Zenith records 115% credit impairment charges in Q3

Zenith Bank’s credit impairment charges, have increased by 115 per cent from N21.9 billion to N47.1 billion for the third quarter ended September 30, 2017.
This reflection showed the challenges borrowers are facing to repay loans, even though the bank enjoyed high customer loyalty and patronage as deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September.
Loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion.
According to the bank’s third quarter result, which was released by the Nigerian Stock Exchange in Lagos over the weekend, the bank’s Profit before Tax inched by 30.8 per cent to N152.5 billion, from N116.6 billion in the preceding period of 2016.
Profit after tax grew by 36 per cent to N129.2 billion, compared with N95.4 billion in 2016. Its net interest income rose marginally by 6.2 per cent to N201.5 billion, from N189.8 billion in the preceding period of 2016 and non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion
in 2016.