Banking & Finance
Again, Zenith Bank CEO Purchases Additional 1,400,000 Shares in the Bank
Zenith Bank Plc Group Managing Director and Chief Executive Officer, Ebenezer Onyeagwu purchased additional shares of 1,400,000 from Zenith Bank.
In a statement issued by Zenith Bank’s management, the GMD/CEO acquired the shares in two tranches as shown below:
- 400,000 units – N23.20
- 1,000,000 units – N23.00
The Zenith Bank CEO acquired the 1,400,000 shares at an average price of N23.00 a share on May 19, 2021, but made available to Brand News Day on May 21, 2021, by Michael Osilama Otu, Company Secretary and General Counsel of the lender.
The transaction was carried out in Lagos, Nigeria (Nigerian Exchange Limited).
Zenith Bank Plc, Group Managing Director and Chief Executive Officer, Ebenezer Onyeagwu | Brand News Day
Zenith Bank’s Q1 Financials: Despite Headwinds, Zenith Bank’s Profit After Tax Rises By 5% In Q1 2021
In a clear demonstration of its resilience, Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2021, with Profit After Tax (PAT) rising by 5% to N53.1 billion, from N50.5 billion recorded in March 2020. This is despite a very challenging macroeconomic environment aggravated by the COVID-19 pandemic.
From the unaudited statement of account presented to the Nigerian Stock Exchange (NSE) on Friday, 30th April 2021, the Group’s Profit Before Tax (PBT) also grew by 4%, from N58.8 billion to N61.0 billion in the same period.
The profitability was driven by the optimisation of the cost of funds and improvement in non-interest income. Zenith Bank’s cost of funds reduced significantly from 2.6% in March 2020 to 1.1% in March 2021. This was also reflected in interest expense which dropped by 45% from N32.8 billion to N18.0 billion over the same period. Non-interest income increased by 10% from N46.6 billion to N51.2 billion, driven by growth in credit-related fees and fees on electronic products.
