December 5, 2022

Global News

…The News First With Us!


2 min read
Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September
2020 with gross earnings rising by 4% to 509 billion from 491 billion posted in the same period
in the previous year. This performance demonstrates the Group’s resilience against the backdrop
of a challenging macro-economic environment brought about by the Coronavirus (COVID-19)
According to the unaudited account which was presented to the Nigerian Stock Exchange (NSE),
this growth was driven by non-interest income which grew by 11% to 173 billion from 157 billion
recorded at the end of Q3 2019, reflecting the Group’s increasingly diversified business model. The
Group’s Profit Before Tax (PBT) rose marginally to 177 billion at the end of Q3 2020,
representing a 1% growth over the 176 billion posted in the corresponding period last year.
The result also demonstrates the Group’s ability to deliver optimal pricing for its interest-bearing
assets and liabilities in a declining yield environment, as net interest income grew by 5% Year-on-
Year (y-o-y) to 225 billion despite the drop in total interest income from 322 billion to 319
billion. Interest expense and cost of funds were down 13% and 27% to close at 94 billion and
2.2% respectively, reflecting the Group’s robust treasury and liquidity management.
Total deposits closed at 5.2 trillion at the end of Q3 2020 up from 4.3 trillion in December 2019,
dominated by low-cost deposits. Retail deposits grew impressively by 58% to 1.7 trillion at the
end of Q3 2020 up from 1.1 trillion as at December 2019, underpinned by the continuous
expansion and improvement of the Group’s digital platforms.
In terms of asset quality, the Group’s Non-Performing Loan (NPL) ratio improved to 4.80% (FYE
2019: 4.95%), despite growing loans and advances by 17 % from 2.5 trillion as at December
2019 to 2.9 trillion at the end of Q3 2020, affirming the Group’s prudent credit risk management.
The liquidity and capital adequacy ratios (CAR), at 67.4% (Bank: 52.5%) and 21.5% respectively at
the end of Q3 2020, remain above regulatory thresholds of 30.0% and 15.0%.
Zenith Bank Plc has continued to demonstrate resilience and industry leadership. In recognition of
its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in
Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto and Co.
The Bank was also recognised as Bank of the Year and Best in Retail Banking at the 2019
BusinessDay Banks and Other Financial Institutions (BOFI) Awards. More recently, the Bank
emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the
Banker Magazine “Top 500 Banking Brands 2020”, Number One Bank in Nigeria by Tier-1 Capital
in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine, Best Bank in
Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020, and Bank of the Decade
(People’s Choice) at the ThisDay Awards 2020.

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2 min read

UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

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