Zenith Bank Plc has reported its unaudited results covering a nine month period ended September 30, 2021, recording a profit before tax (PBT) of N180 billion.
This marks a one percent growth over the bank’s N177 billion recorded in the same period in 2020.
In the group’s unaudited nine months financial results submitted to the Nigerian Exchange (NGX) over the weekend, the bank’s gross revenue rose by two percent from N509 billion to N519 billion, mainly as result of growth in current account maintenance fees, as well as fees from electronic products during the period.
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The Group, in a statement, boosted its net earnings by cutting its cost of funds while keeping the cost of risk flat. This improved its earnings per share (EPS) by one percent to N5.11.
The Group recorded a nine percent growth in interest income from loans and advances on the back of an increase in gross loans of nine percent year-to-date and enhanced efficiency, resulting in a 21 percent drop in interest expense to N74 billion from N94 billion.
This culminated in growth in net interest income of four percent, from the N225 billion recorded at the end of the third quarter of 2020, to N235 billion in the current period.
Also, its total assets increased by three percent to N8.8 trillion in the current period, while total deposits grew by 13 percent to close at N6 trillion, from N5.3 trillion as at December 31, 2020, with a substantial contribution from retail deposits.
