2019: Zenith Bank Improves First Quarter Profit By 6.7 Percent

Zenith Bank Plc has released its first quarter financial statement for the period ended March 31, 2019 with an improvement in profit after tax by 6.1 percent from N47,079 billion in 2018 to N50,234 billion in 2019.

According the bank’s statement of financial health sent to the Nigerian Stock Exchange NSE  on Wednesday April 17, 2019 for verification, there was also an increase in its profit before tax by 6.1 percent, from N54,001 billion in 2018 to N57,293 billion in 2019.

However, the Bank which was among the few banks that signed an agreement with a meter provider to ameliorate the pains of estimated billings by the Discos, witnessed a decline in its gross earnings by 6.5 percent, from N169,192 billion in 2018 to N158,111 billion in 2019.

Other highlight of the unaudited financial statement shows that deposits went down by 3.2 percent, while cost to income ratio was also down by 1.3 percent. Interest income grew by 4.9 percent. Operating expenses went down by 3.7 percent.

The bank share price closed at N20.9 kobo on Wednesday.