By Fola James
 Zenith Bank Plc audited results for the half-year ended 30 June 2021, recorded positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by the COVID 19 pandemic.
According to the bank’s audited half-year financial results presented to the Nigerian Exchange, NGX the Group recorded a growth in profit before tax of three percent from N114 billion reported in H1 2020 to N117 billion in H1 2021.
 The bank also recorded nine percent growth in non-interest income from N116 billion in June 2020 to N127 billion in June 2021.
Overall, the significant reduction in interest expense by 26 percent and growth in non-interest income by nine percent culminated in improved profitability, the bank said in a statement.
The deposit money bank, DMB retail deposits grew by N38.2 billion from N1.72 trillion to N1.76 trillion year-to-date (YTD). Savings balances grew marginally by two percent YTD to close at N1.18 trillion from N1.16 trillion as at December 2020.
The drive for increased retail deposits and a low-interest yield environment helped reduce the cost of funding from 2.2 percent to 1.3 percent in the current period. Operating expenses grew by 10 percent YoY, while growth remains below the inflation rate. Also, the Group improved its Earnings per Share (EPS) which grew two percent from N3.30 to N3.38 for the half-year ended June 2021.
The Group also increased total customer deposits by eight percent to close the period at N5.77 trillion, demonstrating growth in the market share. Total assets grew marginally to N8.52 trillion as at 30 June 2021 from N8.48 trillion recorded as at 31 December 2020.
Despite the COVID-19 headwind and the challenging operating environment, the Group grew its risk assets as gross loans were up by three percent YTD, from N2.92 trillion to N2.99 trillion. This was conservatively achieved at a low Non-Performing Loans, NPL ratio of 4.51 percent (FYE 2020: 4.29 percent) and a reduced cost of risk of 1.3 perc (June 2020: 1.8 percent).
Prudential ratios such as liquidity and capital adequacy also remained above regulatory thresholds at 69.9 percent and 22 percent, respectively.
Despite the global concern over the COVID-19 pandemic, the bank said it is positioned to weather the storm while leveraging technology to expand its retail footprints to further deliver improved returns to all its stakeholders.
In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom.