Zenith Bank Plc has announced result for the year ended December 31, 2019, with profit after tax of N208.8 billion, achieving the feat as the first
According to the bank’s audited financial results for the 2019 financial year released in Lagos on Friday, profit after tax rose by 8% to N208.8 billion from the N193 billion recorded in the previous year.
The bank in a statement sent to PREMIUM TIMES said the increase in the figures was a “validation of the bank’s retail transformation strategy which continues to deliver impressive results”. However this also affected net interest margin which reduced from 8.9% to 8.2% in the current year due to re-pricing of interest bearing assets.
Total assets also increased by 7% from N5.96 trillion to N6.35 trillion. The Group created new viable risk assets as gross loans grew by 22% from N2.016 trillion to N2.462 trillion. This was executed prudently at a low cost of risk of 1.1% and a significant reduction in the non-performing loan ratio from 4.98% to 4.30%.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBN Returns over N60bn Excess Bank Charges to Customers - THISDAYLIVEDike Onwuamaeze The Central Bank of Nigeria (CBN) Thursday said it had so far recovered over N60 billion from erring banks as excessive charges imposed on customers. The bank also said it had equally returned same amount to the affected customers. This is coming as the apex bank has announced that it had commenced the …
Read more »
Access Bank 'W Initiative' launches TV Ad campaign - Daily Post NigeriaThe W Initiative, home to over 12 million female customers, has launched a new TV ad campaign to create awareness on the W power loan - a product
Read more »
CBN refunds N82m to Katsina bank customers – Daily TrustThe Central Bank in Katsina says it facilitated the refund of N82.04 million to customers of commercial banks in the state in 2019, arising from 57 complaints received by the apex bank.
Read more »
CBN returns N60 billion excess charges by banks to customers - OfficialThe Central Bank of Nigeria (CBN) said it has recovered over N60 billion excess charges imposed by banks on customers and returned the money to the owners.
Read more »
Nigerian breweries declares N16.07 billion dividend payout for 2019The Board of Directors of Nigerian Breweries Plc has announced the company’s results for the 2019 financial year with a dividend of N16.07bn.
Read more »
CBN Returns over N60bn Excess Bank Charges to Customers - THISDAYLIVEDike Onwuamaeze The Central Bank of Nigeria (CBN) Thursday said it had so far recovered over N60 billion from erring banks as excessive charges imposed on customers. The bank also said it had equally returned same amount to the affected customers. This is coming as the apex bank has announced that it had commenced the …
Read more »