Connect with us

Trending News

ZENITH BANK’S PROFIT AFTER TAX (PAT) GROWS BY 2% TO N106 BILLION IN H1 2021

Published

on

Zenith Bank

 

 

Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2021, with Profit After Tax (PAT) rising by 2% to NGN106 billion from the NGN104 billion reported in the same period in 2020 despite a challenging macroeconomic environment aggravated by the COVID 19 pandemic.

 

According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of 3% from NGN114 billion reported in H1 2020 to NGN117 billion in H1 2021. The Group also recorded a 9% growth in non-interest income from NGN116 billion in June 2020 to NGN127 billion in June 2021. Overall, the significant reduction in interest expense by 26% and growth in non-interest income by 9% culminated in improved profitability.

 

The Group’s retail journey continues to deliver positive results as retail deposits grew by NGN38.2 billion from NGN1.72 trillion to NGN1.76 trillion year-to-date (YTD). Savings balances grew marginally by 2% YTD to close at NGN1.18 trillion from NGN1.16 trillion as of December 2020. The drive for increased retail deposits and a low-interest yield environment helped reduce the cost of funding from 2.2% to 1.3% in the current period. Operating expenses grew by 10% YoY, but growth remains below the inflation rate, while the Group improved its Earnings per Share (EPS) which grew 2% from NGN3.30 to NGN3.38 for the half-year ended June 2021.

 

The Group also increased total customer deposits by 8% to close the period at NGN5.77 trillion, demonstrating growth in the market share. Total assets grew marginally to NGN8.52 trillion as of 30 June 2021 from NGN8.48 trillion recorded as of 31 December 2020. Despite the COVID-19 pandemic-induced challenges and the challenging operating environment, the Group grew its risk assets as gross loans were up by 3% YTD, from NGN2.92 trillion to NGN2.99 trillion. This was conservatively achieved at a low Non-Performance Loans (NPL) ratio of 4.51% (FYE 2020: 4.29%) and a reduced cost of risk of 1.3% (June 2020: 1.8%). Prudential ratios such as liquidity and capital adequacy also remained above regulatory thresholds at 69.9% and 22.0%, respectively.

 

Despite the continued prevalence of the COVID-19 pandemic, there is cautious optimism that the global economy will continue to recover as vaccination programmes are intensified. On the domestic economy, Nigeria’s Gross Domestic Product (GDP) grew by 5.01% in the second quarter of 2021, and the inflation rate, which peaked in March 2021 at 18.17%, is gradually trending down (currently at 17.38% as at July 2021).  The Group is well-positioned to maximize the opportunities that these recovering fundamentals present while leveraging technology to expand its retail footprints to deliver improved returns to all its stakeholders.

 

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 the 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. The bank was also recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 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 2020.

 

Zenith Bank has grown enormously in 30 years to become Nigeria’s largest and one of Africa’s largest financial institutions by tier-1 capital, with shareholders’ funds of NGN1.1 trillion ($2.64 billion) as of 31st December 2020. The Bank continues to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. Zenith Bank is the clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

 

 

 

 

News

Kindness Defeats Witchcraft: Apostle Suleman’s Cross-Over Lecture at ‘Mercy Night’

Published

on

By

Evil is very much alive and well in this world. We are reminded of this fact as we see it play out almost often. Although evil occurs and serves as a stark reminder of the cruelty that exists within humankind, showing kindness can easily defeat evil acts, which is witchcraft, lectures popular servant of God and General Overseer of the Omega Fire Ministries (OFM) worldwide, Apostle Johnson Suleman.

 

At the ministry’s Cross-Over service on Tuesday 31st of December, 2024 tagged ‘Mercy Night’, the Restoration Apostle, ably present with his wife, Reverend Lizzy Suleman, warned us to “never avenge ourselves”. To the contrary, Apostle Suleman cautions; “do not be overcome by evil, but overcome evil with good”.

 

Usually, the natural response of man when he is hurt is to hurt back. But, Suleman says “God tells us something different”, quoting Romans 12:19–21: “Vengeance is mine, I will repay. If your enemy is hungry, feed him; if he is thirsty, give him something to drink; for by so doing you will heap burning coals on his head. Do not be overcome by evil, but overcome evil with good.”

 

According to the servant of God, not only should you refuse to take revenge, but you should intentionally do good to those who you would consider your enemies. Showing them love and kindness would so confuse and frustrate your enemy that the result would be them turning to God.

“If you want to see witchcraft being rubbished in your life, engage In kindness. To recover means to regaining possession. To recover means a comeback, the return of control. To recover means to improve and to become better. To recover is renewal,” Suleman teaches, suggesting that hate must not define us.

Continue Reading

Entertainment

Lagos History Comes on Screen as Jide Kosoko Shoots Esugbayi Eleko

Published

on

By

 

In a groundbreaking development for Nigerian cinema, renowned actor and producer, Prince Jide Kosoko is set to bring the compelling story of Lagos’ rich history to life with the production of Esugbayi Eleko. This film promises to be a cinematic exploration of the pivotal events that shaped colonial Lagos, blending drama, history, and cultural pride in a way never seen before.

The film focuses on the life and times of Oba Esugbayi Eleko, Herbert Macaulay and Alimotu Pelewura, some of Lagos’ most iconic figures in colonial Lagos and the absolute support and loyalty of the Idejos to the cause spareheaded by Oba Eleko.

Set in the early 19th century, Esugbayi Eleko delves into the challenges of Oba Esugbayi’s reign during the colonial era, his resistance, alongside Macaulay and Pelewura against British imperialism, and the cultural resilience of the people of Lagos.

Audiences will be transported to a Lagos colony grappling with the intersection of tradition and modernity, as well as the political struggles that defined an era. The movie captures not just the story of a man but the heart and soul of a people fighting for their identity.

What makes this project even more significant is that it is spearheaded by Prince Jide Kosoko, himself a Lagosian and a descendant of royalty. As a Prince of Lagos, Kosoko’s personal connection to the city’s history adds an unparalleled depth and authenticity to the storytelling.

“I have always dreamed of bringing the story of Lagos to the screen in a way that does justice to its complexity and grandeur,” Kosoko said during a press conference. “Oba Esugbayi Eleko was not just a king; he was a symbol of resistance, wisdom, and cultural preservation, these he did with his alliance with Macaulay, a prominent Lagosian and nationalist and Pelewura, one of the most enigmatic market women leaders in history. This story deserves to be told, and it’s a privilege to bring it to life as someone who shares in this heritage.”

Esugbayi Eleko will be one of the first major films to authentically portray part of the history of Lagos and the significant events of the colonial era. Unlike most historical movies that rely on generalized narratives, this production is rooted in meticulous research and deep cultural insights, offering a vivid retelling of key moments that shaped the city’s identity.

Kosoko’s production team has announced that the film will feature some of the best technical hands in the industry. Renowned cinematographers, award-winning set designers, and a host of top-notch costume designers will collaborate to recreate the colonial Lagos of the early 19th century.

“We are committed to authenticity,” Kosoko emphasized. “From the fabrics and architecture to the language and cultural practices, every detail will be carefully curated to ensure the audience is fully immersed in the world of Esugbayi Eleko.”

In addition, the production will employ cutting-edge filmmaking technology, including advanced CGI and motion capture, to seamlessly recreate historical settings and grandiose moments. Lagos of old will be brought to life in breathtaking detail, ensuring that audiences can fully experience the grandeur and challenges of the era.

The film will feature a cast of highly professional role interpreters, many of whom are seasoned veterans of the Nigerian film industry. While specific casting details are still under wraps, industry insiders suggest that the production will include some of the most respected actors, alongside a few emerging stars.

Kosoko also revealed plans to take Esugbayi Eleko beyond Nigerian borders. The film, according to him, will be good enough to participate in major international film festivals and distributed globally, ensuring that Lagos’ story reaches a worldwide audience.

“This is more than just a film; it is a legacy project,” Kosoko concluded. “Lagos is a city of resilience, beauty, and culture, and Esugbayi Eleko is our chance to showcase that to the world. We owe it to ourselves, our ancestors, and future generations to tell this story.”

As anticipation builds for Esugbayi Eleko, it is clear that this production is poised to be a defining moment in Nigerian cinema, a testament to the power of storytelling, and a celebration of Lagos’ enduring legacy.

Continue Reading

News

Agbado Youths Celebrate Historic Succession, Rally Support for Prince Akintoye as King

Published

on

By

 

Agbado Community in Ogun State erupted in jubilation on December 27, 2024, as the youths led the town in a grand end-of-year celebration to honor the historic succession of the late patriarch, High Chief Anthony Kayode Akinrinade, by his son, Prince Akintoye Olusola Akinrinade.

The event marked a significant milestone in Agbado’s journey toward justice and stability following a prolonged Obaship crisis that stifled the community’s development for over three decades. The crisis, marked by legal battles and defiance of court orders with suit number CA/IB/75/2020, was recently resolved by the steadfast judgment of the Court of Appeal, Ibadan Division. The court ruled in favor of Prince Akintoye Olusola as the rightful successor, allowing him to continue the legal fight to restore order and dignity to Agbado.

 

For 35 years, Agbado thrived as a hub of agricultural trade and economic prosperity, with 147 villages under its jurisdiction. However, internal strife caused by selfish ambitions led to stagnation and disunity. The High Court delivered a landmark judgment five years ago, but resistance by a self-proclaimed monarch delayed the community’s progress.

On the 30th of October, 2024, the Court of Appeal officially recognized Prince Akintoye Olusola Akinrinade as the ‘Stand-In’ Plaintiff, a move that has rekindled hope for the community. This recognition also symbolizes a continuation of the legacy of the late High Chief Anthony Akinrinade, whose leadership was revered by all.

The festive event, organized by the Agbado Youth Forum, drew dignitaries, elders, chiefs, and community leaders. Baale Patoko, a key figure in the community, expressed optimism about the succession, stating, “The whole of Agbado strongly believes that by 2025, Prince Akintoye will be crowned king, bringing renewed peace and progress to our land.”

Pa Theophilus Amodu, a respected elder, praised Prince Akintoye’s exemplary character, noting, “He has taken after his father in good deeds and enjoys the trust and respect of the people.”

Mr. Amodu, President of the Agbado Youth Forum, echoed this sentiment, affirming the unwavering support of the youth for Prince Akintoye’s emergence as king. “His leadership will undoubtedly usher in peace, harmony, and development in Agbado,” he said.

The event concluded with renewed hope and determination among the people of Agbado, who are confident that Prince Akintoye’s ascension to the throne will mark the beginning of a new era for the community.

Continue Reading

Trending News