{"id":73136,"date":"2020-04-30T15:18:25","date_gmt":"2020-04-30T14:18:25","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=73136"},"modified":"2020-04-30T15:18:25","modified_gmt":"2020-04-30T14:18:25","slug":"zenith-banks-profit-before-tax-rises-by-3-to-n58-7-billion-in-q1-2020","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/zenith-banks-profit-before-tax-rises-by-3-to-n58-7-billion-in-q1-2020\/","title":{"rendered":"ZENITH BANK’S PROFIT BEFORE TAX RISES BY 3% TO N58.7 BILLION IN Q1 2020"},"content":{"rendered":"
\n
<\/div>\n
\n
\nZenith Bank Plc has announced its unaudited results for the first
\nquarter ended 31st March 2020, with profit before tax rising by 3% to
\nN58.7 billion.<\/p>\n

According to the unaudited account which was presented to the Nigerian
\nStock Exchange (NSE) on Wednesday 29th April 2020, the Group’s profit
\nbefore tax improved 3% from N57.3 billion in the prior-year period to
\nN58.8 billion in March 2020. The increased profits benefited from the
\ntwin effects of continuing top-line growth and focused cost-of-funds
\noptimisation.<\/p>\n

The Bank’s cost of funds declined significantly from 3.0% in March 2019
\nto 2.6% in the quarter, translating to a 10% decrease in interest
\nexpense dropping from N36.3 billion in March 2019 to N32.8 billion in
\nthe quarter. Despite this drop, the low yield environment necessitated
\nthe repricing of interest-bearing assets which in turn resulted in a 13%
\ncompression in net interest margin, decreasing from 8.9% in March 2019
\nto 7.7% in the current period.<\/p>\n

The Group also recorded a 6% increase in Gross Earnings from N158.1
\nbillion in March 2019 to N166.8 billion for the period. This top-line
\ngrowth was driven by the 43% expansion in non-interest income from N32.7
\nbillion in the prior-year period to N46.6 billion in March 2020.<\/p>\n

Zenith Bank has continued to gain customer acceptance with customer
\ndeposits increasing by 5% from N4.26 trillion in December 2019 to N4.46
\ntrillion in the current period.<\/p>\n

The customer deposit mix rebalancing remains on-track as the Group added
\nN150 billion in savings account balances in Q1 2020, supported by its
\nretail drive. The Bank’s total assets increased by 12% growing from
\nN6.35 trillion in December 2019 to close at N7.13 trillion in the
\ncurrent period. In the quarter, gross loans grew by 11% from N2.46
\ntrillion in December 2019 to N2.74 trillion within the period.<\/p>\n

Consistent with this performance and in recognition of its track record
\nof excellent performances, Zenith Bank was voted as the Best Commercial
\nBank in Nigeria 2019 by the World Finance and the Best Digital Bank in
\nNigeria 2019 by Agusto and Co.<\/p>\n

The Bank was also recognised as Bank of the Year and Best in Retail
\nBanking at the 2019 BusinessDay Banks and Other Financial Institutions
\n(BOFI) Awards. Recently, the Bank emerged as the Most Valuable Banking
\nBrand in Nigeria, for the third consecutive year, in the Banker Magazine
\n“Top 500 Banking Brands 2020”, Best Bank in Nigeria 2020 in the Global
\nFinance World’s Best Banks Awards 2020, and Bank of the Decade (People’s
\nChoice) at the ThisDay Awards 2020.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2020, with profit before tax rising by 3% to N58.7 billion. 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