Zenith Bank sustain 2016 third quarter growth with N100 billion profit after tax


Zenith Bank Plc has posted N100 billion profit after tax for the nine months ended September 30, 2016, which represents a growth of 20.4 per cent compared to N83 billion recorded for the same period in 2015.

The bank ended the period with a profit before tax of N121.2 billion, showing an increase of 16.6 per cent above the N104 billion posted in the corresponding period of 2015.

The results showed improvements in performance indicators, as gross earnings rose by 12.9 per cent from N337.9 billion to N380.4 billion, while net interest income grew by 17.6 per cent from N161.4 billion to N189.8 billion. Impairment charges rose by 124.8 per cent to N9.7 billion to N21.9 billion, while other income soared from N9.7 billion in 2015 to N32bn in 2016.

The financial institution, in a statement on Monday, said despite the macroeconomic headwinds, it attracted more deposits and also gave out more loans and advances. Depots rose from N2.557 trillion to N2.692 trillion, while loans and advances grew from N1.841 trillion to N2.425 trillion.

The bank total assets hit N4.654 trillion, up by 16.2 per cent from N4 trillion in 2015. Already, the bank had paid an interim dividend of 25 kobo to the shareholders for the half year ended June 30, 2016.

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