Subscribe to get Updates
  • Login
The News Bearer
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • Health
    • All
    • Business
    • Celebrities
    • Crime
    • Education
    • Featured
    • Features
    • Health
    • Lifestyle
    • Metro
    • News
    • Opinion
    • Personal Development
    • Politics
    • Sports
    • Uncategorized

    APC National Chairman, Abdullahi Ganduje, resigns

    Renaming Ibadan Poly will erase its historical significance, ex-students write Makinde

    Makinde renames Ibadan Polytechnic after Olunloyo

    Fidelity Bank promotes 12% workforce, effects 20% salary increase across board

    Oyo will explore tourism development for state economy expansion –Makinde

    Makinde pledges preservation, digitisation of Olunloyo’s library

    Native doctor with two guns recovered from room ceiling, two suspected cultists arrested in Delta

  • Lifestyle

    A Trainer Reveals the Best Exercises For a Stronger, Toned Butt

    How To Lose 10 Pounds Even If You Hate Vegetables

    A Trainer Answers: What’s the Best Workout For Losing Weight?

    These Foods to Absolutely Avoid If You Want Clear, Glowing Skin

    Drinking This Kind of Tea Could Help Shed Those Last Few Pounds

    This Easy Cardio Swap Will Help You Train for A Half Marathon

    5 Must-Follow Rules If You Want to Get Strong

No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • Health
    • All
    • Business
    • Celebrities
    • Crime
    • Education
    • Featured
    • Features
    • Health
    • Lifestyle
    • Metro
    • News
    • Opinion
    • Personal Development
    • Politics
    • Sports
    • Uncategorized

    APC National Chairman, Abdullahi Ganduje, resigns

    Renaming Ibadan Poly will erase its historical significance, ex-students write Makinde

    Makinde renames Ibadan Polytechnic after Olunloyo

    Fidelity Bank promotes 12% workforce, effects 20% salary increase across board

    Oyo will explore tourism development for state economy expansion –Makinde

    Makinde pledges preservation, digitisation of Olunloyo’s library

    Native doctor with two guns recovered from room ceiling, two suspected cultists arrested in Delta

  • Lifestyle

    A Trainer Reveals the Best Exercises For a Stronger, Toned Butt

    How To Lose 10 Pounds Even If You Hate Vegetables

    A Trainer Answers: What’s the Best Workout For Losing Weight?

    These Foods to Absolutely Avoid If You Want Clear, Glowing Skin

    Drinking This Kind of Tea Could Help Shed Those Last Few Pounds

    This Easy Cardio Swap Will Help You Train for A Half Marathon

    5 Must-Follow Rules If You Want to Get Strong

No Result
View All Result
TheNewsBearer
No Result
View All Result
Home Business

Despite Headwinds, Zenith Bank Remains Resilient As Gross Earnings Rise To N519bn In Third Quarter of 2021

The News Bearer by The News Bearer
November 2, 2021
in Business, Featured
Reading Time: 4 mins read
0 0
0
Share on WhatsappShare on FacebookShare on Twitter

Zenith Bank Plc has announced its unaudited results for the nine months ended September 30, 2021, with gross earnings rising by two percent from N509 billion recorded in the same period in 2020 to N519 billion, amidst the persistent challenging macroeconomic environment which was exacerbated by the corona virus (COVID-19) pandemic.

According to the Group’s unaudited nine months financial results presented to the Nigerian Exchange (NGX), the growth in gross earnings was largely due to an increase in current account maintenance fees and fees from electronic products during the period.

Profit Before Tax (PBT) also rose to N180 billion, reflecting a percent growth over the N177 billion recorded in the same period in the previous year.

Despite continuing economic uncertainties, the Group was able to grow its net earnings through a reduction in its cost of funds while keeping the cost of risk flat.

This strengthened Earnings Per Share (EPS) by one percent to N5.11. The Group achieved a nine percent growth in interest income from loans and advances on the back of an increase in gross loans of nine percent year to date and enhanced efficiency, culminating in a 21 percent drop in interest expense to N74 billion from N94 billion.

This resulted in the growth in net interest income of four percent, from N225 billion recorded at the end of the third quarter in 2020 to N235 billion in the current period.

Total assets also increased by three percent to N8.8 trillion in the current period, while total deposits grew by 13 percent to close at N6.0 trillion from N5.3 trillion as at December 31, 2020, with a substantial contribution from retail deposits.

As a result of the focused drive to increase retail deposits in the past three years, there was a decrease in the Group’s cost of funds by 35 percent to 1.4 percent from 2.2 percent year-on-year.

The Group has continued to make significant progress in its retail banking drive, as evidenced by remarkable growth in transaction volumes and value across its digital platforms and strong growth in customer acquisition.

For the final quarter of the year, management’s outlook remains positive, buoyed by a declining inflationary trend, expected increase in foreign exchange inflows, and improving oil production.

The Group remains focused on increasing its retail market share, consolidating its leadership position in the corporate segment and maintaining a robust balance sheet.

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom.

Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine.

In 2020, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise, and Responsibility (SERAS) Awards.

For over three decades, Zenith Bank has distinguished itself in the Nigerian financial services industry through superior service offerings, unique customer experience, and sound economic indices.

The Bank remains a clear leader in the digital space with several firsts in deploying innovative products, solutions, and an assortment of alternative channels that ensure convenience, speed, and safety of transactions.

SendShareTweet
The News Bearer

The News Bearer

Related Posts

Featured

APC National Chairman, Abdullahi Ganduje, resigns

June 27, 2025
Business

Fidelity Bank promotes 12% workforce, effects 20% salary increase across board

June 26, 2025
Business

Embrace lifelong learning, collaboration for career success, Fidelity MD, Onyeali-Ikpe, charges women

June 22, 2025
Featured

US bombs Iran’s nuclear sites

June 22, 2025
Featured

Police bust fake kidnapping gang, rescue four-year old victim, arrest seven fraudsters, recover counterfeit $46,100

June 21, 2025
Business

CBN circular on forbearance loans: Fidelity Bank assures on compliance with regulatory policies

June 18, 2025
Load More

Recommended

Investors Scramble for Fidelity Bank’s Offers

11 months ago

Always Ensure Publication Of Verified, Balanced Stories, Oyo Acting Governor Charges Journalists

3 years ago

Don't Miss

APC National Chairman, Abdullahi Ganduje, resigns

June 27, 2025

Renaming Ibadan Poly will erase its historical significance, ex-students write Makinde

June 27, 2025

Makinde renames Ibadan Polytechnic after Olunloyo

June 26, 2025

Fidelity Bank promotes 12% workforce, effects 20% salary increase across board

June 26, 2025
TheNewsBearer

Stay informed with Breaking News Online in Nigeria on The News Bearer. Get real-time updates and analysis of national, international events.

Follow us

Recent News

APC National Chairman, Abdullahi Ganduje, resigns

June 27, 2025

Renaming Ibadan Poly will erase its historical significance, ex-students write Makinde

June 27, 2025

Categories

  • Business
  • Celebrities
  • Crime
  • Education
  • Featured
  • Features
  • Health
  • Lifestyle
  • Metro
  • News
  • Opinion
  • Personal Development
  • Politics
  • Sports
  • Uncategorized

Tags

Adamawa State Police Command Anambra State Police Command Bishop Francis Wale Oke Cancer condolence message courtesy visit Delta State Police Command Diabetes Diet Tips DIG Hashimu Argungu Dr Festus Adedayo Dr Nneka Onyeali-Ikpe Dr Sulaimon Olanrewaju Economic and Financial Crimes Commission Fidelity Bank Fidelity Bank Plc Governor Seyi Makinde Health Symptoms IGP Kayode Egbetokun Inspector General of Police Kwara State Police Command Lagos State Police Command Lagos State Taskforce Men's Health murder Nigeria Police Force Ogun State Police Command OlaOluwa Mimiola opinion article Oyo State Government Oyo State Governor Peoples Democratic Party Polaris Bank Police Public Relations Officer Police Service Commission PPRO Pregnancy President Bola Ahmed Tinubu Skin Care Sulaiman Aledeh Sulaimon Olanrewaju Taskforce Chairman Adetayo Akerele Thenewsbearer University of Ibadan Women's Health
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2024 TheNewsBearer - Premium Nigerian and global news by TheNewsBearer.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • Health
  • Lifestyle

© 2024 TheNewsBearer - Premium Nigerian and global news by TheNewsBearer.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.