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Zenith Bank Plc has announced its unaudited results for the nine months ended 30
September 2021, with Gross Earnings rising by 2% from NGN509 billion recorded in the
same period in 2020 to NGN519 billion, amidst the persistent challenging macroeconomic
environment which was exacerbated by the Coronavirus (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 NGN180 billion, reflecting a 1% growth over the NGN177 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 1% to NGN5.11. The Group achieved a 9% growth in interest
income from loans and advances on the back of an increase in gross loans of 9% year to
date and enhanced efficiency, culminating in a 21% drop in interest expense to NGN74
billion from NGN94 billion. This resulted in the growth in net interest income of 4%, from
NGN225 billion recorded at the end of Q3 2020 to NGN235 billion in the current period.
Total assets also increased by 3% to NGN8.8 trillion in the current period, while total
deposits grew by 13% to close at NGN6.0 trillion from NGN5.3 trillion as at 31 December
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% to 1.4% from 2.2% year-on-year. The
Group continues 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.
