Thursday, August 13, 2015 04:43PM / Zenith Bank Plc/ Press Release
Zenith Bank Plc, the Nigerian bank headquartered in Lagos, announces its audited results for 6 months ended 30 June2015.
While reviewing the half-year audited results, the Management of Zenith Group noted that, with a gross revenue of N229 billion and PBT of N72 billion, the Group is on course to consolidate its industry leadership.
Furthermore, despite the significant challenges faced by the Nigerian banking industry, the Group was able to grow its gross revenue by over 50%, largely due to growth in risk assets, particularly to the real sector.
Gross loans and advances grew by 10.4% without compromising on the asset quality as evidenced by a low cost of risk of 0.8% and below industry average non-performing loan (NPL) ratio of 1.44%.
This was effectively matched by a corresponding increase in competitively priced deposits with a view to maximizing net interest margin as evidenced by an impressive 33% improvement in net interest margin from 6.2% in Q1 to 8.3% in Q2.
Management maintained that, the cardinal values of excellent customer service, highly professional and a competent work force, as well as the optimal use of technology continue to be the driving forces behind Zenith’s performance. They observed that the consistent focus on customer service and deployment of innovative products have led to the growth in market share.
With Basel II capital adequacy ratio of 20%,loan-to-deposit ratio of 68.3% and liquidity ratio of 43.8%, the Zenith Group is well positioned to continue exploring business opportunities in strategic sectors of the economy and in all other locations where it has presence.
Management remarked that the Group continues to grow and focus on both its interest and non-interest income lines. The Group’s continued effort in diversifying its revenue base yielded positive results as its non-interest revenue grew by 42% over the prior period.
On the Group’s operational efficiency, they stated that the Group is committed to keeping its cost-to-income ratio under control as evidenced by a reduction in cost-to-income ratio from 56.5% in June 2014 to 54.4% in June 2015
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