Zenith Bank Plc has recorded growths in its operating results in the third quarter, raising hope of better returns for the 2017 business year.
According to the interim report and accounts of the bank as at September  30, 2017, it recorded gross earnings of N531.3 billion, a growth of 39.7 per cent above the N380.4 billion it recorded in the corresponding period of 2016. Net interest income rose marginally by 6.2 per cent from N189.8 billion to N201.5 billion, while non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion.
The bank’s profit before tax grew by 30.8 per cent from N116.6 billion to N152.5 billion. Profit after tax, PAT, of the bank similarly grew by 36 per cent to N129.2 billion, compared with N95.4 billion in 2016.
Also, deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September. But loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion. Total assets stood at N5.1 trillion, up from N4.6 trillion in December 2016.
Jim Ovia, chairman, Zenith Bank, recently assured that the bank would continue to work to improve shareholders’ value in spite of the challenging operating environment.
He noted that the bank’s performance was due to its ability to fully exploit the available opportunities, pointing out that in line with its commitment to delivering superior returns to shareholders, the bank ensured that a good chunk of the profit would be distributed to the shareholders.
“As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market,” Ovia said.