2019: Zenith Bank records N208.8bn after-tax profit

International Bank Plc on Friday announced a profit after Tax of N208.8 financial year ended Dec. 31, 2019.

The bank said that the  profit represented a growth of eight per cent when compared N193 posted in the comparative period of 2018.

It added that the profit before tax also increased by five per cent to N243 from N232 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   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 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 the low interest yield environment helped  to 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 share of the market as it secured increased customer deposits across the corporate and retail space as deposits grew by 15 per cent to at N4.26 trillion.

It said the  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 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. (NAN)