• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

      Finance

      Cautious equities trading see gains in Flour Mills, Mobil, Wapco push market cap to ₦21.09trn

      January 15, 2021

      Finance

      CBN issues guidelines for QR codes operation in Nigeria

      January 15, 2021

      Finance

      Global Equities: Positive sentiment buoys global markets’ performance on vaccine rollout, Biden confirmation

      January 13, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Technology

      Africa data centre market to outpace $3bn by 2025, says Turner & Townsend

      14 hrs

      Commodities

      Wheat soars as Russia considers export tax

      14 hrs

      WORLD BUSINESS & ECONOMY

      Only 20% of UK financial services professionals believe firms possess ethical commitment

      January 16, 2021

      Frontpage

      Moody’s sees negative 2021 outlook for sub-Saharan Africa, with severe economic challenges

      January 15, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      NNPC receives $120.49m crude oil receipt in September  

      January 18, 2021

      Frontpage

      NNPC moves to rehabilitate downstream infrastructure, openscontract bids

      January 15, 2021

      Companies

      Ardova enters acquisition talks with Enyo as part of expansion drive  

      January 15, 2021

      Oil and Gas

      NNPC reaffirms commitment to OPEC+ agreement   

      January 15, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

Finance

Zenith Bank gross earnings up 4% to N509bn in Q3 ’20

November 26, 2020289 views0 comments

By Charles Abuede

 

Zenith Bank, a leading Nigeria Tier-one lender, saw its third quarter 2020 gross earnings increase by four percent (4%) to N509 billion from N491 billion, its unaudited Q3 result for the quarter ended September 2020 has shown. The result shows the group’s resilience despite having to face, like many businesses, the challenges occasioned by the Coronavirus pandemic.

The unaudited financial statement filed to the Nigerian Stock Exchange (NSE) at the weekend and accessed by Business A.M, showed the growth was recorded as a result of non-interest income growing by 11 per cent year-on-year to N173 billion from N157 billion recorded at the end of Q3 2019, which in turn, reflected the group’s increasingly diversified business model.

It reported a marginal rise in profit before tax (PBT) to N177 billion at the end of Q3 2020, representing one per cent growth compared to the N176 billion posted in the corresponding period last year.

Despite the reduction in the total interest income from N322 billion to N319 billion, there was a five percent net interest income rise to N225 billion year-on-year, a demonstrating the group’s ability to deliver favourable pricing for its interest-bearing assets and liabilities in a declining environment. In the same way, expenses relating to interest and cost of funds went down by 13 per cent and 27 per cent to close at N94 billion and 2.2 per cent respectively, which translates to a robust treasury and liquidity management by the group.

Also, affirming the group’s prudent credit risk management, the report shows that in the aspect of asset quality, the group’s non-performing loan (NPL) ratio rose to 4.80 per cent from the expected 4.95 per cent in 2019, in spite of growing loans and advances by 17 per cent from N2.5 trillion as at end of December 2019 to N2.9 trillion at the end of Q3 2020. Meanwhile, the liquidity and capital adequacy ratios (CAR) remain above regulatory thresholds of 30 per cent and 15 per cent respectively at 67.4 per cent; with the banking arm standing at 52.5 per cent and 21.5 per cent respectively at the end of Q3 2020.

Meanwhile, the banks total deposits closed at N5.2 trillion at the end of Q3 2020 up from N4.3 trillion in December 2019, dominated by low-cost deposits. Retail deposits grew impressively by 58 per cent to N1.7 trillion at the end of Q3 2020 up from N1.1 trillion as at December 2019, underpinned by the continuous expansion and improvement of the group’s digital platforms.

Meanwhile, the group recorded a year-on-year increase in its profit after tax to N159.32 billion as at 9-months ended September 2020 from N150.72 billion recorded during the corresponding period of 2019. However, year-to-date Zenith Bank share has gained 37.9 per cent and is outperforming the NSE all share-index by around 9.5 per cent.

Share on Facebook Tweet Email
PreviousAccess Bank sees 15.7% uptick in PAT to N102bn in 9 months, amid Covid-19 crisis
NextSterling Bank sees Q3’20 trading income jump 265% N7.1bn

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Africa data centre market to outpace $3bn by 2025, says Turner & Townsend
  • Wheat soars as Russia considers export tax
  • Tizeti expands coverage to Edo, introduces low-cost unlimited 4G services
  • NNPC receives $120.49m crude oil receipt in September  
  • Sachet Culture: Fueling consumer buying behaviour or pollution?

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

OPEC sees US oil supply rise as share of global crude production drops to 32.8% in Feb

Frontpage March 15, 2018

1
2

The 2nd Private Equity Summit organised by UUBO in Lagos

Frontpage February 3, 2020

3

Shoprite mall closes in Ikeja as protesters hit Lekki, Sangotedo, Surulere outlets

Companies September 3, 2019

4

Outlook for naira positive amid fiscal worries going into 2018

Frontpage June 19, 2017

5

Technology isn’t just changing society, it’s changing what it means to be human

Frontpage February 24, 2018

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.