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ZENITH BANK RECORDS IMPROVED HALF YEAR 2019 RESULTS, WITH INTERIM DIVIDEND OF 30 KOBO PER SHARE

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Zenith Bank

In a clear demonstration of its resilience and strong market share, Zenith Bank Plc has announced its audited results for the half year ended 30 June 2019, recording positive growth across key financial metrics, thus affirming the bank’s position as one of the leading financial institutions in Africa. As a testament to its commitment to its shareholders, the bank also announced a proposed interim dividend pay-out of 30 kobo per share.

Gross earnings grew by 3% from ₦322.2 billion to ₦331.6 billion driven by a significant growth of 24% (YoY) in non-interest income from ₦88.6 billion in H1 2018 to ₦109.7 billion in H1 2019. In particular, fees from electronic products increased by ₦17bn (168%) from ₦10bn in H1 2018 to ₦27 in H1 2019, demonstrating significant progress in our retail banking initiatives. This top-line growth filtered through to the bottom-line as Profit Before Tax (PBT) increased to ₦111.7 billion reflecting a 4% growth over ₦107.4 billion reported in H1 2018 with earnings per share (EPS) increasing by 9% to ₦2.83 in H1 2019 from ₦2.60 compared to the prior period.

Between December 2018 and June 2019, the Group’s total deposit increased by 3% with retail deposits growing by ₦267 billion (31%), from ₦861 billion to close at ₦1.1 trillion. Despite the growth in our deposit base, we optimized interest expense leading to a 4% reduction from ₦74.7 billion to ₦72.1 billion due to the Group’s improved funding mix and our profound treasury management skills. Net Interest Margins (NIMs) witnessed a compression from 10% in the same period last year to 8.6% in H1 2019, as a result of the declining yield environment but cost of funds improved from 3.4% to 3.0%.

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Our robust risk management ensured that our absolute Gross Non-Performing Loans (NPLs) remained flat. However, the marginal movement in NPL ratio was as a result of the 3% reduction in our loan book from ₦2.02 trillion as at December 2018 to ₦1.95 trillion at the end of the period. We are creatively deploying new retail loan products to ensure we capture a reasonable share of the retail loan market. We remain committed to maintaining our strong balance sheet with liquidity ratio at 74.6% and Capital Adequacy Ratio (CAR) at 25%, ensuring we remain above regulatory thresholds.

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Going into the second half of the year, we will continue to consolidate our leadership in the corporate space while our retail banking drive will continue unabated. We expect to see an improvement in economic activities even as we maintain our promise of delivering a unique service experience to our customers.

Consistent with this superlative performance and in recognition of its track record of excellent performance, the bank was recently ranked as the Most Valuable Banking Brand in Nigeria in 2018 by The Banker Magazine. Similarly, Zenith Bank was recognized as the Best Corporate Governance Bank in Nigeria by The World Finance for the sixth time just as Ethical Boardroom, a Europe based Boardroom watchdog reaffirmed this recognition by naming the bank as the Best Bank in Corporate Governance in 2018. Recognition has also come the way of the bank as it was recently named as the Best Institution in Sustainability Reporting in Africa 2018 (SERAS Awards) and the Bank of the Year 2018 (BusinessDay).

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Femi Otedola: What Manner Of Philanthropist?

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philanthropist

 

A true philanthropist gives without expecting anything in return.

There are however many who give with the main objective of scoring cheap points and playing to the gallery.

Many consider Femi Otedola a philanthropist, but what manner of philanthropist is the man?

Known to have leant a helping hand to some people in the past, his gestures have however been said to have hidden intentions.

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There have been speculations that the man’s philanthropy is targeted at creating a soft landing for him when he eventually unveils his big picture.

Known to have picked the medical bills of individuals such as former Super Eagles captain and coach, Christian Chukwu; ace broadcaster, Sadiq Daba; and more recently legendary musician, Majek Fashek; the fact that his philanthropy is only focused on known individuals has raised eyebrows.

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That the chairman of Geregu Power Plc appears not to be interested in lending a helping hand to unknown individuals has raised questions about him.

 

 

 

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Chukwuma Soludo Bounces Back

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Soludo

 

Chukwuma Soludo’s experience confirms the fact that it doesn’t matter the number of time a man falls, as long as he can get up.

An economics professor, Soludo was once the Governor and Chairman of the board of directors of the Central Bank of Nigeria (CBN).

He, however, fell into obscurity when his tenure as Governor of CBN ended, as even the economic advice he gave while he was out of office were contested.

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Soludo however recently bounced back when he was appointed a member of the newly inaugurated Economic Advisory Council (EAC), a group which will be responsible for advising President Muhammadu Buhari on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues.

Though Soludo is just a member of the council, he returns to the thick of things after a while in hibernation.

Also Read:  Zenith Bank Managing Director, Godwin Emefiele To Replace Sanusi Lamido Sanusi As New Governor Of Central Bank

 

 

 

 

 

 

 

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Keystone Bank rewards its Verve card holders with free petrol

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Fastest growing financial services provider, Keystone Bank Limited in partnership with Verve International, has launched a promotion to reward its customers for using its Verve Card to purchase petrol at select Oando Petrol stations across Nigeria.

 

According to a statement by the lender on Friday, the promo tagged “Free Fuel Alert” which is open to both new and existing customers of the bank will have Keystone Bank Verve Card holders receive free extra 5 litres of petrol each time they use their verve cards to purchase a minimum of N3,000.00 and above worth of petrol between 6am – 8pm every Friday from September 20 till November 8, 2019.

 

The selected Oando Petrol Stations where the promo will run are Lagos (Maryland, Marina, Awolowo Falomo, Awolowo Fire Station, Lawanson, Alapere, Ajah, Agege Bye-Pass, Trade Fair, Fola Agoro, Ojodu Berger, Sangotedo, Ago Palace Way and Shiro Road Fadeyi) Abuja (Garki, Ahmadu Bello Way and Zone 6 Wuse) Enugu (Ogui Road), Imo (Assumpta Avenue) Kaduna (Junction Road by Stadium), Kano (Club Road 1), Oyo (Orita Mef and Iwo Road, Southbound) Portharcourt (Aba Road and 75 Transamadi) Delta (Effurun Junction) Edo, Benin – City (Akpakpava Road).

 

While Keystone Bank Limited is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers, Verve Card International is a secure debit card which allows the card-holder to conveniently meet day to day financial needs like the payment for goods and services, airtime recharge, bill payments, funds transfer amongst others.

 

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