Zenith Bank Plc has announced its unaudited results for the period ended 30 September 2019.
From the unaudited account which was presented to the Nigerian Stock Exchange (NSE), gross earnings increased by 4% from N474,607 billion recorded in Q3 2018 to N491,268 billion in Q3 2019.
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Profit Before Tax (PBT) grew by 5% from N167,307 billion in Q3 2018 to a record N176,183 billion in Q3 2019. Also, profit after tax rose by 5% from N144,179 billion in Q3 2018 to N150,723 billion in Q3 2019.
The bank also recorded significant growth in Non-Interest Income, expanding by 22% from N128.7 billion in Q3 2018 to N156.8 billion for the current period.
Zenith Bank said that its platforms and channels have been the enablers of this growth, with fees from electronic products doubling to N35.3 billion from N17.6 billion in Q3 2018.
It also said that cost-to-income ratio declined from 51.2% in Q3 2018 to 50.1% in Q3 2019 with Earnings Per Share (EPS) growing by 5% from N4.58 in Q3 2018 to N4.80 in Q3 2019.
Customers’ deposits grew by 7% to N3.95 trillion from N3.69 trillion recorded as of December 2018. These deposit acquisitions have directly contributed to the bank’s cost of funds improving from 3.3% in Q3 2018 to 2.95% as of Q3 2019.
Gross loans and advances grew by 9% from N2.02 trillion as of December 2018 to N2.2 trillion as of Q3 2019 across both the retail and corporate segments.
The bank said that its focus remains the search for bankable lending opportunities to ensure the attainment of the minimum regulatory loan-to-deposit ratio (LDR) of 65% by December 31, 2019 without compromising its prudence.
Also, non-performing loans (NPL) ratio declined from 4.98% in December 2018 to 4.95% in the current period. Liquidity and capital adequacy ratios stand at 63.8% and 23.8% respectively, both above regulatory thresholds.
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The bank said that in the final quarter of the year, it would sustain its competitiveness and share of market in the corporate segment and build upon its digital foundations.
Zenith Bank was recently named as the Bank of the Year and the Best Bank in Retail Banking at the 2019 BusinessDay Banks’ and Other Financial Institutions Awards (BAFI Awards).
