Zenith Bank Plc, Nigeria’s leading tier 1 lender and biggest in Balance Sheet size has released it financial statement for first quarter ended March 2020.
The bank reported a N50.5 billion Profit After Tax, an increase of 1 percent Year-on-Year (YonY) over the amount reported for the corresponding period in 2019.
A review of the unaudited financial statement revealed that a 5 percent YonY drop in Net Interest Income and a 29 percent drop in Net Fee and Commission Income was responsible for the bank’s marginal growth. This is inspite of the 97 percent growth in Trading Income and a 349 percent growth in Other Income.
Here are the highlights of the Zenith Bank Q1 2020 Unaudited Financial Statements.
- Gross Earning was up by 6% YonY to N166.8 billion from N158.1 billion
- Net Interest Income was down by 5% YonY to N81.5 billion from N86.1 billion
- Net Fee and Commission Income was also down by 29% YonY to N15.4 billion from N21.3 billion
- Trading Income up by 97% YonY to N15.5 billion from N7.8 billion
- Impairment Charges up by 88% to N3.95 billion from N2.1 billion
- Other Income up by 349% YonY to N15.7 billion from N3.5 billion
- Staff Cost down by 1% YonY to N18.2 billion from N18.3 billion
- Operating Expenses up by 13% YonY to N40.2 billion from N35.6 billion
- Profit Before Tax up by 3% YonY to N58.8 billion from N57.3 billion
- Profit After Tax was also up by 1% YonY to N50.5 billion from N50.2 billion
- Earning per Share up by 1% also to 161 Kobo from 160 Kobo in the corresponding period in 2019.
The Balance Sheet size of Zenith Bank grew significantly during the 3 month period ended March 31 2020 as all fundamentals grew by double digits.
Total Assets grew by 21% to N7.13 trillion, while Loans and Advances to Customers also grew by 44% to N2.58 trillion for the first quarter of 2020.
Deposit from Customers also grew by 25% to N4.46 trillion from N3.57 trillion as at December 2019 while Shareholders Equity increased by 19% to end the quarter at N925.9 billion compared to N780.9 billion as at December 2019.