Zenith Bank Plc has announced its unaudited results for the period ended
\n30 September, 2019, with numbers that clearly demonstrates its market
\ndominance and leadership.<\/p>\n
From the unaudited account which was presented to the Nigerian Stock
\nExchange (NSE), gross earnings increased by 4% percent from N474,607
\nbillion recorded in Q3 2018 to N491,268 billion in Q3 2019. Profit
\nBefore Tax (PBT) grew by 5% from N167,307 billion in Q3 2018 to a record
\nN176,183 billion in Q3 2019. Also, profit after tax rose by 5% from
\nN144,179 billion in Q3 2018 to N150,723 billion in Q3 2019.<\/p>\n
Despite a challenging macro-economic backdrop, the Group recorded a
\nsignificant growth in Non-Interest Income, expanding by 22% from N128.7
\nbillion in Q3 2018 to N156.8 billion for the current period. Our
\nplatforms and channels have been the enablers of this growth, with fees
\nfrom electronic products doubling to N35.3 billion from N17.6 billion in
\nQ3 2018.<\/p>\n
Our cost optimization strategies and aggressive retail banking drive are
\nyielding the desired effects as cost-to-income ratio declined from 51.2%
\nin Q3 2018 to 50.1% in Q3 2019 with Earnings Per Share (EPS) growing by
\n5% from N4.58 in Q3 2018 to N4.80 in Q3 2019.<\/p>\n
Our retail and corporate banking franchises continued its momentum with
\ncustomers\u2019 deposits growing by 7% to N3.95 trillion from N3.69 trillion
\nrecorded as at December 2018, a reflection of increasing share of the
\nindustry\u2019s deposits and customers\u2019 confidence in the Zenith brand. These
\ndeposit acquisitions have directly contributed to our cost of funds
\nimproving from 3.3% in Q3 2018 to 2.95% as at Q3 2019.<\/p>\n
We have continued to deploy capital to creating viable risk assets with
\ngross loans and advances growing by 9% from N2.02 trillion as at
\nDecember 2018 to N2.2 trillion as at Q3 2019 across both the retail and
\ncorporate segments. Our focus remains the search for bankable lending
\nopportunities to ensure the attainment of the minimum regulatory
\nloan-to-deposit ratio (LDR) of 65% by December 31, 2019 without
\ncompromising our prudence.<\/p>\n
Our robust risk management framework has ensured that non-performing
\nloans (NPL) ratio declined from 4.98% in December 2018 to 4.95% in the
\ncurrent period. Our commitment to maintaining a shock-proof balance
\nsheet remains with liquidity and capital adequacy ratios at 63.8% and
\n23.8% respectively, both above regulatory thresholds.<\/p>\n
In this final quarter of the year, we will sustain our competitiveness
\nand share of market in the corporate segment and build upon our digital
\nfoundations to reinforce our retail banking initiatives.<\/p>\n
As a testament to this superlative performance and in recognition of its
\ntrack record of excellent performance, the bank was recently named as
\nthe Bank of the Year and the Best Bank in Retail Banking at the 2019
\nBusinessDay Banks\u2019 and Other Financial Institutions Awards (BAFI
\nAwards).<\/p>\n
Zenith Bank Plc has announced its unaudited results for the period ended 30 September, 2019, with numbers that clearly demonstrates its market dominance and leadership. From the unaudited account which…<\/p>\n","protected":false},"author":1,"featured_media":70078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-70077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n