Zenith Bank grows profit by 31% to N153b in Q3 2017

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LAGOS, OCTOBER 20, 2017 – Zenith Bank Plc recorded significant growths in the top-line and bottom-line in the third quarter, raising prospects of better returns for the 2017 business year.

Key extracts of the interim report and accounts of the bank for the nine-month period ended September 30, 2017 showed gross earnings of N531.3 billion, showing a growth of 39.7 per cent above the N380.4 billion posted in the corresponding period of 2016. Net interest income rose marginally by 6.2 per cent from N189.8 billion to N201.5 billion, while non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion.

Zenith Bank grew its profit before tax by 30.8 per cent from N116.6 billion to N152.5 billion while profit after tax (PAT) grew faster by 36 per cent to N129.2 billion, compared with N95.4 billion in 2016.

Also, deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September. But loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion. Total assets stood at N5.1 trillion, up from N4.6 trillion in December 2016.

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.

DCSL 90X780

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