BY CHINYERE OBIORA, LAGOS – It is cheering news for shareholders of Zenith International Bank as their financial institution recorded Profit Before Tax (PBT) increase of 22.17 per cent at the end 2018 first quarter financial operations.
The Bank’s three months unaudited report submitted to Nigerian Stock Exchange (NSE) indicated that the PBT grew by N9.801 billion or 22.17 per cent to N54.001 billion from N44.20 billion recorded within the same period last year.
Similarly, the Bank’s Profit After Tax (PAT) surged by N9.52 billion or 25.54 per cent to N47.079 billion from N37.499 billion that was reported by the corresponding period year 2017.
An analysis of the bank’s operations between and January and March indicated that gross earnings went up by N21.46 billion or 14.52 billion to N169.192 billion from N147.736 billion reported the previous period.
For the net interest income that stood at N70.654 billion in the previous period, the figure grew to N95.898 billion while fees and commission income on the other hand fell to N20.837 billion from N21.128 billion.
Also witnessing an impressive rise is the operational expenses that went up from N26.991 billion in the preceding period to N43.917 billion within the period under review while personnel expenses declined from N18.166 billion to N15.566 billion during the same period.
The remarkable results also reflected on the bank’s total assets that grew from N4.739 trillion to N5.675 trillion with total liabilities moving to N4.940 trillion from N4.051 trillion in the corresponding period of 2017.
