Zenith Bank Announces N69Bn Profit After Tax for 9 months in 2013

Zenith Bank Plc has reported N69 billion as its profit after tax (PAT) for the nine months ending September 30, 2013. It submitted the report to The Nigerian Stock Exchange (NSE) saying loans and advances portfolio hit N1.1 trillion. The report showed unaudited results for gross earnings at N255 billion in the period under consideration, up 11 percent from N229 billion in 2012. Net interest income grew by 16 percent to N138 billion, profit before tax was up by 10.4 percent to N83 billion; then profit after tax rose 8.9 percent to N69 billion. Group Managing Director and Chief Executive Officer of Zenith Bank, Mr. Godwin Emefiele said, “We remain determined in our efforts to ensure that our vision of premium returns to all our stakeholders is sustained. To this end, we note the significant progress being recorded in our drive to sustain our leadership position in the corporate end of the market, while seeing substantial growth in our retail banking businesses through a number of products introductions and innovations. We have continued the systematic review of our enterprise risk management structure and practices with the aim of strengthening our procedures to swiftly deal with the various changes and risks inherent in our operating environment.” “It is on this premise that we can say that while not being unmindful of the challenges that lie ahead in 2013, especially in the wake of the recent monetary policy and regulatory changes, we remain confident that we will be able to sustain the strong performance of the first half of 2013 as we are resolutely committed to rendering superior customer services and maintaining our competitive advantage in the market.”