenith Bank posted strong financial results in 2019. The lender’s Profit Before Tax (PBT) grew by 4.1 percent from N192 billion in 2018 to N200 billion in 2019 while Profit After tax expanded by 7.6 percent to N178 billion in 2019, up from N165 billion achieved in 2018.
Gross earnings gained 5 percent from N538 billion filed in 2018 to N565 billion in 2019. The company’s total deposits stood at N3.49 trillion as of the end of December 2019, representing a 23.6 percent growth from N2.82 trillion in 2018.
Similarly, the bank’s total assets and shareholders’ fund gained 9.7 percent from N4.96 trillion in 2018 to N5.44 trillion and 15.4 percent from N675 billion to N779 billion, respectively.
The bank explained that the 2019 performance gives an insight into its results in the next report cycle and emphasised its potential to increase its contribution towards sustainable development significantly.
Jim Ovia added that “Our commitment to environmental and social value creation remains robust. We recognise that big business will continue to play a significant role not only in creating economic opportunities but building a socially stable and environmentally resilient nation.”