H1 2017: Zenith Bank Grows Profit by 112%, Earnings by 77%

August 10, 2017
Zenith Bank profit

By Modupe Gbadeyanka

Zenith Bank Plc has continued to record strong performance despite the various challenges it has to deal with.

In its 2017 half-year earnings released today, the lender declared a profit of N75.317 billion compared with N35.467 billion recorded in the first half of last year, representing growth of about 112.4 percent.

In the same vein, the financial institution said its gross earning appreciated by 77 percent, growing from N214.812 billion as at June 30, 2016, to N380.440 billion on June 30, 2017.

Also, trading income, which recorded a N864 million loss last year, appreciated to N65.318 billion this year, while other operating income closed at N15.112 billion in the first six months of 2017 against N3.567 billion 12 months ago.

In the financial statements, Zenith Bank said its profit before tax stood at N92.183 billion as at June 30, 2017, in contrast to N53.905 billion in the corresponding period of 2016.

Similarly, its net interest income finished at N138.962 billion in the period under review against N127.023 billion last year.

An analysis of other parameters showed that the amortisation of intangible assets stood at negative N756 million versus negative N696 million, while the operating expenses closed at N80.068 billion loss against N52.477 billion decline in 2016.

Also, the net interest income after impairment loss on financial assets closed at N96.564 billion compared with N112.791 billion 12 months ago.

In the period under review, Zenith Bank grew its asset to N4.9 trillion from N4.7 trillion it stood at December 31, 2016.

Customers’ deposits, according to the financial results, closed at N2.97 trillion compared with N2.98 trillion as at December 31, 2016.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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