Zenith bank profit surge by 35% in nine months

zenith bank

Nigeria’s largest lender by asset base, Zenith Bank Plc is reporting 35% rise in profit to NGN129.2 billion compared to NGN95.3 billion reported in the same period in the financial year 2016.

The bank’s gross earnings increased to NGN531.2 billion from NGN380.3 billion recorded in the year 2016. Interest and similar income stood at NGN361.7 billion against NGN285.6 billion in the previous year.

Net interest income also increased to NGN201.4 billion in contrast to NGN189.8 billion recorded in the year before while impairment charge was NGN47.0 billion against NGN21.8 billion in the year 2016.

Zenith Bank total assets for the period was NGN5.1 trillion compared to NGN4.6 trillion recorded in the fiscal year 2016 while total liabilities was NGN4.3 trillion versus NGN3.9 trillion in the year before.