Zenith Bank’s Gross Earnings Rise to N166.8bn in Q1 Nume Ekeghe Zenith Bank Plc has announced its unaudited results for the first quarter ended March 31, 2020, with gross earnings rising by six per cent to N166.8 billion, up from the N158.1 billion recorded in March 2019.
This was in spite of a challenging domestic operating macroeconomic environment and global headwinds. According to the unaudited statement of account presented to the Nigerian Stock Exchange (NSE) yesterday, group’s topline growth was driven by
the 43 per cent expansion in non-interest income from N32.7 billion in the prior period to N46.6 billion in March 2020. Its non-interest income growth was driven by a 98 per cent surge in trading income from N7.8 billion in March 2019, to N15.5 billion
in the quarter under review. Profit before tax also improved by three per cent from N57.3 billion in Q1 2019 to N58.8 billion in Q1 2020. The increased profits benefited from the twin effects of continuing top-line growth and focused cost-of-funds
optimisation. Cost of funds declined significantly from three per cent in March 2019 to 2.6 per cent in the quarter, translating to a 10 per cent decrease in interest expense dropping from N36.3 billion in Q1 2019 to N32.8 billion in Q1 2020.
Despite this drop, the current low yield environment necessitated the repricing of interest-bearing assets which in turn resulted in a 13 per cent compression in net interest margin, decreasing from 8.9 Continued on page 8
Oil Price Climbs to $22 on Hopes of Demand Recovery... Page 5 Thursday 30 April, 2020 Vol 25. No 9152. Price: N250
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COVID-19: FG Unveils Six-week Gradual Plan to Reopen Economy Projects flattening of curve by June Restricts banking operations to six hours To enforce mandatory 14-day quarantine for all arrivals Orders 107,000 GeneXpert cartridges to fast track testing To convert hotels to isolation centres Infected persons increase by 196 to 1,728 with 307 discharged, 51 dead Vaccine, likely ready September, says Pfizer Olawale Ajimotokan, Onyebuchi Ezigbo in Abuja, Emma Okonji, Martins Ifijeh and Nosa Alekhuogie in Lagos The federal government yesterday unveiled plans to restart the economy that has been paralysed for more than four weeks due to measures
to combat the COVID-19 pandemic. It also outlined operational guidelines in furtherance of President Muhammadu Buhari's broadcast on Monday to relax the lockdown imposed on the Federal Capital Territory (FCT), Lagos and Ogun States Continued on page 8
CBN Resumes Dollar Sales for SMEs, School Fees Earmarks $100m weekly to meet demands Obinna Chima The Central Bank of Nigeria (CBN) has resumed the sale of foreign exchange to all commercial banks to enable parents wishing to pay schools fees and operators of small and medium scale enterprises (SMEs) wishing to make essential imports needed to
revamp economic activities buy the greenback from the banks. The central bank, in a statement yesterday by its Director, Corporate Communications, Mr. Isaac Okorafor, said the decision was arrived at, in view of the Continued on page 8
STILL ON THE PANDEMIC... Secretary to Delta State Government, Mr. Chiedu Ebie (left), and Delta State Governor, Senator Ifeanyi Okowa, during the distribution of the first batch of one million free face masks at the Government House, Asaba...recently
el-Rufai: How Kano Almajiris Increased COVID-19 Infections in Kaduna...Page 6