Zenith Bank posts strong H1 2021 results, profits hit N3bn

Zenith Bank Plc has reported a strong first half for 2021, with its profit before tax (PAT) increasing by N3 billion.

According to the bank’s audited half-year financial results, released to the Nigerian Exchange (NGX) its PAT rose to N117 billion in the second half of 2021 from N114 billion in the corresponding period of 2020.

Also the Bank recorded a 9 percent growth in non-interest income from N116 billion in June 2020 to N127 billion in June 2021.

Another impressive metric is the significant reduction in its interest expense by 26 percent.

READ ALSO: Zenith Bank introduces more engagement channels with ZIVA Chatbot

Zenith‘s financials also showed that retail deposits grew by N38.2 billion from N1.72 trillion to N1.76 trillion year-to-date (YTD) while Savings balances grew marginally by 2% YTD to close at N1.18 trillion from N1.16 trillion as at December 2020.

Total customer deposits also grew by 8% to close the period at N5.77 trillion, demonstrating growth in the market share.

While total assets grew marginally to N8.52 trillion as at 30 June 2021 from N8.48 trillion recorded as at 31 December 2020.

Zenith risk assets as gross loans were up by 3% YTD, from N2.92 trillion to N2.99 trillion.

There was also a conservatively low Non-Performing Loans (NPL) ratio of 4.51% (FYE 2020: 4.29%) and a reduced cost of risk of 1.3% (June 2020: 1.8%).