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H1 2012 Earnings: Zenith Bank’s PBT Reported at N50.2 billion

By on July 25, 2012

LAGOS, NIGERIA – 25, July 2012 –Zenith Bank Plc, (Bloomberg: ZENITHBA NL; REUTERS:ZENITH.LG) (“Zenith” or the “Bank”), the Nigerian top tier bank headquartered in Lagos, announces its interim management results for the Half Year ended 30 June 2012.

 

Commenting on the Group results, Mr. Godwin Emefiele MD/CEO said: “At the end of the first quarter of this year we promised to sustain the strong income growth trend while working assiduously to curtail costs. We are pleased to announce significant YoY growth in Zenith Bank’s profitability for the first half of 2012 through a combination of strong Net Interest Margins and effective cost curtailing measures

 

The group recorded a Net Interest Margin of 8.72% (annualized) against the backdrop of a more efficient allocation of resources and better pricing of our assets. Our cost curtailing measures saw the improvement in our Cost-to-Income ratio to 40.96% against the 48.26% achieved in H1’11.

 

The Balance Sheet remained strong and shock proof with liquidity and capital adequacy currently at 62.4% and 26.5% respectively. With PBT and total assets and contingency base at N50.16billion and over N3.92trillion respectively for the period, we are on course to meeting our profit forecast for 2012 given the positive outlook for the second half of the year.”

 

Financial Highlights |(IFRS Compliant)

 

Group Profit & Loss

  • Gross Earnings of N151.10 billion, an increase of 22.66% compared with the equivalent prior year period (N123.20 billion 6 months ended 30 June 2011)
  • Profit Before Tax of N50.16 billion, an increase of 36.33% (N36.80 billion June 2011)
  • Profit After Tax of N42.41 billion, an increase of 32.12% (N32.10 billion June 2011)
  • Net Interest Margin of 8.72%, an increase of 15.96% (7.52% in June 2011)

 

Group Balance Sheet

  • Total Assets of N2.48 trillion, an increase of 19.428% YoY and 6.45% Ytd
  • Deposits and other accounts growth to N1.70 trillion up by 17.24% YoY and 2.41%Ytd
  • Gross Loans and Advances of N998billion up 14.58% YoY and 8.46%Ytd
  • Shareholders’ funds growth  up 6.53% to N402.7 billion (N77.8 billion June 2011)

 

Other Key Ratios

  • Loan to deposit ratio conservatively sustained at 58.7% despite increased lending activities leaving ample room and opportunities for further credit portfolio expansions
  • Sound capital adequacy and liquidity at 26.5% and 62.4% respectively (Bank – 27.31% and 60.4% respectively) comfortably above CBN statutory requirements
  • EPS 135 kobo (101 kobo June 2011)
  • Total Cost-to-Income ratio at 63% (69% – June 2011)
  • Operating Cost to Income Ratio at 40.96% (48.26% – June 2011)
  • Improved NPL ratio at 3.3% ( 3.7% – March 2012)
  • Cost of Risk at 0.37% (1.00% June 2011)
  • Improved ROAE at 21.29% – annualized (June 2011 – 16.52%)
  • Improved ROAA at 3.53% – annualized (June 2011 – 3.24%)