Zenith Bank declares N531bn gross earnings in nine months

Zenith International Bank Plc has declared gross earnings of N531.3 billion for the third quarter ended September 30, 2017.
This is according to the bank’s third quarter result released by the Nigerian Stock Exchange (NSE) in Lagos on Thursday.
The report showed that the gross earnings represented a growth of 39.7 per cent above N380.4 billion achieved in the corresponding period of 2016.
The bank’s Profit before Tax (PBT) inched by 30.8 per cent to N152.5 billion from N116.6 billion in the preceding period of 2016.
Also, profit after tax (PAT) grew by 36 per cent to N129.2 billion compared with N95.4 billion in 2016.
Its net interest income rose marginally by 6.2 per cent to N201.5 billion from N189.8 billion in the preceding period of 2016 and non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion in 2016.
Still reflecting the challenges borrowers are facing to repay loans, the bank’s credit impairment charges rose by 115 per cent from N21.9 billion to N47.1 billion.
The bank enjoyed high customer loyalty and patronage as deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September.
However, loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion.
Total assets stood at N5.1 trillion, up from N4.6 trillion in December 2016.