Zenith Bank Posts N166.8bn Gross Earnings, N58.8 bn PBT In 2020
By Our Correspondent
Zenith Bank Plc has reported a gross earnings of N166.8 billion for the first quarter ended March 31 2020. The figure, a 6 per cent rise from N158.1 billion in March 2019.
The unaudited report which was presented to the Nigerian Stock Exchange (NSE) on Wednesday, showed the growth was driven by the 43 per cent expansion in non-interest income from N32.7 billion in 2019 to N46.6 billion in March 2020.
In the same vein the Bank’s profit before tax rose 3 per cent from N57.3 billion in the prior-year period to N58.8 billion in March 2020.
The increased profits benefited from the twin effects of continuing top-line growth and focused cost-of-funds optimisation.
Cost of funds declined significantly from 3.0 per cent in March 2019 to 2.6 per cent in the quarter, translating to a 10 per cent decrease in interest expense dropping from N36.3 billion in March 2019 to N32.8 billion in the quarter.
Zenith Bank has continued to gain customers acceptance and patronage with deposits increasing by 5 per cent from N4.26 trillion in December 2019 to N4.46 trillion in first quarter 2020.
The bank’s customer deposit mix rebalancing remains on track as the group added N150 billion in savings account balances in quarter one 2020, supported by its retail drive.
The bank’s total assets increased by 12 per cent growing from N6.35 trillion in December 2019 to close at N7.13 trillion in first quarter 2020.
Gross loans grew by 11 per cent from N2.46 trillion in December 2019 to N2.74 trillion in first quarter 2020.
Zenith has continued to surpass expectations of its shareholders with track record of superlative performances which has attracted accolades.
For instance the bank was voted the best commercial bank in Nigeria 2019 by World Finance and the best digital bank in Nigeria 2019 by Agusto & Co.
The bank was also recognised as bank of the year and best in retail banking at the 2019 ,BusinessDay and Other Financial Institutions (BOFI) Awards among others.
