Zenith Bank’s Profit Up 4.5% To N150.7bn In Q3
By UMORU ABDULKADIR
Zenith Bank Plc has grown its Profit After Tax (PAT) by 4.5 per cent to N150.7 billion in the third quarter period ended September 30, 2019 as shown in its just released financial statements.
The Financial Statements which was published to the website of the Nigerian Stock Exchange (NSE) on Wednesday, October 23, 2019, shows that the company performed well in key financial indicators.
According to the results, the bank grew its profit after tax to N150.7 billion in the ended period of September 30, 2019, up from N144.2 billion of the corresponding period of 2018, representing a 4.5 per cent increase, while its gross earnings for the period also advanced to N491.26 billion, up from N474.60 billion, and indication of 3.5 per cent increase.
Similarly, the lender’s profit before tax for the period in consideration also appreciated to N176.2 billion, up from N167.3 billion of the third quarter of 2018, representing a 5.3 per cent growth in PBT.
The financial statement shows that the bank generated N214.6 billion in net interest income over the past nine months of 2019, constituting a 6.1 per decline when compared with N228.5 billion generated in the corresponding period of 2018. While its net fee and commission for the period increased to N73.8 billion, up from NN62 billion of the same period in 2018, indicating a 19.1 per cent rise, the non-interest income appreciated by 22 per cent to stand at N156.8 billion when compared with N128.7 billion of the same period of 2018.
A further breakdown of the results shows that the Bank’s Total Assets rose considerably by 6.4 per cent to N5.97 trillion in the third quarter period just ended September 30 compared with the same period of 2018 when its total assets stood at N5.61 trillion.
Its total liabilities for the period also grew to N5.11 trillion, up from N4.84 of the third quarter of 2018, an indication of 5.5 per cent rise in liabilities of the financial institution
The company’s earnings per share for the period increased by 4.8 per cent to stand N4.80k, as against N4.58k achieved in the third quarter of 2018. Its total shareholders’ equity improved by 12 per cent to stand at N871.9 billion in the just ended period, compared with N777.9 billion of the corresponding period of 2018.
In an effort to meet the target the December 31, 2019 deadline given to Deposit Money Banks (DMBs) by the Central Bank of Nigeria (CBN), the bank grew its loans and advances to customers’ portfolio to N2.04 trillion, up from N1.824 trillion of September 2018 and N1.823 trillion as at December 2018, representing an 11.9 per cent improvement, while its trading income from treasury bills also rose to N79.7 billion, up from N75.2 billion of September 2018, affirming commercial banks’ confidence in channeling funds to more secure investments.
The company’s share price ended trading on the Nigerian Stock Exchange at N17 making a loss of 25 kobo to yesterday’s share price of N17.25
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