<p>In a clear
demonstration of its resilience and strong market share, Zenith Bank Plc has announced its audited results for the half year ended
30 June 2019, recording positive growth across key financial metrics, thus
affirming the bank’s position as one of the leading financial institutions in
Africa. ; As a testament to its commitment
to its shareholders, the bankalso announced a proposed interim dividend pay-out
of 30 kobo per share.</p>



<p>Gross earnings
grew by 3% from â¦322.2
billion to â¦331.6
billion driven by a significant growth of 24% (YoY) in non-interest income from
â¦88.6 billion
in H1 2018 to â¦109.7
billion in H1 2019. In particular, fees from electronic products increased by â¦17bn (168%) from â¦10bn in H1 2018 to â¦27 in H1 2019, demonstrating
significant progress in our retail banking initiatives. This top-line growth
filtered through to the bottom-line as Profit Before Tax (PBT) increased to â¦111.7 billion reflecting a 4%
growth over â¦107.4
billion reported in H1 2018 with earnings per share (EPS) increasing by 9% to â¦2.83 in H1 2019 from â¦2.60 compared to the prior
period.</p>



<p>Between
December 2018 and June 2019, the Group’s total deposit increased by 3% with
retail deposits growing by â¦267
billion (31%), from â¦861
billion to close at â¦1.1
trillion. Despite the growth in our deposit base, we optimized interest expense
leading to a 4% reduction from â¦74.7
billion to â¦72.1
billion due to the Group’s
improved funding mix and our profound treasury management skills. Net Interest
Margins (NIMs) witnessed a compression from 10% in the same period last year to
8.6% in H1 2019, as a result of the declining yield environment but cost of
funds improved from 3.4% to 3.0%. </p>



<p>Our robust
risk management ensured that our absolute Gross Non-Performing Loans (NPLs)
remained flat. However, the marginal movement in NPL ratio was as a result of
the 3% reduction in our loan book from â¦2.02 trillion as at December 2018 to â¦1.95 trillion at the end of the
period. We are creatively deploying new retail loan products to ensure we
capture a reasonable share of the retail loan market. We remain committed to maintaining
our strong balance sheet with liquidity ratio at 74.6% and Capital Adequacy
Ratio (CAR) at 25%, ensuring we remain above regulatory thresholds. ; </p>



<p>Going into the
second half of the year, we will continue to consolidate our leadership in the
corporate space while our retail banking drive will continue unabated. We
expect to see an improvement in economic activities even as we maintain our
promise of delivering a unique service experience to our customers. ; </p>



<p>Consistent
with this superlative performance and in recognition of its track record of
excellent performance, the bank was recently ranked as the Most Valuable
Banking Brand in Nigeria in 2018 by The Banker Magazine. Similarly, Zenith Bank
was recognized as the Best Corporate Governance Bank in Nigeria by The World
Finance for the sixth time just as Ethical Boardroom, a Europe based Boardroom
watchdog reaffirmed this recognition by naming the bank as the Best Bank in
Corporate Governance in 2018. </p>



<p>Recognition
has also come the way of the bank as BusinessDay recently named it the Best
Institution in Sustainability Reporting in Africa 2018 (SERAS Awards) and the
Bank of the Year 2018  ;</p>

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