Zenith Bank’s 2020 profit hits N255.9bn

Nike Popoola

Zenith Bank Plc said its profit before tax rose by five per cent to N255.9bn as of the end of December 2020 from N243.3bn reported in the corresponding period of 2019.

In a statement on Tuesday titled ‘Zenith Bank’s profit before tax rises by five per cent to N255.9bn’, it said this was in spite of a challenging macro-economic environment exacerbated by the COVID-19 pandemic.

This increase arose from a combination of growth in the topline and a significant reduction in interest expense from N148.5bn in 2019 to N121.1bn in 2020, significantly increasing the net interest income from N267bn in 2019...readmore