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.

 

 

 

 

Entertainment

How Fortune, Davido’s Official Photographer Died

Published

on

By

It’s a sad day in Davido’s camp as one of his aides and trusted image personality, Fortune Ateunmunname known as Fortune Photography died today. His death came after he was invited to a video shoot location at a private beach In Tarkwabay for a video shoot where he was supposed to take the footage from the shoot. On their way to the shoot, the boat conveying him and the rest crew capsized. 

 

According to a close source who averred that; it was a location for a video shoot and they were already in high spirit before the boat they rented to convey them capsized due to the waves on the sea.”Fortune should have survived like many people did on the boat but he was not wearing a live jacket that’s why he drowned when the boat capsized. Before the rescue team arrived at the scene, he has drowned drinking lots of water”. It was a scary scene as his death is on the list of those around Davido who has lost their lives in the past 4 years.

 

“It’s a shocking situation coming after the 30BG crew are yet to recover from Obama 44’s death few months ago. We pray and comfort with his family because he is the breadwinner of his family and he is a jolly good fellow.” the source further added.

Continue Reading

Business

FIRSTBANK BROADENS ITS INTERNATIONAL MONEY TRANSFER NETWORK, REITERATES COMMITMENT TO CUSTOMER SERVICE

Published

on

By

 

In furtherance of the need to expand diaspora remittance inflow into the country, FirstBank of Nigeria Limited has increased its network of International Money Transfer Operators (IMTOs), targeted at easing the accessibility of its customers to receive money from close to 100 countries across the world in a safe and secured manner. With over 750 branches across the country, customers can receive money from the nearest FirstBank branch closest to them.

  

Over the years, FirstBank has been in partnership with Western Union, MoneyGram, Ria, Transfast, and WorldRemit. The bank is also in partnership with other IMTOs which include Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflow into the country, thereby putting Nigerians and residents at an advantage in receiving money from their families, friends and loved ones across the world.

Beneficiaries can receive remittance in US dollars in any of our over 750 branches spread across the country. Customers without an existing domiciliary account can have dollar account automatically created for their remittances. You can also receive inflow directly into your account through Western Union.

In addition, FirstBank has launched its wholly-owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa. These subsidiaries include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

Reiterating the Bank’s resolve in promoting diaspora remittances, regardless of where one is across the globe, the Deputy Managing Director, Mr. Gbenga Shobo said “at FirstBank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.

We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are, across the world.”

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross-border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

Continue Reading

Society

2021 ARISE WALK : SIJU ILUYOMADE STAGES ANOTHER GLOBAL INITIATIVE, LEADS PROMINENT LEADERS, CELEBRITIES, OTHERS IN ROAD WALK

Published

on

By

 

 

One of the greatest men in the world, Friedrich Nietzsche, in his words says  “all great thoughts are conceived while walking” Most often nowadays the problem is, exercise seems to be too complex, coupled with an ever-busy attitude peculiar to us in this part of the world. However, just a 75-minute brisk walk could do a lot to your overall health, especially if you do it regularly. Encomiums must be showered on Dr. Siju Iluyomade’s Arise Women, an age-long purely humanitarian foundation for daring all odds to once again come up with Arise Walk, a global initiative specially dedicated for everyone, not only Nigerians, but everyone across the globe to keep up with our health in general.

Slated for Saturday 16th October 2021 to be held in Cluster across different parts of the world simultaneously. This year’s Arise Walk is themed ‘I choose life” and it will hold with all adherence to guidelines of Covid-19 prevention protocols.

This distinctive initiative solely conceived by the delectable but spiritually-filled lawyer of over three decades,Dr Siju,  has always been experienced by thousands of individuals including prominent Nigerians & internationals in business, politics, entertainment and also the vineyard of the Lord regardless of faith or religion.

With over 12 years of putting the event together, the anticipation for this year’s edition has been very tremendous.

As usual, organizers of the health-awareness Walk have disclosed that the event

will commence at 8:00 am in over 50 clusters across different African countries, London, the United States of America, Canada, Australia and many more.  Each cluster will be having a minimum of 25 persons amongst whom are influencers and celebrities that have always been part of Arise ; the Special Assistant to President Muhammadu Buhari on Sports and Super Eagles legend, Daniel Amokachi; Olympic Gold medalist and sports administrator Mary Onyali; former Deputy Governor of Lagos State and Special Adviser to the President on Sustainable Development Goals, Her Excellency Adejoke Orelope Adefulire; popular Disc Jockeys, Humility and Xclusive, Kaffy, DJ Cuppy, Bimbo Akintola, Nathaniel Bassey, , is expected to be streamed online LIVE from the starting point to the finishing line to further encourage many Nigerians who could not join the Walk.

Other notable personalities include Minister for Women Affairs, Dame Pauline Tallen,  Dere Awosika, Abike Dabiri, Bisi Onasanya. Wives of Governors of Lagos, Ogun, Jigawa, Kwara, Ekiti States will also join other First Ladies to Walk in clusters in their respective States.

 

The Arise Walk for Life sponsored by Siju, as the highly resourceful woman, is called, is one of the events that hold yearly as a forerunner to the flagship event, The Arise Women Conference scheduled for Saturday, 30th October 2021. The conference promises to be a confluence of inspiration and hope for individuals regardless of religion, tribe or ethnicity as it will be graced by serving and former First Ladies, Wives of federal and State Legislators, Captains of industries, International guests and technocrats who will share from their wealth of experience.

Continue Reading

Trending News