In a clear demonstration of its resilience, Zenith Bank Plc has
\nannounced its audited results for the half-year ended 30 June 2021,
\nrecording positive growth across key financial metrics despite a
\nchallenging macroeconomic environment exacerbated by the COVID 19
\npandemic.<\/p>\n
According to the bank’s audited half-year financial results presented to
\nthe Nigerian Exchange (NGX), the Group recorded a growth in profit
\nbefore tax of 3% from NGN114 billion reported in H1 2020 to NGN117
\nbillion in H1 2021. The Group also recorded a 9% growth in non-interest
\nincome from NGN116 billion in June 2020 to NGN127 billion in June 2021.
\nOverall, the significant reduction in interest expense by 26% and growth
\nin non-interest income by 9% culminated in improved profitability.<\/p>\n
The Group’s retail journey continues to deliver positive results as
\nretail deposits grew by NGN38.2 billion from NGN1.72 trillion to NGN1.76
\ntrillion year-to-date (YTD). Savings balances grew marginally by 2% YTD
\nto close at NGN1.18 trillion from NGN1.16 trillion as at December 2020.
\nThe drive for increased retail deposits and a low-interest yield
\nenvironment helped reduce the cost of funding from 2.2% to 1.3% in the
\ncurrent period. Operating expenses grew by 10% YoY, but growth remains
\nbelow the inflation rate, while the Group improved its Earnings per
\nShare (EPS) which grew 2% from NGN3.30 to NGN3.38 for the half-year
\nended June 2021.<\/p>\n
The Group also increased total customer deposits by 8% to close the
\nperiod at NGN5.77 trillion, demonstrating growth in the market share.
\nTotal assets grew marginally to NGN8.52 trillion as at 30 June 2021 from
\nNGN8.48 trillion recorded as at 31 December 2020. Despite the COVID-19
\npandemic induced challenges and the challenging operating environment,
\nthe Group grew its risk assets as gross loans were up by 3% YTD, from
\nNGN2.92 trillion to NGN2.99 trillion. This was conservatively achieved
\nat a low Non-Performance Loans (NPL) ratio of 4.51% (FYE 2020: 4.29%)
\nand a reduced cost of risk of 1.3% (June 2020: 1.8%). Prudential ratios
\nsuch as liquidity and capital adequacy also remained above regulatory
\nthresholds at 69.9% and 22.0%, respectively.<\/p>\n
Despite the continued prevalence of the COVID-19 pandemic, there is
\ncautious optimism that the global economy will continue to recover as
\nvaccination programmes are intensified. On the domestic economy,
\nNigeria’s Gross Domestic Product (GDP) grew by 5.01% in the second
\nquarter of 2021, and the inflation rate, which peaked in March 2021 at
\n18.17%, is gradually trending down (currently at 17.38% as at July
\n2021).\u00a0 The Group is well-positioned to maximise the opportunities that
\nthese recovering fundamentals present while leveraging technology to
\nexpand its retail footprints to deliver improved returns to all its
\nstakeholders.<\/p>\n
In recognition of its track record of excellent performance, Zenith Bank
\nwas voted as Best Commercial Bank in Nigeria in the World Finance
\nBanking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of
\nthe Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s
\nBest Banks Awards 2020 and 2021, and Best in Corporate Governance
\n‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom.
\nAlso, the bank emerged as the Most Valuable Banking Brand in Nigeria in
\nthe Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One
\nBank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks”
\nRanking by The Banker Magazine. The bank was also recognised as Bank of
\nthe Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of
\nthe year at the 2020 BusinessDay Banks and Other Financial Institutions
\n(BOFI) Awards, and Best Company in Promotion of Good Health and
\nWell-Being as well as Best Company in Promotion of Gender Equality and
\nWomen Empowerment at the Sustainability, Enterprise and Responsibility
\n(SERAS) Awards 2020.<\/p>\n
Zenith Bank has grown enormously in 30 years to become Nigeria\u2019s largest
\nand one of Africa\u2019s largest financial institutions by tier-1 capital,
\nwith shareholders\u2019 funds of NGN1.1 trillion ($2.64 billion) as at 31st
\nDecember 2020. The Bank continues to distinguish itself in the Nigerian
\nfinancial services industry through superior service offerings, unique
\ncustomer experience and sound financial indices. Zenith Bank is the
\nclear leader in the digital space with several firsts in the deployment
\nof innovative products, solutions and an assortment of alternative
\nchannels that ensure convenience, speed and safety of transactions.<\/p>\n
In a clear demonstration of its resilience, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2021, recording positive growth across key financial metrics despite…<\/p>\n","protected":false},"author":1,"featured_media":72714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-85439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n