Nigeria’s major financial institution, Zenith Bank Plc has declared gross earnings of ₦531.3 billion for the third quarter ended September 30, 2017.
This was disclosed in the bank’s third quarter result released by the Nigerian Stock Exchange (NSE), to the investing public.
The bank’s results in the period showed that the gross earnings represented a significant growth of 39.7 per cent above ₦380.4 billion achieved in the corresponding period of 2016.
The bank’s Profit Before Tax inched by 30.8 per cent to ₦152.5 billion from ₦116.6 billion in the preceding period of 2016.
Also, profit after tax grew by 36 per cent to ₦129.2 billion compared with ₦95.4 billion in 2016.
Its net interest income rose marginally by 6.2 per cent to ₦201.5 billion from ₦189.8 billion in the preceding period of 2016 and non-interest income surged by 123 per cent to ₦169.5 billion, from ₦94.7 billion in 2016.
NAN reports that still reflecting the challenges borrowers are facing to repay loans, the bank’s credit impairment charges rose by 115 per cent from ₦21.9 billion to ₦47.1 billion.
The bank enjoyed high customer loyalty and patronage as deposits grew from ₦2.6 trillion at the end of December 2016 to ₦3.1 trillion as at September.
However, loans and advances fell marginally by 2.6 per cent to ₦2.2 trillion, from ₦2.4 trillion.
Total assets stood at ₦5.1 trillion, up from ₦4.6 trillion in December 2016.