Zenith Bank Declares N69 Billion Q3 Profit

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Zenith Bank Plc has reported a profit after tax of N64 billion for the nine months ended September 30, 2013 with the loans and advances portfolio hitting N1.1 trillion.

The unaudited results showed gross earnings of N255 billion in 2013, up 11 per cent from the N229 billion recorded in the corresponding period of 2012. Net interest income rose by 16 per cent to N138 billion, from N199 billion in 2012.

Profit before tax grew by 10.4 per cent from N75 billion to N83 billion, while profit after tax rose by 8.9 per cent to N69 billion as against N64 billion in 2012.

However, the efforts of the Zenith Bank to support the nation’s economy reflected in the 15 per cent growth in the loans and advances portfolio, which stood at N1.108 trillion as at the end of the third quarter, compared with N964 billion in the corresponding period of last year and N1 trillion last June. The current loan portfolio indicates that the bank gave out N108 billion within three months.

A further analysis of the nine months results of Zenith Bank showed that deposits rose by 18 per cent, from N1.723 trillion to N2.033 trillion. Total assets stood at N2.853 trillion as against N2.458 trillion.

The bank had reported a profit after tax of N45 billion for the half year (H1) ended June 30, 2013.

Commenting on the H1 performance, Group Managing Director/Chief Executive Officer of Zenith Bank, Mr. Godwin Emefiele, said the second quarter of this year was a particularly challenging one, especially with the commencement of the revised bank tariffs on services and products.

He, however, noted that this notwithstanding, Zenith Bank Plc remained steadfastly on course to delivering an impressive 2013 performance.

He said: “We remain determined in our efforts to ensure that our vision of premium returns to all our stakeholders is sustained. To this end, we note the significant progress being recorded in our drive to sustain our leadership position in the corporate end of the market, while seeing substantial growth in our retail banking businesses through a number of products introductions and innovations. We have continued the systematic review of our enterprise risk management structure and practices with the aim of strengthening our procedures to swiftly deal with the various changes and risks inherent in our operating environment.

“It is on this premise that we can say that while not being unmindful of the challenges that lie ahead in 2013, especially in the wake of the recent monetary policy and regulatory changes, we remain confident that we will be able to sustain the strong performance of the first half of 2013 as we are resolutely committed to rendering superior customer services and maintaining our competitive advantage in the market.”