Zenith Bank Plc, Nigeria’s top tier 1 lender has released it 9 months ended September 2019 financial report to the public. The result released on the Nigerian Stock Exchange (NSE) today show a 4.5% increase in the bank’s Profit After Tax (PAT) for the third quarter (Q3 2019) financial period.
The growth in the profit of Nigeria’s most technological driven bank notwithstanding the 6% decline in Net Interest Income, was achieved with a 19% increase in Net Fee and Commission Income, 26% growth in Trading Income, a 16% increase in Other Income and a 7% decline in Operating Expenses.
Here are the highlights of Zenith Bank Q3 2019 result released today
- Gross earnings up by 4% from N474.6 billion to N491.3 billion in Q3 2019
- Net-interest income down by 6% from N228.5 billion to N214.6 billion in Q3 2019.
- Trading Income up by 26% to N66.9 billion from N52.9 billion in Q3 2018.
- Operating Expenses down by 7% to N102.7 billion from N109.9 billion in Q3 2018.
- Impairment charge for credit losses up by 27% from N14.3 billion to N18.3 billion in Q3 2019
- Fee and Commission Income up by 19% from N62.0 billion to N73.8 billion in Q3 2019
- Other Income up by 16% from N13.8 billion to N16.1 billion in Q3 2019
- Profit Before Tax up by 5% from N167.3 billion in Q3 2018 to N176.2 billion.
- Profit After Tax also up by 5% from N144.2 billion in Q3 2018 to N150.7 billion
The Shareholders of Zenith Bank also had their Earning Per Share increased by 5% from 458 kobo in September 2018 to 580 kobo in September 2019.
The Balance Sheet size of Zenith Bank also increase by good margin in the 9 months period ended September 2019
- Total assets about flat at N5.97 trillion from N5.96 trillion in December 2018
- Customers deposit up by 7% from N3.69 trillion in December 2018 to N3.95 trillion
- Customer loans and advances up by 12% from N1.82 trillion to N2.04 trillion in Q3 2019.
- Total Equity also up by 7% from N815.8 billion to N871.9 billion.