Zenith Bank Profit Rises 3% To N117bn In Half-Year 2021

Zenith Bank Plc has reported that it has recorded positive growth across key financial metrics in its audited results for the half-year ended 30 June 2021.

Brand News Day understands that despite a challenging macroeconomic environment Zenith Bank paved the way to its profit in H1 2021, which is valued at N117bn.

According to the financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of 3.0 percent amounting to N117 billion in H1’21 as against the N114 billion reported in H1’20. The Group’s non-interest income rise by 9.0 percent to N127 billion from N116 billion.

In a clear demonstration of its resilience, the Nigerian bank disclosed that the group maximized the opportunities as it positioned itself using the fundamentals tech ecosystem.

Zenith Bank Profit Rises 3% To N117bn In Half-Year 2021

In a statement on Sunday, the bank stated that “The Group is well-positioned to maximise the opportunities that these recovering fundamentals present while leveraging technology to expand its retail footprints to deliver improved returns to all its stakeholders.”

Retail deposits rose to N1.76 trillion from N1.72 trillion, while savings balances grew to N1.18 trillion from N1.16 trillion as of December 2020. The drive for increased retail deposits and a low-interest yield environment helped reduce the cost of funds to 1.3percent from 2.2 per cent.

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The Group improved its Earnings per Share (EPS) which grew 2.0 percent from N3.3 to N3.38 for the half-year ended June 2021.

Moving on, the Group also increased total customer deposits by 8.0 percent to close the period at N5.77 trillion, demonstrating growth in the market share.

Total assets grew marginally to N8.52 trillion as of 30 June 2021 from N8.48 trillion recorded as of 31 December 2020.

Despite the continued prevalence of the COVID-19 pandemic, there is cautious optimism that the global economy will continue to recover as vaccination programmes are intensified. On the domestic economy, Nigeria’s Gross Domestic Product (GDP) grew by 5.01% in the second quarter of 2021, and the inflation rate, which peaked in March 2021 at 18.17%, is gradually trending down (currently at 17.38% as of July 2021).

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