Zenith Bank’s profits increase by 68% in 2016

In the third of our series on companies’ performances in 2016, we throw the spotlight on Zenith Bank today.

In 2016, Zenith Bank’s profits went up by 69 percent. The figure increased from GH¢83,076,943 to GH¢140,265,212 between 2015 and 2016. Zenith Bank’s profits went up in 2016 after recording a drop in profits between 2014 and 2015.

The bank’s revenue for last year also increased by 19 percent. It went up from 302.8 million cedis to 361 million cedis. Although some revenue sources such as those from interests on loans to customers dropped, income from trading activities such as foreign exchange recorded 31.3 million cedis.

Zenith Bank’s expenditure for 2016 decreased by about 16 percent; from 187.8 million cedis to 158.4 million cedis. This was largely driven by a drop in provisioning for Non-Performing Loans which declined by 76 percent; from 54.5 to 13 million cedis.

Managing Director of Zenith Bank, Henry Oroh is hopeful of a marked performance this year due to the plans being rolled out by the bank “Generally the economy was a bit slow and a lot of institutions struggled but we managed to stand tall…we are looking forward to 2017 with a much bigger balance sheet and much bigger profitability,” he noted.

Meanwhile, Zenith Bank increased its total assets from 2.54 billion cedis to 3.4 billion cedis. This was largely influenced by investments and interests on loans to customers.

Its liabilities equally went up from 2.11 billion cedis to 2.82 billion cedis; greatly influenced by the increased customer deposits from 2 to 2.6 billion cedis between the period. –