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Zenith Bank leads Sector in 3Q Earnings, Posts N64.1 billion Net Income

By on October 23, 2012

Zenith Bank Headquarters, Victoria Island

 

Zenith Bank, Africa’s seventh largest bank according to tier-1 capital metric, has posted its third quarter earnings.

The bank’s management released the information to the Nigerian Stock Exchange yesterday, reporting gross earnings of N229.1 billion, which represents a 25% improvement from the N183.1 billion it posted over the same period last year.

Provision for Doubtful debts fell to N4 billion, from N5.7 billion recorded after nine months in 2011.

Profit before tax came in at N75.2 billion, up 42% from N53.1 billion made after the third quarter in 2011.

Profit After tax arrived at N64.1 billion, representing a year-on-year growth of 51%, from the N42 billion it made over the similar period in the preceding year.

Credit extension or lending was recorded at N964.9 billion, up 8% year-on-year from the N893.8 billion it lent in 2011.