Zenith Bank’s Profit Before Tax Rises By 5% To N255.9billion
The bank noted that the increase was due to a combination of growth in the topline and a significant reduction in interest expense from N148.5 billion in 2019 to N121.1 billion in 2020.
by Saharareporters, New York
Feb 26, 2021
Zenith Bank Plc has announced an impressive result for the year ended December 31, 2020, with profit before tax (PBT) rising by 5% to N255.9 billion from N243.3 billion reported in the previous year.
The bank revealed its PBT which rose in spite of the challenging business environment in the country exacerbated by the COVID-19 pandemic.
Ecobank obtains N50bn 10-year subordinated loan
Johnson Okafor
Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced that one of its significant subsidiaries, Ecobank Nigeria, secured N50bn, 10-Year bilateral subordinated loan.
According to a statement signed by Adenike Laoye, Group Head, Corporate Communications, the bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points.
The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises and small corporates.
Ecobank Group reported N461.2bn revenue during the nine months ended 30th September 2020, representing nine per cent increase against the corresponding period of 2019.