Zenith bank records gross earnings of N380 billion
The management of Zenith bank group has published a positive audited performance for the year ended 30th June, 2017.
The bank in it”s leadership style in the financial sector has reaffirmed a continued unrivalled leadership of the Nigerian financial service industry.
The group achieved Profit before tax (PBT) and Profit after tax (PAT) of N92 billion and N75 billion respectively representing a stellar growth of 72 percent and 112 percent over the same period of 2016
Net interest margin (NIM) tightened by 5.0 percent due to the elevation in interest expense.
The growth in both interest income and interest expense was an outcome of the current high yield environment. However, due to the currency devaluation, attendant inflationary pressure and AMCON charges operating expense income increased by 47.8 percent resulting in a cost to income ratio of 57.1 percent.
Gross loans outstanding as at half year declined marginally by 2.8 percent owing to the emphasis on quality risk assets.
Given to improving economic indicators, management positive outlook in the 2nd half of the year; the group is reinforced and strategically positioned to explore opportunities to grow it’s customer base and risk assets.
