Zenith Bank Plc, in unaudited results for the first quarter ended 31st March 2021, posted a five per cent increase in profit after tax as its total loans and advances rose to N2.98 trillion in the period under review.
Profit After Tax was up by five per cent from N50.5 billion in Q1 2020 to N53.1 billion in Q1 2021 as profitability was driven by the optimisation of the cost of funds and improvement in non-interest income. Also, non-interest income increased by 10 per cent from N46.6 billion to N51.2 billion, driven by growth in credit-related fees and fees on electronic products. The bank said non-interest income was boosted by the increase in fees and commission income, which resulted from the increased volume of transactions across all its channels.
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