Zenith wax stronger in 2020 Q3 report with gross earnings of N509bn
Zenith Bank Plc has announced its unaudited results for the nine months ended September 30, 2020, with gross earnings rising by four per cent to N509bn from N491bn in the same period of 2019.
The group said the performance demonstrated its resilience against the backdrop of a challenging macro-economic environment brought about by the COVID-19 pandemic.
According to its unaudited financial statements obtained from the Nigerian Stock Exchange, the growth was driven by non-interest income, which grew by 11 per cent to N173 billion from N157bn recorded at the end of Q3 2019.
Interest expense and cost of funds were down 13 per cent and 27 per cent to close at N94bn and 2.2 per cent respectively, reflecting the group’s robust treasury and liquidity management.
It said total deposits closed at N5.2tn at the end of Q3 2020, up from N4.3tn in December 2019, dominated by low-cost deposits.
Zenith Bank said retail deposits grew by 58 per cent to N1.7tn at the end of Q3 2020, up from N1.1tn as at December 2019, underpinned by the continuous expansion and improvement of the group’s digital platforms. Here are the basic performance indicator
- Gross earnings increased to N508.97 billion, +3.6% Y-o-Y.
- Profit Before Tax grew to N177.3 billion, +0.6% Y-o-Y.
- Net interest income increased to N225.18 billion, +4.91% Y-o-Y.
- Impairment charges grew to N25.11 billion, +37.5% Y-o-Y.
- Personnel expenses increased to N59.93 billion, +5% Y-o-Y.
- Loans and advances to customers grew to N2.7 trillion, Up by +32.7% Y-o-Y.
- Total assets increased to N7.97 trillion, +33.4% Y-o-Y.
- Customers deposit grew to N5.2 trillion, +32.2% Y-o-Y.
- Earnings Per Share boosted to N5.07k, +5.6% Y-o-Y.