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Zenith Bank posts N274bn, gross earnings, N87bn profit

By BusinessNews Staff on October 29, 2014

Zenith Bank Plc monday joined the league of banks that have presented their nine months results ended September 30, 2014. The bank reported a profit before tax (PBT) of N86.8 billion and profit after tax (PAT) of N71 billion. The results showed that Zenith Bank ended the nine months with gross earnings of N274 billion in 2014, up seven per cent from N255 billion posted in the corresponding period of 2013.

Interest income grew by 11 per cent from N191 billion to N213 billion, while net interest income rose from N139 billion to 143 billion. Impairment charges declined from N5.9 billion to N4.8 billion. However, personnel expenses rose from N39 billion to N50 billion, while operating expenses fell from N59 billion to N55 billion.

Consequently, the bank ended the period with a PBT of N86.8 billion, showing in increase of 8.5 per cent above the N80 billion reported in 2013. PAT improved by 5.9 per cent from N67 billion to N71 billion.

Further analysis of the results showed the brand equity of Zenith Bank remained attractive as customers’ deposits grew by 13 per cent from N2.034 trillion to N2.309 trillion. As the bank is recording more deposits and profit, it is also increasing its lending to customers.
The banks’ loans and advances rose by 37 per cent from N1.109 trillion to N1.526 trillion. It shareholders’ funds stood at N524 billion, up from N483 billion, while total assets grew by 19 per cent from N2.853 trillion to N3.408 trillion.

Market operators and analysts said the performance is showing the impact of the managing director, Mr. Peter Amangbo, who took over in June. Amangbo took over from Godwin Emefiele, who is now the Governor of the Central Bank of Nigeria (CBN).

Amangbo has brought his wide experience and expertise to bear on his new position as chief executive, especially in the current competitive banking landscape that requires constant innovation through proven leadership and team-building skills, exceptional ability to drive product, process and customer service improvements, and a knack for building partnerships with key business decision-makers

As an Executive Director of Zenith Bank for nine years, Amangbo was responsible for the supervision of corporate and commercial banking, corporate finance, trade services and all the subsidiaries of the bank.

He was said to have a demonstrable ability to motivate, mentor and lead talented senior professionals and to direct cross-functional teams.
He was part of the team that drove the strategic planning and successful execution of positioning the bank as one of the best in the country. His leadership skills continue to make significant contributions to the bank’s growth.

[This Day]

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