Zenith Bank Plc has reported a profit after tax (PAT) of N47.079 billion for the first quarter ended March 31, 2018, showing an increase of 26 per cent from N37.449 billion recorded in the corresponding period of 2017.

The financial results released yesterday showed gross earnings of N169.192 billion, indicating a growth of 14 per cent from N147.736 billion in 2017.Net income increased by 35 per cent from N70.604 billion to N95.898 billion in 2018.

Fee and commission income reduced from N21.128 billion to N20.837 billion. In a bid to reduce cost, personnel fell from N18.166 billion in 2017 to N15.566 billion. However, operations expenses rose from N26.991 billion to N43.917 billion. Impairment charges fell by 42 per cent from N7.886 billion to N4.573 billion.


Consequently, profit before tax rose by 22 per cent from N44.2 billion to N54 billion, while PAT grew faster by 26 per cent from N37.449 billion to N47.079 billion in 2018. Market analysts said with the improved profit, shareholders would receive higher dividend if the performance is sustained throughout the year.

Zenith Bank Plc of the bank last week approved the proposal of the board to pay a final dividend of N2.45 per share for 2017. In all, the shareholders received a total dividend of N2.70 per share for the year.

Speaking at the annual general meeting (AGM) in event, the Chairman of the bank, Mr. Jim Ovia, said despite the challenging operating environment, the bank was able to achieve improved performance in its financial results in 2017.

He said profit before tax rose by 24 per cent from N140bn in 2016 to N174bn in 2017, while total assets of the bank grew by 13 per cent from N4.28tn in 2016 to N4.83tn in 2017.

“This translated into an excellent performance that stands as a testament to the durability and resilience of the brand. Clearly, the results are once again a reflection of the exceptional financial health of the bank and the group,” he said.
Speaking in the same, the Group Managing Director, Zenith Bank Plc, Mr. Peter Amangbo, said the management of the bank had made progress in its vision to entrench sustainability in its operations.

He had said the management of the bank would increase the quality of its engagement and be more proactive by anticipating fluctuations in the economy and markets.

http://www.akelicious.net/2018/04/zenith-bank-plc-records-n47-billion.html

I hope their customers and staff enjoy from all these profits ? Because we hear all sort of

I pity my 5000 in zenith, let it not be among the profit.

Good.

That is the goal of every business organisation.

And they pay peanuts in salaries?

Little wonder MI sang, "The rich gets richer and the poor gets screwed."

Good for them

A welcome development

talk2flash:
I pity my 5000 in zenith, let it not be among the profit.

Pele

Missh...That was how we were told in the era of Intercontinetal and Oceanic banks. Leave us please before you labelled us as Lazy bones again. Lafin Erastically and Ibrutically.

They have started cooking their books again,ask intercontinental bank, Oceanic bank, Bank Pmb etc. where their 100Billion Naira fake profits are?

These guys are making an insane profit and yet don't pay living wage.

We must establish our own banks this year.

'Profit' made from illegal and incessant deductions from customers accounts...
'Profit made from refusal to reverse debits from failed transactions...
This is applicable to all banks in Nigeria and CBN is benefiting from the corruption and poor security in mobile and Internet banking.

All those money that remain dormant or untouched or forgotten by the owners automatically become profit ooooo.

This is one of Jonathan's projects.

The day i will never forget in life was the day my Dad was in the sitting room, I was outside. He called me to help him bring his shoes from his room. I brought the shoe and asked him where I should keep it. Dad said I should keep it on his head. Brothers and sisters, as an obedient child, I kept the shoes on his head. The only thing I remember after placing the shoes on his head is that the earth became void and without form. Everywhere was dark and it felt like Genesis chapter 1:1&2 all over again.

TGIF

image a whole 47 billion in profit where e come from

ybalogs:
The day i will never forget in life was the day my Dad was in the sitting room, I was outside. He called me to help him bring his shoes from his room. I brought the shoe and asked him where I should keep it. Dad said I should keep it on his head. Brothers and sisters, as an obedient child, I kept the shoes on his head. The only thing I remember after placing the shoes on his head is that the earth became void and without form. Everywhere was dark and it felt like Genesis chapter 1:1&2 all over again.

TGIF

You made me laugh even tho I was hungry and there's no food.. Thanks

Funny enough, banks seem to be the only institutions turning in huge profits yearly.

Chai...this is strong ooo,when several institutions are finding it hard to get back their running cost after downsizing.
Jim Ovia,you be Baba.

talk2flash:
I pity my 5000 in zenith, let it not be among the profit.

ybalogs:
The day i will never forget in life was the day my Dad was in the sitting room, I was outside. He called me to help him bring his shoes from his room. I brought the shoe and asked him where I should keep it. Dad said I should keep it on his head. Brothers and sisters, as an obedient child, I kept the shoes on his head. The only thing I remember after placing the shoes on his head is that the earth became void and without form. Everywhere was dark and it felt like Genesis chapter 1:1&2 all over again.

TGIF

So this is why Zenith Bank earned N47bn in the first quarter? No wonder!

Why not after excessive charges from alerts, interest rates, ATM withdrawal etc.

Zenith Bank & GTBank leading in profitability

It is well with other commercial banks

Good one

yet them no go employ

abiodunalasa:


You made me laugh even tho I was hungry and there's no food.. Thanks

Laugh reciprocated

For a long time now,am yet to receive my zenith bank dividend. Initially, I was getting, but it stopped coming. Pls what should I do?

Here is why you should buy the Zenith bank stock - http://nigerianstockstobuy.com/zenith-bank-first-quarter-financial-result/

Only 47 billion NAIRA?

GTBank is owing Innoson Motors chairman 4 billion DOLLARS... that is like 360 billion naira TIMES 4.

No wonder the innoson guy asks the bank to kuku hand him over shares of the bank since e go hard them pay.