Zenith International Bank Plc has recorded gross earnings of N351.470 billion for the financial year ended December 31, 2013. The figure showed a surge of N44.388 billion or 14.4% compared with N307.082 billion achieved in the comparative period of 2012.
The bank’s audited result submitted to Nigerian Stock Exchange (NSE) showed that interest income rose from N221.318 billion in 2012 to N260.059 billion in 2013, an increase of 18%.
The profit before tax also grew to N110.597 billion within the period under review from N102.100 billion recorded in the preceding year, representing a growth of eight percent while profit after tax declined by five percent from N100.681 billion achieved in the corresponding period of last year to N95.318 billion.
The bank’s deposit deposit enhanced by 18% to N2.276 trillion from N1.929 trillion recorded in the corresponding period while net asset rose from N462.956 billion recorded in the corresponding period to N509.251 billion representing 10 per cent growth.
The bank for third quarter result ended September 30, 2013 grew gross earnings by 11% year on year (YoY) to N255.3 billion from N229.1 billion recorded in the corresponding period of September, 2012. The net interest income also soared by 16% to N138.9 billion at the end of September last year from N119.7 billion recorded the same period 2012, while interest income went up to N190.9 billion, showing a surge of 14% from N168.2 achieved in the previous year.
The bank recorded a 10% year on year (YOY) increase in profit before tax to N83.0 billion within the period under review compared to N75.2 billion posted in the preceding year.
Zenith bank’s net interest margin increased for the third quarter 2013 to 9.8% from 8.4% in the corresponding period of 2012; this was on the back of efficient balance sheet management (optimal resource allocation and assets pricing).
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