The bank’s financials released on the Nigeria Stock Exchange
yesterday showed that it recorded a five per cent increase in its gross
earnings which rose to N696.5 billion. Interest income of the bank had
increased by 1.2 per cent to N420.81 billion compared to N415.56 billion which
it made in the comparable period of 2019.
The financials of the bank released to investors on the
Nigerian Stock Exchange showed that despite the increase in its interest
income, it was able to cut back on its interest expenses.
Zenith Bank had recorded a 276 per cent in increase in
foreign currency revaluation gain which rose from N11.54 billion in 2019 to
N43.44 billion in 2020, just as gains from trading activities in treasury bills
and bonds rose to N121.68 billion at the end of the 2020 financial year from
N117.79 billion in 2019.
Net interest income of the bank for the 2020 financial year
stood at N299.68 billion compared to N148.53 billion in the comparable period
of 2019
Its interest income had however declined by 18.4 per cent to
N121.13 billion from N148.53 billion recorded in 2019, as impairment loss on
financial and non-financial instruments rose to N39.53 billion in 2020 from
N24.03 billion.
Its operating and personnel expenses had however risen
during the period as it spent N148.112 billion on its operation in 2020
compared to N129.45 billion it spent in 2019. The 2020 spending had buoyed by a
107.7 percent increase in spending on information technology. The bank had
doubled investment in information technology in 2020 to N20.44 billion from
N9.84 it spent in 2019.
This saw its profit before tax rise to N255.86 billion
compared to N243.29 billion it made in the comparable period of 2019.
Meanwhile, the bank’s total assets as December 31, 2020
stood at N8.48 trillion, a 33.7 per cent improvement over N6.34 trillion it
recorded as at the end of the 2019 financial year.
Loans and advances to customers had also gone up by
20.4 per cent to N2.77 trillion as
against N2.30 trillion recorded in 2019 while customer deposits went up by 25.1
per cent to N5.33 trillion compared to the 2019 figure of N4.26 trillion.
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