Home Business Zenith Bank Records N33bn Profit in Q1

Zenith Bank Records N33bn Profit in Q1

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Zenith Bank Plc’s first quarter result showed that the bank started the year on a good slate with considerable growth in overall earnings and profitability.

The report indicated that gross earnings grew by 14 percent, pre and post tax profits appreciated by 15 percent and 17 percent respectively.

The Gross Earnings rose to N113.32 billion by March 2015 compared with N94.32 billion by March 2014.

Interest income for the period rose to N81 billion against N71 billion posted in the comparative year of 2014, translating to 14 percent increase.

The Group Managing Director, Zenith Bank Plc, Mr. Peter Amangbo, who spoke on the results, said that year 2015 would be a prosperous year for the bank and the shareholders alike.

Commenting on the financials, he stated that with growth in gross earnings to N133 billion in the first quarter of 2015, the bank has demonstrated its leadership position within the Nigerian banking landscape, noting that in spite of the headwinds faced by the Nigerian banking industry, the bank grew its profit before tax by 14.6 percent to N33 billion during the period under review.

Meanwhile, the Chief Financial Officer, Zenith Bank, Mr. Stanley Amuchie, said the results emanated from the group’s continued effort in diversifying its revenue base.

He stated that the effort yielded results as its non-interest revenue grew by 39.5 percent over the reviewed period.

He further stated that “The group is committed to keeping its cost to income ratio under control, cost to income reduced from 56.5 percent to 54.29 percent between March 2014 and March 2015, while utilising its assets more effectively.

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