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.
The group’s profit before tax rose marginally to N177bn at the end of Q3 2020, representing a one per cent growth over the N176bn posted in the corresponding period last year.
It said the result also demonstrated its ability to deliver optimal pricing for its interest-bearing assets and liabilities in a declining yield environment, as net interest income grew by five per cent year-on-year to N225bn despite the drop in total interest income from N322bn to N319bn.
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.
Credit: punchng.com
