Despite Headwinds, Zenith Bank Remains Resilient As Gross Earnings Rise To N519 Billion In Q3 2021


Does your bank exude poise, chill and swag all wrapped up in one package? Mine does. Yes I mean swag that is always on point and I have no doubt you are thinking what I am thinking – there's only one bank in Nigeria that combines all three and it is Zenith Bank. Zenith Bank has been a consistent performer in the banking industry since it was founded and currently ranks top in customer deposits and profits and is the number 1 customer service bank in Nigeria. Zenith’ has strong brand values, customer propositions and top class services which make its customers feel like kings and adds springs to their steps because they know that Zenith mirrors the hopes and aspirations of every Nigerian and Africa at large. “Too much swag, too much money even with NO Money.” Zenith is Quality with Quantity. Ever been to a banking hall and you're unsure of where you are to go or what you need to do; this does not apply to Zenith. No queues, no smells and little noise, just peace, quiet and efficient service The swag displayed from the entrance by the courteous and professional security officers to the cuteness and swagger of the bank’s staff is a wonder to behold. If you are like me and you want to save your money where there are posh and crisp cashiers, tellers, customer service representatives and account officers – welcome to Zenith Bank. Have you ever noticed the reaction or look on the faces of your clients, friends or family members when they ask for your account info for a transaction and you forward a Zenith account details? The look on their faces is always priceless, their hearts beats at a fast pace and in their minds they echo these words in Pidgin 'This Boy Don Arrive Oh'. You can argue all you want about how good or great your current bank’s customer service is, but in all honesty, you and I know that only one bank can lead the pack and Zenith is a shoulder higher than other banks in this regard. Think of poise, chic and swag, Zenith puts it all together as a total package and delivers it in a bundle of experience that is unforgettable. You want a bank that deserves your 101% loyalty, think Zenith! A popular Naija song’s lyrics says ‘what is a heart without a beat?’, in Zenith’s case, it is, what is swagger without innovation? What makes the bank stand out is essentially the consistent focus of the team to constantly innovate. With top notch service offerings and a range of products that address the banking needs of the public and private space while appealing to different strata of the society along side robust alternative banking solutions, Life is easy when you bank with Zenith or better still, swag is easy when you bank with Zenith. In today's fast paced world, having a Zenith account truthfully completes your SWAG; it compliments your Big Boy/Big Girl status. You might like to argue with your keypads but trust me, your societal standard is incomplete if you don't have a Zenith bank account. My advice...Upgrade your SWAG today by opening a Zenith account and standout from the crowd.Zenith Bank Plc has announced its unaudited results for the nine months ended 30 September 2021, with Gross Earnings rising by 2% from N509 billion recorded in the same period in 2020 to N519 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 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 N180 billion, reflecting a 1% growth over the N177 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 N5.11. 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 N74 billion from N94 billion.

This resulted in the growth in net interest income of 4%, from N225 billion recorded at the end of Q3 2020 to N235 billion in the current period.

Total assets also increased by 3% to N8.8 trillion in the current period, while total deposits grew by 13% to close at N6.0 trillion from N5.3 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 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 ThisDay Awards 2020, Retail Bank of the year at 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.

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