Zenith Bank Plc has recorded an impressive Profit Before Tax of N177.3 billion for the period ended September 30, 2020.
This is according to its latest financials sent to the Nigerian Stock Exchange Market.
Key highlights of the 9M 2020 results are:
- 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.
Bottom Line:
The firm performed well in most of its key financial metrics, recording an impressive figure across board. The impressive performance was reflected in its Cost-to-Income ratio which stood at 37.3%, far below the 50% threshold, indicating that the firm has been very efficient in its operations.
