Zenith Bank’s 9-month 2017 earnings jump 52.8% to N581bn buoyed by fees, commission

Zenith Bank Thursday released its financial statements for the nine months ended September 2017 with gross earnings leaping 52.8 from N380 billion in 2016 to N581 billion in 2017.

Profit before tax increased from N116 billion in 2016 to N152 billion in 2017, while rrofit after tax also increased massively from N95 billion in 2016 to N129 billion in 2017.

9M 2016        9M 2017        % Change

Gross Earnings                      380b               581b               52.8%

Profit before tax                    116b               152b               31%

Profit after tax                       95b                 129b               35%

Earnings per share (kobo)    303b               411b              35.6%

Earnings from fees and commission increased from N46 billion in 2016 to N71 billion in 2017 just as trading income jumped from N16.4 billion in 2016 to N81 billion in 2017.

The massive rise in trading income was majorly due to income from treasury bills trading, which jumped massively by 961% from N4.9 billion in 2016 to N52 billion in 2017. Foreign exchange trading income also increased sharply by N150 percent from N11.2 billion in 2016 to N28 billion in 2017.

Zenith bank shares traded N26.26 Thursday on the Nigerian Stock Exchange (NSE), down 0.05 percent.