{"id":80321,"date":"2021-05-04T01:05:19","date_gmt":"2021-05-04T00:05:19","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=80321"},"modified":"2021-05-04T01:05:19","modified_gmt":"2021-05-04T00:05:19","slug":"zenith-bank-displays-resilience-as-profit-before-tax-rises-by-4-in-q1-2021","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/zenith-bank-displays-resilience-as-profit-before-tax-rises-by-4-in-q1-2021\/","title":{"rendered":"ZENITH BANK DISPLAYS RESILIENCE AS PROFIT BEFORE TAX RISES BY 4% IN Q1 2021"},"content":{"rendered":"
\n
\n
Zenith Bank Plc has announced its unaudited results for the first
\nquarter ended 31st March 2021, with Profit Before Tax (PBT) rising by 4%
\nto N61.0 billion, from N58.8 billion recorded in March 2020. This is
\ndespite a very challenging macroeconomic environment aggravated by the
\nCOVID-19 pandemic.<\/p>\n

According to the unaudited statement of account presented to the
\nNigerian Stock Exchange (NSE) on Friday, 30th April 2021, Profit After
\nTax (PAT) also grew by 5% from N50.5 billion in Q1 2020 to N53.1 billion
\nin Q1 2021.<\/p>\n

The profitability was driven by the optimisation of the cost of funds
\nand improvement in non-interest income. The Bank’s cost of funds reduced
\nsignificantly from 2.6% in March 2020 to 1.1% in March 2021.\u00a0 This was
\nalso reflected in interest expense which dropped by 45% from N32.8
\nbillion to N18.0 billion over the same period. Non-interest income
\nincreased by 10% from N46.6 billion to N51.2 billion, driven by growth
\nin credit-related fees and fees on electronic products.<\/p>\n

Non-interest income was boosted by the increase in fees and commission
\nincome, which resulted from the increased volume of transactions across
\nall the Bank’s channels. Cost of risk dropped from 0.6% in March 2020 to
\n0.5% in March 2021, which affirms the Bank’s prudent risk management,
\neven as gross loans increased by 2% from N2.92 trillion to N2.98
\ntrillion in Q1 2021.<\/p>\n

The Bank’s robust customer acquisition strategy and the effectiveness of
\nits electronic platforms and digital channels enabled it to deliver a
\nN54 billion increment in the savings account balance, which is solely
\nretail. Customer deposits grew by 6% from N5.34 trillion in December
\n2020 to N5.68 trillion in March 2021. Transactions on electronic
\nchannels also grew astoundingly as new customers continue to be
\nattracted to the Bank’s various user-friendly digital platforms.<\/p>\n

Going forward in 2021, the Bank expects that the ongoing economic
\nrecovery and improvements in the yield environment will translate into
\nimproved numbers for the Group. This is expected to be supported by
\nlocal and international COVID-19 vaccination campaigns, rising commodity
\nprices, and global economic growth of up to 6%, as estimated by the
\nInternational Monetary Fund (IMF).\u00a0 The Group will continue to position
\nitself to take advantage of positive developments in the domestic and
\nglobal economy to deliver improved financial performance and returns to
\nall its stakeholders.<\/p>\n<\/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 2021, with Profit Before Tax (PBT) rising by 4% to N61.0 billion, from N58.8 billion…<\/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":[4],"tags":[],"class_list":["post-80321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\nZENITH BANK DISPLAYS RESILIENCE AS PROFIT BEFORE TAX RISES BY 4% IN Q1 2021 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/zenith-bank-displays-resilience-as-profit-before-tax-rises-by-4-in-q1-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ZENITH BANK DISPLAYS RESILIENCE AS PROFIT BEFORE TAX RISES BY 4% IN Q1 2021 - 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