Home / BUSINESS / Zenith Bank Declares N745bn Gross Earnings
Zenith Bank Declares N745bn Gross Earnings
From Udo Onyeka
With audited accounts showing an increase in its financial gross earnings by 47 percent from N508 billion in 2016 to N745.19 billion in 2017, Zenith Bank Plc has clearly confirmed itself as the largest Tier-1 bank in the country.
The audited accounts, which were presented to the Nigerian Stock Exchange (NSE), showed the Bank’s profit before tax (PBT) and profit after tax (PAT).
According to the statement, the records witnessed an impressive growth of 30 percent PBT and 37 percent PAT year-on-year, respectively, to N203.46 billion and N177.93 billion, up from NN156.75 billion and N129.7 billion, respectively.
The Bank also demonstrated its ability to take the right actions and make the right choices in its assets and liability management strategies culminating in a 23 percent increase in interest income from N384.6 billion in 2016 to N474.6 billion for the year ending December 31, 2017.
Its audited results also showed that the bank posted an asset base of N5.6 trillion, an increase of 18 per cent over the N4.74 trillion recorded for the same period in 2016.
A careful analysis of the results showed that the bank was able to strategically switch assets in favour of high yielding asset classes and was also able to optimally price its assets and liabilities in a high yield environment.
Accordingly, non-interest income also jumped by 119 percent from N123.4 billion as at December 2016 to N270.6 billion driven by the bank’s ability to take advantage of its strong foreign currency liquidity to generate income.
Commenting on the results, market analysts said this was a show of resilience and demonstration of the ability of the bank to innovate and create impressive value from the resources available to it.
“We note further that Zenith achieved this excellent financial performance, despite adopting a very conservative approach to recognising potential losses in its risk asset portfolio,” one analyst said.
Zenith Bank has continued to maintain a solid and high-quality capital position with a capital adequacy ratio at 27 percent, well above the statutory requirement of 15 percent, effectively providing room for further growth and strong and consistent dividend payout.
The bank has also maintained an excellent liquidity position with a liquidity ratio of 70 percent, remaining strong and well above the regulatory requirement of 30 percent.
Tags bank billion Earnings Exchange Gross N745 naira Nigerian NSE Stock Zenith
Isah Idris, Abuja A legal luminary, Barr Ola Olanipekun has identified greed and immoral manipulation …
National Association of Nigerian Students (NANS) has expressed concern over the incessant internal strikes at …