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The management of Zenith Bank Plc, on Monday, presented its audited financials for the half-year ended June 30, 2018, with a 9% rise in net profit, despite the 15.31% slip in gross earnings.

Other major highlights of the result included the significant 77% reduction in loan loss provision, just as Non-Performing Loan ratio of 4.9%, up from 4.3% in the 2017Q2. Fee and commission income rose by almost a quarter percent, following which the board is paying a dividend of N9.42bn, representing 30 kobo, from the Earnings Per Share of N2.60; up from N7.85bn, or 25 kobo from N2.39 each.

Specifically, gross earnings stood at N322.201bn from N380.44bn; with interest and similar income declined from N262.257bn to N228.67bn; while interest and similar expense dropped to N74.709bn, 39.41% slipped to N123.295bn. Net interest income rose 10.79% up from N138.962bn in the corresponding half year of 2018 to N153.961bn; just as impairment charge for credit loss fell from N42.398bn to N9.72bn; even as net interest income after impairment charge for credit loss stood at N144.241bn, after the 49.37% improvement from N96.564bn.

Fee and commission income improved by 23.72% from N37.753bn to N46.708bn; trading income dropped to N36.807bn from N65.318bn; with other income at N10.016bn from N15.112bn, down 33.72% from N15.112bn.

Personnel expenses rose to N34.808bn from N31.033bn; just as operating expenses stood at N86.522bn, flat when compared to N85.245bn; following which profit before tax increased 16.46% up from N92.183bn to N107.358bn. Income tax expense stood at N1.664bn; just as minimum tax expense climbed 42.04% from N16.866bn to N23.957bn; resulting in profit after tax increased to N81.737bn from N75.317bn.

Total assets for the period stood at N5.256tr, compared to N5.595tr, with loans and advances at N1.873tr from N2.1tr. Oil and gas grabbing the lion’s share of N631.973bn, down from N660.242bn; with non-performing loan of N47.019bn as against N23.194bn; followed by manufacturing with N497.033bn, which dropped from N633.739bn; while total loans to government stood at N337.208bn, compared to N311.904bn.
Total liabilities stood at N4.536tr, as against the previous N4.773tr; with customer deposits at N3.165tr from N3.437tr.


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