Zenith Bank Plc has announced its unaudited results for the first quarter ended March 31, 2020, with profit before tax rising by 3 per cent to N58.7 billion.
According to the unaudited account which was presented to the Nigerian Stock Exchange (NSE) on Wednesday, the Group’s profit before tax improved 3 per cent from N57.3 billion in the prior-year period to N58.8 billion in March 2020.
The increased profits benefited from the twin effects of continuing top-line growth and focused cost-of-funds optimisation.
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The Bank’s cost of funds declined significantly from 3.0 per cent in March 2019 to 2.6 per cent in the quarter, translating to a 10 per cent decrease in interest expense dropping from N36.3 billion in March 2019 to N32.8 billion in the quarter.
Despite this drop, the low yield environment necessitated the repricing of interest-bearing assets which in turn resulted in a 13 per cent compression in net interest margin, decreasing from 8.9 per cent in March 2019 to 7.7 per cent in the current period.
The Group also recorded a 6 per cent increase in Gross Earnings from N158.1 billion in March 2019 to N166.8 billion for the period. This top-line growth was driven by the 43 per cent expansion in non-interest income from N32.7 billion in the prior-year period to N46.6 billion in March 2020.
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Source: Premium Times
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