<p class="wp-block-paragraph">In a clear show of its resilience and market leadership, Zenith Bank has announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark.</p>



<p class="wp-block-paragraph">According to the bank’s
audited financial results for the 2019 financial year released in Lagos on
Friday, profit after tax rose by 8% to N208.8 billion from the N193 billion
recorded in the previous year.</p>



<p class="wp-block-paragraph">The Group also recorded a
growth in gross earnings of 5% rising to N662.3 billion from N630.3 billion
reported in the previous year. ; This
growth was driven by the 29% increase in non-interest income from N179.9
billion in 2018 to N231.1 billion in 2019. ;
Fees on electronic products continues to grow significantly with a 108%  ;Year on Year (YoY) growth from N20.4 billion
in 2018 to N42.5 billion in the current year. ;
This is a validation of the bank’s retail transformation strategy which
continues to deliver impressive results.</p>



<figure class="wp-block-image size-large"><img src="https://openlife.ng/wp-content/uploads/2020/02/Jim-Ovia-7.jpg" alt="" class="wp-image-2433"/><figcaption><strong>Jim Ovia, Chairman Zenith Bank </strong></figcaption></figure>



<p class="wp-block-paragraph">Profit before tax also
increased by 5% growing from N232 billion to N243 billion in the current year,
arising from topline growth and continued focus on cost optimisation
strategies. Cost-to-income ratio moderated from 49.3% to 48.8%. ; </p>



<p class="wp-block-paragraph">The drive for cheaper
retail deposits coupled with the low interest yield environment helped reduce
the cost of funding from 3.1% to 3.0%. ;
However this also affected net interest margin which reduced from 8.9%
to 8.2% in the current year due to re-pricing of interest bearing assets. ; Although returns on equity and assets held
steady YoY at 23.8% and 3.4% respectively, the Group still delivered an
improved Earnings per Share (EPS) which grew 8% from N6.15 to N6.65 in the
current year. </p>



<p class="wp-block-paragraph">The Group increased its
share of the market as it secured increased customer deposits across the
corporate and retail space as deposits grew by 15% to close at N4.26 trillion.
Total assets also increased by 7% from N5.96 trillion to N6.35 trillion. ; The Group created new viable risk assets as
gross loans grew by 22% from N2.016 trillion to N2.462 trillion. This was
executed prudently at a low cost of risk of 1.1% and a significant reduction in
the non-performing loan ratio from 4.98% to 4.30%. Prudential ratios such as
liquidity and capital adequacy ratios also remained above regulatory thresholds
at 57.3% and 22.0% respectively. ; </p>



<p class="wp-block-paragraph">In demonstration of its
commitment to its shareholders, the bank has announced a proposed final
dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per
share.</p>



<figure class="wp-block-image size-large"><img src="https://openlife.ng/wp-content/uploads/2020/02/Ebenezer.jpg" alt="" class="wp-image-2434"/><figcaption><strong>Ebenezer Onyeagwu, Group CEO, Zenith Bank </strong></figcaption></figure>



<p class="wp-block-paragraph">In 2020, the Group remains
strategically positioned to capture the opportunities in the corporate and
retail segments, while efficiently managing costs and expanding further its
retail franchise employing digital assets and innovation. </p>



<p class="wp-block-paragraph">Consistent with this
superlative performance and in recognition of its track record of excellent
performance, Zenith Bank was voted asthe Best Commercial Bank in Nigeria 2019
by the World Finance and the Most Valuable Banking Brand in Nigeria 2019 by The
Banker. The Bank was also recognized as Bank of the Year and Best Bank in
Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions
(BOFI) Awards, and was ranked as the Best Digital Bank in Nigeria 2019 by
Agusto&; Co. Most recently, the Bank emerged as the Bank of the Decade
(People’s Choice) at the Thisday Awards 2020.</p>

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