Zenith Bank Plc grew its gross earnings to N346 billion for the first six months of the year, 2020.
In the audited results for the half-year (H1) ended June 30 2020 released on the Nigerian Stock Exchange (NSE), yesterday, its gross earnings rose by four per cent from N332 billion in June 2019 to N346 billion.
Also, the bank declared an interim dividend of 30 kobo per share to be paid to its shareholders for the half-year 2020 amid the ravaging impact of the coronavirus (COVID-19), an indication of resilience in weathering the economic storm.
According to the results, the top-line growth was driven by six per cent growth year-on-year (YoY) in non-interest income from N110 billion in H1 2019 to N116 billion in H1 2020.
The growth in gross income as well as the decline in interest expenses culminated in a two per cent growth year-on-year of profit before tax which increased to N114 billion in H1 2020 from N112 billion in H1 2019. Earnings per share also increased by 17 per cent to N3.30 in H1 2020 from N2.83 in H1 2019.
The group’s total deposits grew by 15 per cent from N4.3 trillion in December 2019 to N4.9 trillion at the close of H1 2020, driven by a 41 per cent increase in retail deposits from N1.1 trillion to close at N1.6 trillion, while loans and advances rose by 13.83 per cent to N2.624 trillion as against N2.306 trillion recorded in H1, 2019.
The bank’s total assets stood at N7.580 trillion, an increase of 19.43 per cent from N6.347 trillion in 2019, while total shareholders’ equity rose by five per cent to N998.978 billion, compared to N941.886 billion in 2019.
Recently, chairman of the bank, Mr Jim Ovia, said: “Zenith Bank is committed to consistently deliver superior returns to our highly esteemed shareholders by ensuring that a good chunk of our profit is set aside for you.”