News
ZENITH BANK LEADS WITH HALF A TRILLION NAIRA GROSS EARNINGS IN 9 MONTHS
In a clear show of resilience and strong market share in the Nigerian banking industry, Zenith bank posted impressive gross earnings of N531bn for the 9 months to 30th September 2017. This represents an increase of 40% year-on-year and 5% year-to-date, and in fact the highest published by any bank in the Nigerian Banking industry in the current reporting period.
The bank demonstrated its ability to take the right actions and make the right choices in its Assets and Liability management strategies culminating in an increase of 27% in interest income from N285.7bn as at 30 September, 2016 to N361.8bn as at 30 September 2017. The bank was able to strategically switch assets in favour of high yielding asset classes and was also able to optimally price its assets in a yield environment.
Also Non-interest income grew 79% year-on-year to 169.5bn driven by the bank’s ability to take advantage of its strong foreign currency liquidity to generate income.
The Profit before tax (PBT) and Profit after tax (PAT) of Zenith witnessed an impressive growth of 31% and 35% year-on-year respectively to N152.5bn and N129.2bn. Again this is a show of resilience and demonstration of the ability of this financial institution to innovate and create impressive value from resources available to it.
We note further that Zenith achieved this excellent financial performance, despite adopting a very conservative approach to recognizing potential losses in its risk asset portfolio.
The bank has continued to maintain solid and high quality capital position with capital adequacy ratio at 21% well above statutory requirement of 15% and providing room for further growth and strong and consistent dividend payout. Liquidity ratio remains strong at 61% and also well above the regulatory requirement of 30%.
Consistent with this superlative performance and in recognition of its track record of excellent performance, the bank was recently honoured as The Bank of the Year and Best Bank in Customer Service by the publishers of BusinessDay Newspapers.
Events
Insiders Revealed, Omoge Saida To Marry Billionaire Lover This December
The social scene is already heating up as insiders reveal that popular lifestyle personality,Saidat Aralamo Asabi Balogun popularly known as Omoge Saida, is set to marry her billionaire lover in December — a development that has sent whispers of excitement across London, Lagos and Abuja high society.
According to those close to the stylish socialite, preparations for the much-anticipated ceremony are already underway, with talks suggesting it will be an exclusive, invitation-only affair.
Sources hint that the billionaire, a discreet yet powerful business magnate, has decided to make their relationship formal, in what many tagged a face saving situation from the nude video scandal.
Friends of Saida describe her as glowing, excited as she prepares for what many say is the beginning of a new, lavish chapter in her life.
Details remain tightly guarded, but insiders insist December is locked in — and if the early buzz is anything to go by, Omoge Saida’s wedding may well be one of the biggest society moments of the festive season.
News
All The Shocking Details As PDP Declares Adedamola Osun Flagbearer, Beats Gov Adeleke in Tense Primary
In a dramatic twist that has sent shockwaves through Osun’s political landscape, the Peoples Democratic Party (PDP) has declared Hon. Adebayo Adedamola as its governorship flagbearer after a fiercely contested primary that saw him defeat incumbent Governor Ademola Adeleke.
The keenly watched primary, held amid heavy security and intense party interest, drew party delegates from across the state. What many expected to be a smooth victory for the governor turned into a tightly fought race, with Fryo gaining momentum during delegate consultations and strategic bloc alignments.
According to party officials, Fryo clinched the majority of valid votes after what they described as a transparent, credible, and highly competitive exercise. His supporters erupted in celebration as the final tally was announced, chanting solidarity songs and hailing what they called “a new direction for Osun PDP.”
Adedamola, popularlcy called Fryo is said to be a close ally of APC stalwart, Iyiola Omisore. Fryo was among the people arrested over the killing of late Attorney General, Chief Bola Ige.
Political analysts say the upset signals a significant shift within the party’s power structure, as the result reflects growing agitation for fresh leadership and a repositioning of the party’s influence across local government blocs.
Governor Adeleke, who had sought the party’s ticket to secure a second term, was said to have congratulated Fryo in a closed-door exchange, though members of his camp are still digesting the unexpected outcome.
Fryo, in his acceptance speech, promised to unify the party, consolidate on its achievements, and present a formidable front ahead of the general elections. He described his victory as “a mandate for renewal” and urged party faithful to rally behind him for what he termed the decisive battle ahead.
With this development, all eyes are now on how the PDP navigates the post-primary atmosphere and prepares for a heated governorship election season in Osun State.
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