Zenith Bank Plc has said its profit after tax rose by five per cent to N53.1bn for the first quarter of 2021 from N50.5bn in the same period of 2020. It said this in a statement on its unaudited results for the quarter ended March 31, 2021, titled ‘Despite persistent headwinds, Zenith Bank’s profit after tax rises by five per cent in Q1 2021’. The bank’s cost of funds reduced significantly from 2.6 per cent in March 2020 to 1.1 per cent in March 2021. Non-interest income increased by 10 per cent from N46.6bn to N51.2bn, driven by growth in credit-related fees and fees on electronic products. Non-interest income was boosted by the increase in fees and commission income, which resulted from the increased volume of transactions across all the bank’s channels.

Source: Punch May 02, 2021 23:15 UTC