Glorious song, as Zenith Bank stamps market dominance, leadership

By Editor on 23/10/2019

Share on facebook Yahoo mail icon Gmail icon

Views: 294


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 was presented to the Nigerian Stock Exchange (NSE), gross earnings increased by 4 per cent from N474,607 billion recorded in Q3 2018 to N491,268 billion in Q3 2019. Profit Before Tax (PBT) grew by 5 per cent from N167,307 billion in Q3 2018 to a record N176,183 billion in Q3 2019. Also, profit after tax rose by 5 per cent from N144,179 billion in Q3 2018 to N150,723 billion in Q3 2019.

Despite a challenging macro-economic backdrop, the Group 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. Our 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.

Our cost optimization strategies and aggressive retail banking drive are yielding the desired effects as 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.

Our retail and corporate banking franchises continued its momentum with customers’ deposits growing by 7% to N3.95 trillion from N3.69 trillion recorded as at December 2018, a reflection of an increasing share of the industry’s deposits and customers’ confidence in the Zenith brand. These deposit acquisitions have directly contributed to our cost of funds improving from 3.3% in Q3 2018 to 2.95% as at Q3 2019.

We have continued to deploy capital to creating viable risk assets with gross loans and advances growing by 9% from N2.02 trillion as at December 2018 to N2.2 trillion as at Q3 2019 across both the retail and corporate segments. Our 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 our prudence.

Our robust risk management framework has ensured that non-performing loans (NPL) ratio declined from 4.98% in December 2018 to 4.95% in the current period. Our commitment to maintaining a shock-proof balance sheet remains with liquidity and capital adequacy ratios at 63.8% and 23.8% respectively, both above regulatory thresholds.

In this final quarter of the year, we will sustain our competitiveness and share of the market in the corporate segment and build upon our digital foundations to reinforce our retail banking initiatives.

As a testament to this superlative performance and in recognition of its track record of excellent performance, the 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).

 

 

 

Source Whirlwindnews.com

Posted on October, 23 2019

Yahoo mail icon Gmail icon


You may also like...
Diri to traders: You've two months to demolish...

BREAKING: Senate confirms Nami, new FIRS boss

BREAKING: I’m running for presidency – Saraki *I’ll...

BREAKING: No freedom yet, as EFCC arraigns Fayose...

Sowore: You can’t lie yourself out of this...

Presidential election a sham, Ohanaeze, Afenifere, NEF, PANDEF...

Oba Akiolu: How Buhari inflicted 'long lasting' nightmare...

BREAKING: ECOWAS quarters Barrow in Senegal ahead inauguration...

Okorocha to Ihedioha: Leave me out your deep...
Latest News China to retaliate UK's ban on Huawei 5G network *US hails decision I didn't know how I got here, says nurse found in Osun hotel after missing for 14 days COVID-19: CBN unveils non-interest guidelines for intervention funds NDDC saga: Akpabio heads to court *Nunieh went too far with sexual harassment claim Belgium once highest hit, records first zero COVID-19 deaths since March BREAKING: Ex-NIMASA boss goes to jail for seven years for looting N1.5billion Why I ignored Kanu’s death threat – Nwodo *I’m the father of Ndigbo today Don’t cancel WAEC exams, ensure safety of candidates, Obi cautions FG BREAKING: After Magu, hammer falls on EFCC management *12 directors suspended Fahim Saleh, Gokada CEO butchered, mutilated body found in home

 

Most Read BREAKING: Atiku defects to APGA *Picks ticket for 2019 presidency *Runs with Soludo (60,120 views) BREAKING: Ronaldo, Messi, Neymar clinch final Ballon d'Or shortlist, Suarez snubbed (39,073 views) You must release Kanu, give us justice or we keep bombing – Gen. Ben (27,664 views) Seven 'killer' SARS officers arrested in Anambra for murder (25,056 views) I must redeem Ndigbo or die trying – Nwodo *We're quite uncomfortable in Nigeria (23,269 views) BREAKING: Upset, as Ugwuanyi appoints Queen of 419 into cabinet (17,718 views) Biafra: I’ll lead negotiation with agitators – Okorie *Warns against force (16,382 views) Okorie to Buhari: Your gvt can’t be killing Ndigbo and offering B’Haram amnesty (16,275 views) BREAKING: Again DSS shuns court order, hedges on Kanu's release (14,883 views) Catholic bishops to Mbaka: Your prophesies could be brain wave (14,872 views)

 

News Appointments (365) Business (325) Crime (1342) Economy (620) Education (245) Entertainment (315) Fashion and Style (116) General (623) Health (796) Inside Africa (535) Interviews (26) National (1568) Politics (3410) Press Releases (3) Religion (275) Security (1734) Sports (2380) Technology (34) World News (676)

 

CBN banner advert

Chelsea Outdoor

Veleta banner

FRSC Officials vs Woman Driver on highway

 

 

Newsletters Subscribe to Whirl Wind News newsletters today and get breaking news and updates delivered to your mailbox!

Sign up

 

Advertisement