Zenith Bank shows resilience as gross earnings rise by 4% in Q3 2020

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Zenith Bank shows resilience as gross earnings rise by 4% in Q3 2020 vanguardnews

This performance demonstrates the group’s resilience against the backdrop of a challenging macro-economic environment brought about by the Coronavirus pandemic.

According to the unaudited account which was presented to the Nigerian Stock Exchange , this growth was driven by non-interest income which grew by 11% to N173 billion from N157 billion recorded at the end of Q3 2019, reflecting the group’s increasingly diversified business model. The group’s Profit Before Tax rose marginally to N177 billion at the end of Q3 2020, representing a 1% growth over the N176 billion posted in the corresponding period last year.

The result also demonstrates the group’s ability to deliver optimal pricing for its interest-bearing assets and liabilities in a declining yield environment, as net interest income grew by 5% Year-on-Year to N225 billion despite the drop in total interest income from N322 billion to N319 billion. Interest expense and cost of funds were down 13% and 27% to close at N94 billion and 2.2% respectively, reflecting the group’s robust treasury and liquidity management.Total deposits closed at N5.

Zenith Bank Plc has continued to demonstrate resilience and industry leadership. In recognition of its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto and Co. The Bank was also recognised as Bank of the Year and Best in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions Awards.

 

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