Despite The Macroeconomic Headwinds Zenith Bank posts N121bn profit in 9 months

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Zenith Bank posts N121bn profit in 9 months
Zenith Bank Plc has just released its unaudited results for the nine-month period ended September 30, 2016 with profit before tax rising by 16.6 per cent to N121.2 billion within the period.
The report showed that gross earnings rose by 12.9 per cent from N337.9 billion in third quarter 2015 to N380.4 billion by third quarter 2016. Net interest income had grown by 17.6 per cent from N161.4 billion to N189.8 billion.
Impairment charges rose by 124.8 per cent to N9.7 billion to N21.9 billion, while other income soared from N9.7 billion in 2015 to N32 billion in 2016.
Profit before tax stood at N121.2 billion by September 2015, showing an increase of 16.6 per cent above the N104 billion posted in the corresponding period of 2015. Profit after tax recorded faster growth of 20.4 per cent to N100 billion, up from N83 billion. Despite the macroeconomic headwinds, Zenith Bank attracted more deposits and also gave out more loans and advances. Deposits rose from N2.557 trillion to N2.692 trillion, while loans and advances grew from N1.841 trillion to N2.425 trillion. The bank’s total assets hit N4.654 trillion, up from N4.0 trillion in the corresponding period of 2015.
Market operators said the performance is highly encouraging, adding that with this, shareholders of Zenith Bank should prepare for a bountiful harvest at the end of year.

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