Zenith Bank Plc, one of Nigeria’s leading financial institutions, extended its strong growth in the first half (H1) of 2021 as the lender grew profit before tax by 3 percent from N114 billion recorded in H1 2020 to N117 billion.
In the bank’s interim financial report for the period, Zenith Bank extended its non-interest income from N116 billion in June 2020 to N127 billion in the period under review, representing a 9 percent growth.
The 26 percent decline in interest expense and 9 percent growth recorded in non-interest income bolstered the bank’s profitability in the first half of 2021. Zenith Bank’s retail deposits rose by N38.2 billion to N1.76 trillion, up from N1.72 trillion filed in H1 2020.
Similarly, savings balances grew by 2 percent in the first half to N1.18 percent, slightly above the N1.16 trillion posted as at December 2020. Operating expenses also expanded by 10 percent while earnings per share rose from N3.30 to N3.38 in the first half of 2021.
Commenting on the strong performance, the lender said “Zenith Bank has grown enormously in 30 years to become Nigeria’s largest and one of Africa’s largest financial institutions by tier-1 capital, with shareholders’ funds of NGN1.1 trillion ($2.64 billion) as at 31st December 2020. The Bank continues to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. Zenith Bank is the clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.”