Tuesday, May 18, 2021

Nigeria’s Zenith Bank targets 5.5% rise in pretax profit in 2021

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Godwin Okaforhttps://naija247news.com
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

Feb 25 – Nigeria’s Zenith Bank is aiming for a pretax profit of 270 billion naira ($709 million) this year, up 5.5% from a year earlier, the bank said on Thursday.

The top tier lender made a 255.9 billion naira pretax profit in 2020, narrowly beating its guidance.

Zenith said it was aiming for 10% loan growth this year, down from 18.6% in 2020 after a currency depreciation at the end of last year helped boost the value of loans priced in naira.

Nigeria exited recession in the fourth quarter despite a full-year contraction in 2020. The country devalued the currency last year in an attempt to align multiple quoted currency rates. But the naira has continued to weaken.

The lender identified small businesses, agriculture, healthcare and manufacturing as some of the growth sectors this year. ($1 = 380.5800 naira)

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