{"id":9208,"date":"2016-10-25T11:54:41","date_gmt":"2016-10-25T10:54:41","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9208"},"modified":"2016-10-25T11:54:41","modified_gmt":"2016-10-25T10:54:41","slug":"zenith-bank-records-n100bn-profit-after-tax","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/","title":{"rendered":"Zenith Bank records N100bn profit after tax"},"content":{"rendered":"

\"ZENITH<\/a><\/h1>\n

Zenith Bank records N100bn profit after tax<\/h1>\n

With a 20.4 per cent appreciation in profit after tax, Zenith Bank Plc has announced a cumulative N100billion profit for the nine months ended September 30, 2016, compared to N83billion recorded for the same period in 2015.<\/p>\n

The bank ended the period with a profit before tax of N121.2bn, showing an increase of 16.6 per cent above the N104bn posted in the corresponding period of 2015.<\/p>\n

An x-ray of the results showed improvements in performance indicators, as gross earnings rose by 12.9 per cent from N337.9bn to N380.4bn, while net interest income grew by 17.6 per cent from N161.4bn to N189.8bn.<\/p>\n

Impairment charges rose by 124.8 per cent to N9.7bn to N21.9bn, while other income soared from N9.7bn in 2015 to N32bn in 2016.<\/p>\n

The financial institution, in a statement on Monday, said despite the macroeconomic headwinds,\u00a0\u00a0 it attracted more deposits and also gave out more loans and advances. Depots rose from N2.557tn to N2.692tn, while loans and advances grew from N1.841tn to N2.425tn.<\/p>\n

The bank\u2019s total assets hit N4.654tn, up by 16.2 per cent from N4tn in 2015.<\/p>\n

Market operators, according to the bank, had commended the performance, adding that with this, shareholders of Zenith Bank should prepare for a bountiful harvest at the end of year.<\/p>\n

Already, the bank had paid an interim dividend of 25 kobo to the shareholders for the half year ended June 30, 2016.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Reacting to the results, analysts at FBN Quest said\u00a0 given the nine month profit before tax of N121bn, the N123bn made by the management for the full year would be surpassed.<\/p>\n

The analysts said, \u201cOn the back of these results, we will expect consensus PBT for 2016 to move up strongly, from N123bn currently, given that the nine months\u00a0 result is N121bn. The operating expenses and interest expense figures are disappointing and will draw some scrutiny from the market.<\/p>\n

\u201cHowever, we expect the fx-related gains to more than compensate for these, given their magnitude and the fact that it was the absence of such gains in the second quarter (especially on the non-interest income line) that led to a muted negative reaction by the market.\u201d<\/p>\n

Assessing the third quarter performance, FBN Quest said the\u00a0 PBT of N58bn\u00a0 grew 82 per cent while PAT grew much faster, by 151 per cent\u00a0 to N83bn, owing to a significant result on the other comprehensive income line (boosted by foreign exchange translation gains).<\/p>\n

They added, \u201cThe main driver behind the strong growth in the PBT was non-interest income of N61bn, which increased by 125 per cent. This performance compares with a 29 per cent growth in net interest income. As a result, although both loan loss provisions and operating expenditure saw marked increases of 202 per cent and 40 per cent,\u00a0respectively, the strong revenue growth more than offset these trends, leading to the 82 per cent PBT growth.<\/p>\n

\u201cSequentially, the non-interest income line stood out again, with a 239 per cent quarter to quarter increase. Unlike the Q2 when non-interest income disappointed because forex revaluation gains were largely absent, in the Q3, the gains were very visible at N28bn, slightly over 45 per cent\u00a0 of the total other-income result.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Zenith Bank records N100bn profit after tax With a 20.4 per cent appreciation in profit after tax, Zenith Bank Plc has announced a cumulative N100billion profit for the nine months ended September 30, 2016, compared to N83billion recorded for the same period in 2015. The bank ended the period with a profit before tax of …<\/p>\n","protected":false},"author":11,"featured_media":8185,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[36,818,740,575],"coauthors":[2392,2393],"class_list":["post-9208","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","category-politics","tag-cbn","tag-ndic","tag-nse","tag-sec"],"yoast_head":"\nZenith Bank records N100bn profit after tax - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zenith Bank records N100bn profit after tax - National Wire\" \/>\n<meta property=\"og:description\" content=\"Zenith Bank records N100bn profit after tax With a 20.4 per cent appreciation in profit after tax, Zenith Bank Plc has announced a cumulative N100billion profit for the nine months ended September 30, 2016, compared to N83billion recorded for the same period in 2015. The bank ended the period with a profit before tax of …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-25T10:54:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2016\/08\/ZENITH-BANK-LOGO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"219\" \/>\n\t<meta property=\"og:image:height\" content=\"230\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dayo Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2016\/08\/ZENITH-BANK-LOGO.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2016\/08\/ZENITH-BANK-LOGO.jpg\",\"width\":219,\"height\":230},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/\",\"name\":\"Zenith Bank records N100bn profit after tax - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#primaryimage\"},\"datePublished\":\"2016-10-25T10:54:41+00:00\",\"dateModified\":\"2016-10-25T10:54:41+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Zenith Bank records N100bn profit after tax\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\",\"name\":\"Dayo Emmanuel\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Zenith Bank records N100bn profit after tax - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/","og_locale":"en_US","og_type":"article","og_title":"Zenith Bank records N100bn profit after tax - National Wire","og_description":"Zenith Bank records N100bn profit after tax With a 20.4 per cent appreciation in profit after tax, Zenith Bank Plc has announced a cumulative N100billion profit for the nine months ended September 30, 2016, compared to N83billion recorded for the same period in 2015. The bank ended the period with a profit before tax of …","og_url":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/","og_site_name":"National Wire","article_published_time":"2016-10-25T10:54:41+00:00","og_image":[{"width":219,"height":230,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2016\/08\/ZENITH-BANK-LOGO.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Dayo Emmanuel","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2016\/08\/ZENITH-BANK-LOGO.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2016\/08\/ZENITH-BANK-LOGO.jpg","width":219,"height":230},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/","name":"Zenith Bank records N100bn profit after tax - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#primaryimage"},"datePublished":"2016-10-25T10:54:41+00:00","dateModified":"2016-10-25T10:54:41+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/zenith-bank-records-n100bn-profit-after-tax\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"Zenith Bank records N100bn profit after tax"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f","name":"Dayo Emmanuel","url":"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/9208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=9208"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/9208\/revisions"}],"predecessor-version":[{"id":9209,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/9208\/revisions\/9209"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/8185"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=9208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=9208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=9208"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=9208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}