Zenith Bank posts PBT of ₦57 billion in Q1 2019 – In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments. This resulted in a Profit before Tax (PBT) of ₦57 billion, representing a 6% growth over the ₦54 billion achieved in the corresponding period in 2018. The Group’s on-going commitment to cost optimisation on the income statement and statement of financial position ensured earnings per share increased by 7% to ₦1.60 compared to Q1 2018.
The growth in net interest income and operating income by 23% and 1% respectively mitigated the decline in gross earnings. The effective management of cost-to-income ratio, cost of funds and cost of risk offset top-line declines to deliver an enhanced operating income in the period.
Our risk and asset quality continues to improve as cost of risk dropped significantly by 52% from 0.9% in the prior year to 0.4% for the period. This was achieved as impairment charges declined by 54% (₦2.5 billion year on year reduction). Our cost of funds also improved, declining by 25% from 4% in Q1 2018 to 3% at quarter-end. This was supported by a 22% decrease in interest expense of ₦10 billion over the same period, affirming the Group’s robust treasury and liquidity management. Our prudent cost management led to a 5% decline in our cost-to-income ratio by 5% from 53.3% in 2018 to 50.9% in the period with an absolute reduction in operating expenses by ₦2.3 billion year-on-year.
The Group’s retail franchise continues to increase as retail deposits grew by N80bn between December 2018 and March 2019 representing a 9% growth notwithstanding the fact that total customer deposits dropped marginally by 3%. The drop in customer deposits was as a result of rebalancing of the deposit mix as expensive purchased deposits were forgone in favour of cheaper and stickier retail deposits.
The volume and value of transactions across our electronic and digital platforms continue to grow as new customers are being acquired. Our balance sheet continues to strengthen as liquidity ratio is at 66.7%, loan to deposit ratio closed at 43%, and capital adequacy ratio ended the period at 25% respectively and remain above the relevant regulatory thresholds as at 31 March 2019.
Going into the rest of the year and with improving economic fundamentals, we are confident of delivering value to all our stakeholders on our commitments even as we create more opportunities for businesses by supporting them through selective risk asset creation. We shall continue our investments in the retail segment of the market as we consolidate our leadership position in the corporate segment while maintaining a strong balance sheet.
Group Unaudited Results for the period ended 31 March, 2019
Zenith Bank Plc, (Bloomberg: ZENITHBA NL) (“Zenith” or the “Bank”), the Nigerian bank headquartered in Lagos, announces its unaudited results for the quarter ended 31 March 2019.
Financial Highlights
| In millions of Naira | |||
| Income statement | 31-Mar-19 | 31-Mar-18 | % Change |
| Gross earnings | 158,111 | 169,192 | -7% |
| Interest and similar income | 122,480 | 116,712 | 5% |
| Net interest income | 86,137 | 69,992 | 23% |
| Operating income | 116,697 | 115,702 | 1% |
| Operating expenses | (59,404) | (61,701) | -4% |
| Profit before tax | 57,293 | 54,001 | 6% |
| Profit after tax | 50,234 | 47,079 | 7% |
| Earnings Per share (N) | 1.60 | 1.50 | 7% |
| Balance sheet | 31-Mar-19 | 31-Dec-18 | % Change |
| Gross loans and advances | 1,938,432 | 2,016,520 | -4% |
| Customer deposits | 3,571,370 | 3,690,295 | -3% |
| Total assets | 5,877,451 | 5,955,710 | -1% |
| Shareholders’ fund | 780,887 | 815,751 | -4% |
| Key ratios | 31-Mar-19 | 31-Mar-18 | % Change |
| Return on average equity (ROAE) | 25.2% | 24.3% | 4% |
| Return on average assets (ROAA) | 3.4% | 3.3% | 4% |
| Net interest margin (NIM) | 8.9% | 9.3% | -4% |
| Cost of funds | 3.0% | 4.0% | -25% |
| Cost of risk | 0.4% | 0.9% | -56% |
| Cost-to-income | 50.9% | 53.3% | -5% |
| 31-Mar-19 | 31-Dec-18 | % Change | |
| Liquidity ratio | 66.7% | 69.7% | -4% |
| Loan to deposit ratio | 43.0% | 44.2% | -3% |
| Capital adequacy ratio (CAR) | 25.0% | 25.0% | 0% |
| Non performing loan | 4.85% | 4.98% | -3% |
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ?