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Zenith Bank Maintains it’s position as Nigeria’s best bank

by Radarr Africa
written by Radarr Africa

Getting to be at the top of the pack may not be an easy task but keeping that spot requires a whole lot of work and dedication, a trait that Zenith Bank Plc seems to have mastered.

Zenith Bank which has been named the ‘Bank of the Year in Nigeria’ in The Banker’s Bank of the year awards 2022 also has its group managing director named the LEADERSHIP Chief Executive of the Year 2022.

These two awards are just some of the bevy of awards and accolades the bank has received this year all due its commitment towards professionalism, excellent customer service, profitability and rewards for its stakeholders as well as its outstanding corporate social responsibility.

Nigeria’s Bank of the Year award bestowed on Zenith Bank by The Banker earlier this month, was in recognition of the Bank’s strong management, sound business model and strategy, support for small businesses and efforts to cut energy consumption.

Consistent Growth

This came on the heels of the award as Number One Bank in Nigeria by Tier-1 Capital by The Banker won by Zenith Bank earlier in the year. Looking at the 2022 nine months financials of the bank as filed on the Nigerian Exchange Group, Zenith Bank recorded a 20 per cent growth in gross earnings from N518.7 billion in Q3 2021 to N620.6 billion in Q3 2022.The growth was driven by positive interest-income related performance. Interest income grew by 27 per cent from N308.8 billion to N390.8 billion, driven majorly by growth in risk assets and an improvement in pricing. This also strengthened Earnings Per Share (EPS) by nine per cent to N5.55.

Profit before tax of the Bank was up by 13 per cent year on year growing from N179.8 billion in Q3 2021 to N202.5 billion in Q3 2022, as profit after tax equally grew by nine per cent from N160.6 billion to N174.3 billion in the same period.

Despite the downturn in the economy and most banks’ unwillingness to increase lending, Zenith Bank’s Loans and advances grew by 16 per cent from N3.5 trillion in December 2021 to N4.06 trillion in September 2022, boosting the Group’s interest income and displaying the Group’s appetite for high-yielding risk assets creation. As a result of this growth, the capital adequacy ratio reduced from 21 per cent to 19.1 per cent, while the liquidity ratio reduced from 71.6 per cent to 68.9 per cent.

Total assets grew by 20 per cent from N9.45 trillion to N11.34 trillion in 2022, mainly driven by growth in customers’ deposits, which grew by 24 per cent from N6.47 trillion in December 2021 to N8.04 trillion in September 2022 due to the market’s confidence in the brand.

Formidable Virtues, Values and Vision

Commenting on how the bank has been able to sustain its leadership position in the Nigerian banking space, the group managing director, Mr. Ebenezer Onyeagwu, said Zenith Bank has been able to keep to the values on which it was built on whilst innovating to meet up with the changing environment.

Onyeagwu, whilst receiving the Letter of Notification of LEADERSHIP Chief Executive of the Year 2022 Award, he thanked the management of EADERSHIP for keeping up with the vision of its founder, the late Sam Nda-Isaiah, saying the newspaper has been able to maintain standard and professionalism.

Also, appreciating LEADERSHIP for the upcoming which holds on January 31, 2023 at the International Conference Centre, Abuja, FCT, he said “when you say you look at the performance of Zenith and its trajectory, somehow it is good to be CEO because you take credit for what everybody has done. So, the credit for this honour, the recognition is actually to the team.

“We have a roadmap we are following. There is nothing else we are doing other than following the vision of our founder and chairman, Dr Jim Ovia. We are privileged to have had a foundation that is built on very formidable virtues and values that continue to withstand the test of time.

“Such that even when we see we know that things are changing market, regulation is changing, market conditions are changing that knowledge is driving different new perspective and rendering incumbent and business model irrelevant. We still find that our bedrock still remains that vision, the foundation, which gives us that firepower to become resilient and be innovative.

Sustained by Innovation  

“We thank LEADERSHIP for recognizing what we are doing in our modest corner. All we try to do is to keep dominating our space. We don’t know by dominating our space that we are doing better than others. All we know is whatever we do we do it well. We are not competing with anyone but we are competing against ourselves, which is why in a very, very long time, Zenith Bank will continue to be very outstanding.

“Zenith Bank will continue to flourish because if what we have seen in the year of the COVID, we have seen the digital disruption, we have seen very aggressive and extremely hawkish regulatory environment, different headwinds and we are able to navigate and achieve success. I say it with all sense of modesty and commitment in terms of what we have and the kind of foundation we have,” added Onyeagwu. 

A History of Honours

Having clinched the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine, Zenith

Bank was also named the Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards. It also has in its basket of laurels, the Best Commercial Bank, Nigeria 2021 and 2022 by the World Finance Banking Awards.

The bank also clinched best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Zenith Bank’s love for impacting its environment is visibly seen in its dedication to lighting up Victoria Island area of Lagos every year for the past 16 years without fail. This year at the light-up ceremony at the Ajose Adeogun roundabout tagged “Let There Be Light”, Onyeagwu had joined the many voices calling for peace and love at a time when it is most needed.

SOURCE: Leadership

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AfricaAFRICA NEWSBanking, Finance & InvestmentNigeriaZenith Bank

Zenith growth profit and fleet size increases in the last quarter

by Radarr Africa
written by Radarr Africa

Zenith has reported gross profit of £36.7 million – a 5.8% increase in the last quarter – with profit growth across all divisions, a growing fleet size and increased rental activity in both corporate and commercial.

The publication of unaudited second quarter financial results for the period ending September 30, also revealed that adjusted EBITDA (excluding ZenAuto) was down 2.9% (£0.6m) year-on-year. Zenith said this was due to delays to vehicle deliveries and consequently vehicle disposals and income generated from churn, and investment to support the expected fleet growth as the order book unwinds.

For the half-year and past 12 months ending September 30, gross profit of £71.5m was reported – up 6.7%; with strong profit growth in consumer, driven by growth in ZenAuto’s fleet.

Meanwhile, adjusted EBITDA (excluding ZenAuto) was down 0.7% (£0.3m) on the previous half-year, due to similar dynamics to the quarter end results

Zenith also reported a strong balance sheet with cash position of £55.7m and an undrawn credit facility of £65m, giving liquidity of £120.7m.

Zenith CEO, Tim Buchan (pictured), said: “I am pleased to announce another strong performance for Zenith during the first half of the financial year, all the more impressive when set against the backdrop of the very challenging economic environment.

“Our order book remains at near record levels and all three of Zenith’s divisions continue to perform well.

“While the supply chains issues that have dogged the motor industry continue to bring delays to new vehicle deliveries, we are now seeing those lead times begin to shorten.”

Zenith’s total fleet size increased by around 4,300 units to 168,000 units in the past quarter, with its funded fleet increasing by approximately 1,500 units to 72,000 units. Despite a moderately improved supply of vehicles, it said that lower deliveries than expected led to fewer end-of-contract terminations as customers were less able to replace their vehicles.

Termination volumes in corporate were down 36% year-on-year, and down 15% on Q1, which it said was a deferral of activity and income to later periods, not a permanent change.

Meanwhile, its order book stabilised at approximately 16,000 units over the past two months with gradually improving supply.

Order intake is slightly lower since the period-end; ZenAuto and the salary sacrifice segment of corporate see lower orders as a result of shifts in consumer confidence, although in salary sacrifice this is mitigated to a large extent by the continuing, favourable benefit in kind taxation environment for battery electric vehicles (BEVs), it said.

BEVs are now 26% of the corporate fleet and represent approximately 60% of its order intake.

Buchan continued: “We also successfully extended our fleet financing, which is particularly pleasing given the challenging credit markets and confirms the underlying strengths of the Zenith business. It also provides us with financial headroom and flexibility for the period ahead.

“As we look ahead to the second half of the year, with the prospect of a difficult winter for the UK and period of economic recession, I am reassured by the resilience of Zenith’s business model and would like to thank our colleagues across the business for their continued support, without which these results would not be possible.” For the year ending March 31, 2022, Zenith generated gross profit of £136.2m and adjusted EBITDA of £78.2m.

SOURCE: Fleet news

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AfricaAFRICA NEWSBanking, Finance & InvestmentGTCOZenith Bank

Zenith bank and nine others report N901bn profit in nine months

by Radarr Africa
written by Radarr Africa

Ten Nigerian banks recorded N900.92bn profit before tax in the nine months that ended September 30, 2022, despite an economic downturn in the nation.

According to the financial statements of these banks, this is a 21.40 percent increase from the N742.95bn profit before tax the banks recorded in the corresponding period of 2021.

The ten banks are Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, First Bank of Nigeria Holdings Plc, and United Bank for Africa Plc. Others are Wema Bank Plc, Stanbic IBTC Holdings Plc, Union Bank of Nigeria Plc, Fidelity Bank Plc, and Unity Bank Plc.

In the period under review, Zenith Bank recorded the highest PBT, followed by GTCO. Zenith Bank grew its PBT to N202.55bn in the first nine months of 2022 from N179.81bn in the corresponding period of 2021. GTCO grew its PBT to N169.72bn in the period under review from N151.91bn.

Access Holdings grew its PBT to N147.29bn in the period under review from N135.2bn; UBA recorded PBT grew from N123.35bn to N138.49bn in the periods under review; FBN Holdings stated that its nine-month PBT grew by 99.29 percent from N52.93bn to N105.49bn. Commenting on this growth in its results, the Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo, said, “FBN Holdings has again in Q3 2022 delivered a stellar performance, growing sustainable income from our core businesses.

“This is a testament to the success of our focus on carefully growing the business and driving profitability. Furthermore, during the period under review, in attestation of the progress made by the Group, Fitch upgraded the credit ratings of FBN Holdings and First Bank to ‘B’ with a Stable Outlook.

“Value creation remains our overarching objective as we continue to leverage the strengths of our unique brand and heritage to optimize our diverse business portfolio.”

He added, “We are confident of making further progress, with the capacity to generate sustainable performance that delivers superior returns to all our stakeholders.”

According to Stanbic IBTC, its nine-month PBT grew from N45.31bn to N68.95bn; Union bank’s PBT grew from N16.19bn to N18.96bn; Fidelity’s PBT grew from N28.05bn to N37.79bn; Wema’s PBT grew from N7.21 to N9.46bn, and Unity Bank’s PBT grew from N2.11bn to N2.21bn in the first nine months of 2021.

SOURCE: Punch news

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AfricaBanking, Finance & InvestmentBusinessNewsNigeriaWestern AfricaZenith Bank

Zenith Bank posts double digit growth in H1 2022

by Radarr Africa
written by Radarr Africa

In a clear demonstration of its industry leadership and consistency in providing superior financial returns, Zenith Bank PLC has announced its audited results for the half-year ended June 30, 2022.

Zenith Bank PLC recorded an astounding double-digit growth of 17 per cent in gross earnings of N405 billion in H1 2022.

This was from N346 billion reported in H1 2021.

And this was in spite of a very challenging macroeconomic environment.

According to the bank’s audited half-year financial results presented to the Nigerian Exchange on Tuesday, this growth was underpinned by a 19 per cent YoY growth in interest income from N204 billion to N242 billion and an 18 per cent YoY growth in non-interest income from N127 billion to N149 billion.

The growth in interest income was driven by the modest increase in the loan book and improved interest margins.

The increase in non-interest income attests to the Group’s success in its income diversification strategy.

Profit before tax (PBT) grew 11 per cent YoY from N117 billion to N130 billion.

Earnings Per Share also grew from N3.38 to N3.55 over the same six-month period.

The Group also recorded an 11 per cent year-to-date increase in total customer deposits to close the period at N7.15 trillion.

The retail strategy of the Group continues to deliver outstanding results as retail deposits grew by 17 per cent YtD from N1.82 trillion to N2.13 trillion.

Retail activities also supported the growth recorded in fees on electronic products, which grew by 45 per cent YoY from N17 billion to N25 billion.

Despite the elevated yield environment, the cost of funds increased only marginally from 1.3 per cent in June 2021 to 1.4 per cent in June 2022.

The increase in the cost of funds was lower than the increase in yields on interest-generating assets, giving rise to an improved Net Interest Margin of 7.1 per cent from 6.4 per cent in June 2021.

Total assets rose to N10.12 trillion at the end of June 2022 from N9.45 trillion at the end of December 2021.

Despite the headwinds imposed by the operating environment, the Group grew its risk assets as gross loans grew by 5 per cent YtD, from N3.5 trillion to N3.7 trillion.

This was achieved at a moderate NPL ratio of 4.4 per cent (FYE 2021: 4.2%) and cost of risk of 1.4 per cent (June 2021: 1.3%).

Prudential ratios such as liquidity and capital adequacy also remained stable and well-above regulatory thresholds at 60.5 per cent and 21.0 per cent respectively.

The Group is focused on advancing its digital banking strategy anchored on a strong technology base, and intends to consolidate on the gains achieved in prior years across all business segments.

Combined with the Group’s industry leadership, we expect this to drive improved performance and deliver enhanced returns to stakeholders.

ALSO READ: SheVentures resumes 90 days zero-interest loans to women-owned SMEs

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance “Financial Services” Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment” and the coveted “Most Responsible Organisation in Africa”.

Source: The Eagle online

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AfricaBanking, Finance & InvestmentNewsNigeriaWestern AfricaZenith Bank

Zenith Bank ranks number one Bank in Nigeria

by Radarr Africa
written by Radarr Africa

Zenith Bank Plc has been ranked as the Number One Bank in Nigeria with $2.75 billion Tier-1 Capital for the 13th year in a row.

The ranking, which was published in the July 2022 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2021 year-end Tier-1 capital of banks globally.

The bank retained its position as the number one Tier-1 bank in Nigeria and the 460th bank globally. The recognition was contained in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.

Its financial performance for the year was underpinned by double-digit growth of 10 per cent in gross earnings, with an improved market share in both retail and corporate sectors despite a very challenging macroeconomic environment aggravated by the COVID-19 pandemic.

ALSO READ: African Alliance settles N4.08b claims in six months

Commenting on the 2022 Top 1000 World Banks Ranking, the Group Managing Director/CEO of Zenith Bank Plc, Ebenezer Onyeagwu, said: “This ranking is a testament to our resilience and doggedness as an institution despite economic headwinds and a persistent challenging macroeconomic environment.

He expressed his appreciation to the Founder and Chairman of bank, Jim Ovia, for his guidance and for laying the foundation and building the structures of an enduring and very successful institution; the board for the outstanding leadership they provide; the staff, whose drive and commitment sustains the exceptional performance; and the bank’s customers for their unflinching loyalty to the Zenith brand.

Tier-1 Capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point of view.

According to the ranking, Tier 1 Capital, as deûned by the latest bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.

The bank’s track record of excellent performance has continued to earn the brand numerous awards, with this latest accolade coming on the heels of several recognitions, including being recognised as the best bank in Nigeria for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards.

The bank also emerged Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom.

Source: The Nation

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AfricaBanking, Finance & InvestmentBusinessNigeriaWestern AfricaZenith Bank

Zenith Bank holds 7th non-oil export seminar

by Radarr Africa
written by Radarr Africa

The seventh edition of the annual Zenith Bank International Trade Seminar will hold on Wednesday, July 20, 2022, at the Civic Centre, Victoria Island, Lagos, and virtually.

The seminar, themed ‘Unlocking Opportunities in Nigeria’s Non-Oil Export Business’, is part of Zenith Bank’s efforts to support the Central Bank of Nigeria (CBN) initiatives to grow the country’s non-oil export sector.

The event will draw participation from trade practitioners, local and foreign exporters, manufacturers, financial institutions and government agencies. This forum would provide an opportunity for participants, including relevant government agencies, to explore ways to unlock the opportunities in Nigeria’s non-oil export, a statement by the bank said.

A keynote will be delivered by Aliko Dangote, president of Dangote Group while goodwill messages will be delivered by Founder and Chairman of the bank, Jim Ovia; CBN Governor, Godwin Emefiele; Secretary General, African Continental Free Trade Area (AfCFTA), Wamkele Mene and President/Chairman, African Export-Import Bank, Prof. Benedict Okey Oramah.

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Banking, Finance & InvestmentUncategorizedWestern AfricaZenith Bank

Police Seals Zenith Bank Branches In Owerri Imo

by Radarr Africa
written by Radarr Africa

All the branches of Zenith Bank in Owerri in Imo State have been sealed by policemen, following a court judgment against the bank.

The development which rendered staff members and customers of the bank stranded on Thursday, saw policemen manning the entrances to all the branches of the bank.

An employee of the bank noted that the policemen were implementing a court judgment against the bank and the Imo State government.

According to The Punch, a staff member said that the National Industrial Court in Owerri issued an absolute garnishee Order against the bank in a suit filed by a former deputy governor of Imo state, Eze Madumere, over his entitlements.

ALSO READ: FUGAZ pays N8 Billion information technology tax in 2021

The staff member was quoted as saying, “The policemen are implementing an absolute garnishee Order against Zenith Bank in a matter filed by a former deputy governor of Imo State, Prince Eze Madumere against Imo state government over his owed entitlements by the state government.

“The order is for N1.9bn entitlements claim and the policemen have come to implement the court order.”

However, the state Commissioner for Information and Strategy, Declan Emelumba, said that the judgment was given in error.

The Commissioner said, “The judge who gave the judgment did it in such a way that he connived with the people against the Imo State Government. How could a judge give a judgement and bar the defendants from appealing it and gave 24 hours for the implementation of the judgement?

“I think that there is a vested interest. We are exploring other legal options to vacate the order. The judgement can’t stand serious legal scrutiny anywhere. It is a kangaroo judgement. The whole entitlements of a former deputy governor are not more than N200m. So, I wonder why a judge will order the payment of such a bogus amount.

“There are policemen in Imo state but they went and brought policemen from Zone 9 in Umuahia. Nobody can intimidate the government. We can’t be cowed. We must do what is right for the good of the people of Imo state.”

Source: Sahara Reporters

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Market Gains 0.13% as Wema Bank, Zenith Bank Attract Investors
Business PoliciesWestern AfricaZenith Bank

Market Gains 0.13% as Wema Bank, Zenith Bank Attract Investors

by Radarr Africa
written by Radarr Africa

The Nigerian Exchange (NGX) Limited closed 0.13 per cent higher on Thursday on the back of a renewed interest in local equities.

Shares of Wema Bank, Mutual Benefits Assurance, Zenith Bank and others enjoyed investors’ patronage yesterday as traders begin to rebalance their portfolios ahead of the earnings season in the coming weeks.

According to Business Post 18 equities closed on the gainers’ chart on Thursday, while eight stocks finished on the losers’ end.

Champion Breweries was the highest gainer as its share price rose by 10.00 per cent to settle at N1.98, trailed by Coronation Insurance, which appreciated by 9.43 per cent to close at 58 kobo.

Lasaco Assurance improved by 7.91 per cent to N1.50, Berger Paints gained 7.69 per cent to sell for N7.70, while Mutual Benefits Assurance rose by 6.52 per cent to 49 kobo.

On the flip side, Consolidated Hallmark Insurance was the heaviest price loser as its share valued decreased during the session by 8.96 per cent to 61 kobo.

Unity Bank went down by 3.51 per cent to 55 kobo, Sterling Bank declined by 1.91 per cent to N1.54, International Breweries shed 1.82 per cent to close at N5.40, while Linkage Assurance dropped 1.79 per cent to 55 kobo.

As earlier stated, financial stocks attracted investors at the market yesterday, with Wema Bank closing as the most traded for transacting 27.2 million units worth N15.0 million.

Mutual Benefits Assurance traded 21.4 million units valued at N10.5 million, Zenith Bank exchanged 16.3 million units for N382.1 million, Sterling Bank traded 12.3 million units worth N18.8 million, while FBN Holdings transacted 7.9 million units valued at N57.1 million.

A total of 160.4 million stocks worth N1.4 billion were traded yesterday in 3,260 deals in contrast to the 302.7 million stocks worth N2.8 billion traded in 4,387 deals at the midweek session, indicating that the trading volume, value and the number of deals depreciated by 47.00 per cent, 50.34 per cent and 25.69 per cent respectively.

But when trading activities on the exchange were brought to an end for the day, the All-Share Index (ASI) was up by 50.41 points to settle at 38,615.11 points compared with the previous 38,564.70 points.

In the same vein, the market capitalisation of the NGX went up by N27 billion to finish at N20.126 trillion compared with N20.099 trillion it ended at the preceding session.

Apart from the industrial goods counter, which depreciated by 0.02 per cent, and the energy index, which closed flat, every other sector closed positive.

The insurance space appreciated by 1.01 per cent, the banking counter improved by 0.81 per cent, while the consumer goods sector went up by 0.18 per cent.

Businesspost

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Zenith Bank CEO Purchases Additional 662,844 Shares in the Bank
Banking, Finance & InvestmentSpotlightWestern AfricaZenith Bank

Zenith Bank CEO Purchases Additional 662,844 Shares in the Bank

by Radarr Africa
written by Radarr Africa

Zenith Bank Plc Group Managing Director and Chief Executive Officer, Ebenezer Onyeagwu purchased additional shares of 662,844 from Zenith Bank.

In a statement issued by Zenith Bank’s management, the GMD/CEO acquired the shares in two tranches as shown below:

652,842 units – N22.10
10,002 units – N21.70

The Zenith Bank CEO acquired the 662,844 shares at an average price of N21.90 a share on May 7, 2021, but made available to Brand News Day on May 14, 2021, by Michael Osilama Otu, Company Secretary and General Counsel of the lender.

The transaction was carried out in Lagos, Nigeria (Nigerian Exchange Limited).

Zenith Bank’s Q1 Financials: Despite Headwinds, Zenith Bank’s Profit After Tax Rises By 5% In Q1 2021
In a clear demonstration of its resilience, Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2021, with Profit After Tax (PAT) rising by 5% to N53.1 billion, from N50.5 billion recorded in March 2020. This is despite a very challenging macroeconomic environment aggravated by the COVID-19 pandemic.

From the unaudited statement of account presented to the Nigerian Stock Exchange (NSE) on Friday, 30th April 2021, the Group’s Profit Before Tax (PBT) also grew by 4%, from N58.8 billion to N61.0 billion in the same period.

The profitability was driven by the optimisation of the cost of funds and improvement in non-interest income. Zenith Bank’s cost of funds reduced significantly from 2.6% in March 2020 to 1.1% in March 2021. This was also reflected in interest expense which dropped by 45% from N32.8 billion to N18.0 billion over the same period. Non-interest income increased by 10% from N46.6 billion to N51.2 billion, driven by growth in credit-related fees and fees on electronic products.

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AgricultureBusinessNewsSpotlightWestern AfricaZenith Bank

Zenith Bank targets increased lending to farmers

by Blessing Ubani
written by Blessing Ubani

Managing Director/Chief Executive Officer Zenith Bank Plc Mr. Ebenezer Onyeagwu told Bloomberg Media that the bank is prioritising lending to the agricultural industry and other raw material suppliers in Nigeria. Onyeagwu said companies that would-be leaders in the next five years would those, who would be sourcing their raw materials locally. Speaking in an interview with Bloomberg, Onyeagwu, said: “If you can get your raw materials here, you’re in business and it’s cheaper — your holding cost is cheaper, your freight cost is reduced.

“Nigeria’s second-biggest bank by market value is aiming to meet increased demand from businesses needing to source raw materials locally after plunging oil prices and lockdown measures to curb the spread of the coronavirus dried up foreign-currency inflows. It comes amid intensified efforts from authorities to encourage investment in agriculture and processing plants to help diversify the economy away from oil. Many of Zenith’s customers want to invest in crop production or the processing industry, so they produce products they can sell to breweries, food, and pharmaceutical companies,” he said.

According to Onyeagwu, Zenith Bank is encouraging customers to access funds from the central bank, which it matches with dedicated officials to ensure the projects they undertake are well executed. “As companies strive to meet the food requirements of the nation’s 200 million people, Nigeria could potentially become a non-oil exporter over the medium- to long-term.” Apart from Zenith Bank, the Central Bank of Nigeria, CBN, also offers loans to farmers through commercial banks at preferential rates to stimulate the development of the industry and has also banned imports on dozens of goods from soap and cement to milk and rice.

News Culled from Business News Report

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