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Zenith Bank Grows Net Profit By 12% To N144bn In 9 Months

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Zenith Bank Plc has recorded a growth of 11.56 per cent in its profit after tax to N144.179 billion in the first nine months of 2018.  This was made known in the bank’s third quarter results for the period ended September 30, 2018 released on the Nigerian Stock Exchange (NSE), yesterday.  Key extracts of the interim report and accounts for the period under review showed that profit before tax grew by 9.67 per cent from N152.552 billion in Nine month, 2017 to N167.307 billion while earnings per share rose to N4.58 from N4.11 in 2017. Zenith Bank’s gross earnings stood at N474.607 billion lower than N531.266 billion recorded in 2017.  Net interest income rose by 13.41 per cent from N201.492 billion to N228.517 billion in the period under review, while impairment charge for credit loss went down to N14.338 billion as against N47.053 billion in 2017. Also, customers’ deposits grew from N3.062 trillion in September 30, 2017 to N3.276 trillion as at September, 2018. But loans and advances fell to N1.825 trillion, from N2.156 trillion in the corresponding period of 2017.

Total assets stood at N5.618 trillion, up from N5.132 trillion in 2017, while total liabilities also grew to N4.84 trillion as against N4.364 achieved in 2017. Chairman, Zenith Bank Plc, Mr. Jim Ovia recently assured that the bank would continue to work to improve shareholders’ value in spite of the challenging operating environment. He noted that the bank’s performance was due to its ability to fully exploit the available opportunities, pointing out that in line with its commitment to delivering superior returns to shareholders, the bank ensured that a good chunk of the profit would be distributed to the shareholders.
“As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market,” Ovia said. Also, the group managing director/chief executive officer of Zenith Bank, Mr. Peter Amangbo said as an institution of well-primed people, the bank relied on its pool of exceptional staff to make sound and timely decision and addressed issues in a manner that anticipated developments and demonstrated excellent understanding of the dynamics of the market and economy.

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