WorldStage Newsonline– Zenith Bank has published its first quarter (Q1) 2018 results with 22% growth in profit before tax (PBT) at N54 billion which puts the bank on track to meeting its full year target of N210 billion.
Revenue growth was mixed with funding income grew 36% while non-interest income fell -10%.
Notwithstanding, total revenues grew by a healthy 22% and helped to offset a 33% rise in opex.
A -42% y/y reduction in loan loss provisions also helped as profit after tax (PAT) grew faster than PBT (by 33% y/y) because of a helping hand from other comprehensive income (N4.8bn), thanks mainly to fx translation gains.
