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ZENITH BANK REAFFIRMS MARKET DOMINANCE AND LEADERSHIP WITH Q3 2019 RESULT

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Zenith Bank Plc has announced its unaudited results for the period ended 30 September, 2019, with numbers that clearly demonstrates its market dominance and leadership.

From the unaudited account which was presented to the Nigerian Stock Exchange (NSE), gross earnings increased by 4% percent from N474,607 billion recorded in Q3 2018 to N491,268 billion in Q3 2019. Profit Before Tax (PBT) grew by 5% from N167,307 billion in Q3 2018 to a record N176,183 billion in Q3 2019. Also, profit after tax rose by 5% from N144,179 billion in Q3 2018 to N150,723 billion in Q3 2019.

Despite a challenging macro-economic backdrop, the Group recorded a significant growth in Non-Interest Income, expanding by 22% from N128.7 billion in Q3 2018 to N156.8 billion for the current period. Our platforms and channels have been the enablers of this growth, with fees from electronic products doubling to N35.3 billion from N17.6 billion in Q3 2018.

Our cost optimization strategies and aggressive retail banking drive are yielding the desired effects as cost-to-income ratio declined from 51.2% in Q3 2018 to 50.1% in Q3 2019 with Earnings Per Share (EPS) growing by 5% from N4.58 in Q3 2018 to N4.80 in Q3 2019.

Our retail and corporate banking franchises continued its momentum with customers’ deposits growing by 7% to N3.95 trillion from N3.69 trillion recorded as at December 2018, a reflection of increasing share of the industry’s deposits and customers’ confidence in the Zenith brand. These deposit acquisitions have directly contributed to our cost of funds improving from 3.3% in Q3 2018 to 2.95% as at Q3 2019.

We have continued to deploy capital to creating viable risk assets with gross loans and advances growing by 9% from N2.02 trillion as at December 2018 to N2.2 trillion as at Q3 2019 across both the retail and corporate segments. Our focus remains the search for bankable lending opportunities to ensure the attainment of the minimum regulatory loan-to-deposit ratio (LDR) of 65% by December 31, 2019 without compromising our prudence.

Our robust risk management framework has ensured that non-performing loans (NPL) ratio declined from 4.98% in December 2018 to 4.95% in the current period. Our commitment to maintaining a shock-proof balance sheet remains with liquidity and capital adequacy ratios at 63.8% and 23.8% respectively, both above regulatory thresholds.

In this final quarter of the year, we will sustain our competitiveness and share of market in the corporate segment and build upon our digital foundations to reinforce our retail banking initiatives.

As a testament to this superlative performance and in recognition of its track record of excellent performance, the bank was recently named as the Bank of the Year and the Best Bank in Retail Banking at the 2019 BusinessDay Banks’ and Other Financial Institutions Awards (BAFI Awards).

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From Boardroom To Politics, Ex-First Bank Boss Eyes Oyo Governor’s Seat

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Adesola Adeduntan, the erstwhile Managing Director of First Bank has been named as one of the would-be successors of the Governor of Oyo State, Seyi Makinde come 2027.

 

The banker who was allegedly eased out of banking for some undisclosed misdemeanors is claimed to have began consultations as he charts a new path in politics.

 

Sources hinted that Adeduntan had been interested in an elective position but his participation was measured because of his banking career. But now, the coast is clear and he is already aligning himself with some stakeholders ahead of 2027.

 

A list of names including Ilaji boss, Dotun Sanusi, Taofeek Arapaja, Stanley Olajide and many more has features as interested minds gunning for the number one seat in Oyo, a list Adeduntan has recently joined.

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Ex First Bank Boss, Afonja Dies In Auto Crash

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-Femi Bamgbose

 

Details have emerged on Monday, 20th May, 2024 regarding the tragic death of a former Chairman of First Bank Plc, Ajibola Afonja.

 

The 82 year-old man was said to have died in a car accident.

 

The accident occurred somewhere around Oyo town.

 

Sources hinted papermacheonline that the former Minister popularly known by his company name ‘IDS’ Integrated Dimensional System was rushed to the University College Hospital, Ibadan where he eventually gave up the ghost.

 

The news spread like wildfire within the society circle across Oyo State where Afonja was highly revered.

 

Family sources claimed he would be buried today according to Islamic rites.

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‘How Yahaya Bello Withdrew Almost $1M From Kogi Account To Pay Child’s School Fees’ EFCC boss, Olukoyede

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The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that a former governor of Kogi State, Yahaya Bello, transferred $720,000 from the government’s coffers to a bureau de change before leaving office to pay in advance for his child’s school fee.

 

Olukoyede revealed this during an interview with journalists on Tuesday in Abuja.

 

He said, “A sitting governor, because he knows he is going, moved money directly from government to bureau de change, used it to pay the child’s school fee in advance, $720,000 in advance, in anticipation that he was going to leave the Government House.

 

“In a poor state like Kogi, and you want me to close my eyes to that under the guise of ‘I’m being used.’ Being used by who at this stage of my life?”

 

 

Olukoyede further stated that he personally reached out to Bello, offering him a chance to clarify the situation in a respectful setting within the EFCC office but the ex-governor reportedly declined to cooperate, citing fears of harassment from an unnamed woman.

 

The EFCC boss added, “I didn’t initiate the case; I inherited the case file. I called for the file, and I said there are issues here.

 

“On my own, I called him, which I am not supposed to do, just to honour him as an immediate past governor. ‘Sir, there are issues. I’ve seen this case file. Can you just come let us clarify these issues?’

 

 

“He said, ‘Ha! Thank you, my brother. I know, but I can’t come. There’s one lady that has surrounded EFCC with over 100 people to come and embarrass me and intimitade me.’

 

Bello was said to have suggested that the EFCC come to his village rather than conduct an investigation at the agency’s quarters.

 

“I said if that is the issue, I’m going to pass you through my own gate, and you will come to my floor. We will accord you that respect. I will invite my operatives; they will interrogate and interview you in my own office. What could be more honourable than that to allay the fear?

 

“You know what he said: ‘Thank you, sir, but can’t they come to my village? Olukoyede added.

 

The chairman also highlighted the agency’s achievements during his tenure, stating, “We have recovered close to 120 billion and secured over 1,600 convictions in six months.

 

“I’m so passionate about the need for us to move forward in this country. We need the EFCC to survive. There are so many victims that we have wiped tears off their eyes, people that have been swindled in their millions. Every day, we keep recovering money for victims.”

 

PUNCH Online reports that the EFCC chairman, Olukoyede, has vowed to resign from his position if Yahaya Bello is not prosecuted.

 

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust, and misappropriation of funds to the tune of N80.2 billion.

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