Zenith International Bank Plc on Friday announced a profit after Tax of N208.8 billion for the financial year ended Dec. 31, 2019.
The bank said that the profit represented a growth of eight per cent when compared with N193 billion posted in the comparative period of 2018.
It added that the profit before tax also increased by five per cent to N243 billion from N232 billion posted in 2018, arising from topline growth and continued focus on cost optimisation strategies.
The bank’s audited financial results released on Firday showed that its gross earnings stood at N662.3 billion from N630.3 billion in 2018, an increase of five per cent.
It stated that the growth was driven by the 29 per cent increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019.
It added that fees on electronic products had continued to grow significantly with a 108 per cent Year on Year growth to N42.5 billion from N20.4 billion in 2018.
Also, cost-to-income ratio moderated from 49.3 per cent to 48.8 per cent, it said.
The bank said that the drive for cheaper retail deposits coupled with the low interest yield environment helped to reduce the cost of funding from 3.1 per cent to 3.0 per cent.
Similarly, it said that the net interest margin reduced from 8.9 per cent in 2018 to 8.2 per cent in 2019 due to re-pricing of interest bearing assets.
The group increased its share of the market as it secured increased customer deposits across the corporate and retail space as deposits grew by 15 per cent to close at N4.26 trillion.
It said the its total assets rose by seven per cent to N6.35 trillion as against N5.96 trillion achieved in the comparative period of 2018.
“In 2020, the group remains strategically positioned to capture opportunities in the corporate and retail segments, while efficiently managing costs and expanding further its retail franchise by employing digital assets and innovation,” the bank said.