With less than three months after 2017 year  end,Zenith Bank has  just released its financials to the public .

Gross earnings rose by 46.7% YoY (year-on-year) to  N745.2 billion
Customer depopsits grew by 15.2% to N3.4trillion
Profit before tax rose by 29.8% ,to N203.5billion
After tax profit  rose by 37.2% to  N177.9 billion

The management of the Zenith Bank Group stated: “Zenith Bank’s performance in 2017 financial year end shows the Group’s leadership in the Nigerian financial services industry.

In 2017, the Group generated record gross earnings(revenue) of N745 billion representing a 46.7% increase compared to the prior year. This growth in gross earnings was driven by a 23.4% and 119.2% increase in interest income and non-interest income respectively. The growth in interest income was largely due to income from investments in government securities.

For the year, the Group recorded a N147.1 billion increase in non-interest income, driven by record processing volume of transactions coupled with the growth in the size of our trading book. The Group’s income diversification strategies have begun to yield gains evidenced with a 31.7% increase in fees and commission income over the prior year.

The Group’s Profit Before Tax (PBT) for FY 2017 was N203.5 billion, a 29.8% increase from N156.7 billion in the prior year. The Group achieved net interest margin (NIMs) of 9.0% (adjusted) for FYE 2017 compared to 7.7% (adjusted) for FYE 2016, reflecting significant improvements in the Group’s efficiency.

Also, the Group was able to keep its cost-to-income ratio flat at 52.7% for the second year running. For the FY 2017 the Group’s cost of funds increased from 4.2% in 2016 to 5.2% in 2017 due to the high yielding environment.

Critically, cost of risk was 4.3% for FY 2017, reflecting the Group’s conservative disposition in credit risk management. The return on average assets (RoAA) and average equity (RoAE) were 3.4% and 23.3% respectively. The Group maintained its healthy balance sheet as its loan to deposit ratio, liquidity ratio and capital adequacy ratio were 60%, 69% and 27% respectively and were all better than the regulatory requirements. Despite the challenging competitive operating environment, management’s outlook continues to be positive. Furthermore, the Group is strategically positioned to explore opportunities to grow its customer base and risk assets in strategic sectors.”


https://www.financialdigest.com.ng/

Thumbs up Mr Jim!