Thursday, August 11, 2016 5:41pm /Zenith Bank Plc/ Press Release
Zenith Bank Plc, (Bloomberg: ZENITHBA NL) (“Zenith” or the “Bank”), the Nigerian bank headquartered in Lagos, announces its audited results for the 6 months ended 30 June, 2016.
Commenting on the results, the management of Zenith Bank Group stated: “The performance for the period ended June 30, 2016 further confirms Zenith’s industry leadership and consistency in providing superior financial returns.
“Despite the challenging operating environment, the Group recorded a total revenue of N214.8 billion which represents a marginal drop of 6.2% over the same period last year. The Group also reported an increase of 2.9% (Y-o-Y) in interest income, and a decrease in its interest expense by 14.5% (Y-o-Y).
“The drop in Interest expense was as a result of the Group’s deliberate policy on focusing on low cost deposits. Profit before Tax (PBT) dropped by only N9bn (Y-o-Y) despite a drop in top line revenue by N14bn for the same period. This is attributable to the Group’s operational efficiency and cost optimization efforts.
“The Group continues to maintain high quality risk assets and closed with Gross Loans and Advances of N2.3tn as at June 30, 2016. This represents a 15.1% increase over the N2.0tn recorded at the end of the 2015 financial year. This increase is mainly due to the impact of the devaluation of the Naira on our foreign currency loans. Also, it partly accounts for the growth of NPLs to 2.34% as at 30 June 2016, with a coverage ratio was 110%.
“In pursuant to sustaining a strong and high quality statement of financial position, The Group continues to maintain robust liquidity ratio of 55% which is firmly above the 30% minimum statutory requirement for the period ended 30 June 2016. The group’s Capital Adequacy Ratio (CAR) stood at 19% which is above the 15% regulatory limit”.
In spite of the head winds and competitive operating environment, management’s outlook remains positive barring any unforeseen circumstances. Furthermore, the group is strategically positioned to explore opportunities to grow its customer base and risk assets in the second half of the year. More emphasis will be placed on agriculture, real sector and emerging opportunities while providing support towards the expansion of local production and manufacturing capacity.
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