Zenith Bank Bucks the trend, gross earnings rises 4% in H1’ 2020, with interim dividend of 30k

Despite the drift to the red zone of the Nigerian economy by -6 per cent, Zenith Bank Plc, one of the largest lenders in the most populous black nation, has announced a 4% growth in gross earnings in its audited results for the half-year ended June 30 2020.

The bank’s gross earnings rose from N332 billion in June 2019 to N346 billion, resulting in an interim dividend of 30k per share to be paid to its shareholders for the half-year 2020 amid the ravaging impact of the coronavirus (COVID-19), an indication of resilience in weathering the economic storm.

According to the audited statement of account which was presented to the Nigerian Stock Exchange (NSE) on Thursday, September 3, 2020, this top-line growth was driven by 6% growth (YoY) in non-interest income from N110 billion in H1 2019 to N116 billion in H1 2020. The growth in gross income as well as the decline in interest expenses culminated in a 2% growth year-on-year of Profit Before Tax which increased to N114 billion in H1 2020 from N112 billion in H1 2019.

Earnings per share also increased by 17% to N3.30 in H1 2020 from N2.83 in H1 2019.

The Group’s total deposits grew by 15% from N4.3 trillion in December 2019 to N4.9 trillion at the close of H1 2020, driven by a 41% increase in retail deposits from N1.1 trillion to close at N1.6 trillion.

Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a 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.

Consistent with this excellent performance and in recognition of its track record of exceptional performance, Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Best Banks Awards 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.