By OLUSHOLA BELLO, Lagos
Zenith Bank yesterday released its first quarter (Q1) 2017 results which showed strong double-digit growth in profit before tax (PBT) (38% y/y) to N44 billion and profit after tax (PAT) (46% y/y) to N39 billion.
Both revenue lines contributed to the strong results as funding income grew by 21% y/y to N71 billion while non-interest income was up 94% y/y to N30 billion. The strong revenue contributions were material enough to more than offset a sizeable increase in loan loss provisions ( 206% y/y) and, to a lesser extent, opex growth of 24% y/y.
The growth in non-interest income stood out because Zenith’s trading income recovered from a loss of –N1.9 billion in Q1 2016 to a healthy positive result of N7 billion in Q1 2017.
Fees and commissions were also up strongly by a similar magnitude in naira terms. Compared with its Q4 2016 results, PBT grew by double-digits too, by 25% q/q and was partly helped by a -25% q/q reduction in loan loss provisions.
The PAT improved significantly (by 341% q/q) because the Q4 results had been weighed down by a marked negative result on the other comprehensive income line (-N21bn).
EFCC Arrests 9 Suspected Internet Fraudsters In Ibadan
The Economic and Financial Crimes Commission, EFCC, Ibadan zonal office, on Wednesday arrested nine suspected internet fraudsters. The suspects, ranging...
FG Flags-off Reconstruction Of N3.6bn Lagos-Badagry Expressway
The Federal Government, Monday, flagged off reconstruction works on Okokomaiko-Agbara end of the Lagos-Badagry Expressway, disclosing that N3.6 billion has...
Gotv Boxing 19: Reigning WABU Champion “Babyface’’ Gets New Opponent As Lartey Withdraws
Ghanaian welterweight boxer Eden Biki will now take on reigning West African Boxing Union (WABU) champion Rilwan “Babyface” Babatunde of...
110 Women Die Daily In Nigeria – UNFPA
The United Nations Population Fund (UNFPA) has said that no fewer than 110 women die daily in Nigeria as a...
Van Gogh ‘Suicide Gun’ Sold At Auction
The gun which Vincent van Gogh may have used to kill himself has sold for a €162,500 (£144,000; $182,000) –...
FMC Gusau Resident Doctors Begin 3-Day Warning Strike
Resident doctors at the Federal Medical Centre Gusau on Wednesday began a three-day warning strike over deteriorating state of facilities...
Edo Speaker Gives Illegal Occupants 24-Hours To Vacate Quarters
The newly-elected Speaker of Edo House of Assembly, Frank Okiye, on Wednesday gave a 24-hour ultimatum to all illegal occupants...
NEWS4 hours ago
Borno Gov. Appoints SSG, COS, Others
FEATURES19 hours ago
NASS Inauguration: How Clerk Averted Constitutional Crisis
EDUCATION10 hours ago
President Buhari’s Assent To Poly Act Bill, A Laudable Achievement – ASUP
NEWS9 hours ago
FG Saves N273.8bn From Implementation Of IPPIS In MDAs
NEWS20 hours ago
Zamfara Gov Launches Elders’ Forum To Tackle Challenges
POLITICS6 hours ago
Anti-Party Activities: Ex-Gov Yari Rejects APC’s Committee Report
NEWS18 hours ago
Lack Of Will To Perform Task Causes Operational Setbacks – Buratai
NEWS19 hours ago
67-yr-old Woman Hacks First Bank Account, Steals N16.2m