Business
ZENITH BANK SHOWS RESILIENCE AS PROFIT BEFORE TAX RISES BY 1% IN Q3 2020
Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2020 with with a Profit Before Tax (PBT) of N177 billion, representing a 1% growth over the ₦176 billion posted in the same period in the previous year. This performance demonstrates the Group’s resilience against the backdrop of a challenging macro-economic environment brought about by the Coronavirus (COVID-19) pandemic.
According to the unaudited account which was presented to the Nigerian Stock Exchange (NSE), gross earnings were up 4% year-on-year (y-o-y) to ₦509 billion, driven by non-interest income which increased to ₦173 billion from ₦157 billion recorded at the end of Q3 2019, reflecting the Group’s increasingly diversified business model. Profit After Tax (PAT) grew by 6% to N159 billion from N150 billion in the corresponding period last year. The growth was driven by non-interest income which grew by 11% to ₦173 billion from ₦157 billion recorded at the end of Q3 2019, reflecting the Group’s increasingly diversified business model.
The result also demonstrates the Group’s ability to deliver optimal pricing for its interest-bearing assets and liabilities in a declining yield environment, as net interest income grew by 5% Year-on-Year (y-o-y) to ₦225 billion despite the drop in total interest income from ₦322 billion to ₦319 billion. Interest expense and cost of funds were down 13% and 27% to close at ₦94 billion and 2.2% respectively, reflecting the Group’s robust treasury and liquidity management.
Total deposits closed at ₦5.2 trillion at the end of Q3 2020 up from ₦4.3 trillion in December 2019, dominated by low-cost deposits. Retail deposits grew impressively by 58% to ₦1.7 trillion at the end of Q3 2020 up from ₦1.1 trillion as at December 2019, underpinned by the continuous expansion and improvement of the Group’s digital platforms.
In terms of asset quality, the Group’s Non-Performing Loan (NPL) ratio improved to 4.80% (FYE 2019: 4.95%), despite growing loans and advances by 17 % from ₦2.5 trillion as at December 2019 to ₦2.9 trillion at the end of Q3 2020, affirming the Group’s prudent credit risk management. The liquidity and capital adequacy ratios (CAR), at 67.4% (Bank: 52.5%) and 21.5% respectively at the end of Q3 2020, remain above regulatory thresholds of 30.0% and 15.0%.
Zenith Bank Plc has continued to demonstrate resilience and industry leadership. In recognition of its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto and Co. The Bank was also recognised as Bank of the Year and Best in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards. More recently, the Bank emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine, Best Bank in Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020, and Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.
*Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets*
Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.
Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.
Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.
According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.
“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.
“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.
The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.
She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.
Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.
“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.
She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.
The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.
“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.
FirstBank Empowers SMEs with AI-Driven Growth Strategies, Hosts SMEConnect Webinar
Lagos, 20 March 2026 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, is pleased to announce the upcoming edition of the SMEConnect Webinar scheduled to hold on Tuesday, 31 March 2026. The event will equip small and medium-sized enterprises (SMEs) with the knowledge and tools to harness the power of Artificial Intelligence (AI) for business growth.
This edition is strategically curated to inform and educate SMEs on how AI can be applied to scale their businesses in today’s rapidly evolving digital economy. The chosen theme, “AI for Business Growth: From Adoption to Integration and Scalable Impact,” reflects the growing importance and timeliness of AI as one of the most influential trends shaping the SME business landscape. The session will provide SMEs with actionable insights on how to leverage AI to enhance productivity, streamline operations, strengthen customer engagement, and make smarter, data-driven decisions.
The SMEConnect webinar will feature experts, including Temitope Odude, Senior AI Solutions Architect at Microsoft as a guest speaker. Odude will provide credible and globally relevant perspectives on how SMEs can successfully adopt and integrate AI into their everyday business operations. Other speakers include Abednego Ugwueke, Head of Digital Channels and Ibidun Adedewe, Head of SME Acquisition & Partnerships at FirstBank.
Speaking ahead of the event, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said “SMEs are the backbone of the Nigerian economy, and at FirstBank, we recognise that the economy cannot thrive without them. As a committed growth partner to SMEs, this session reinforces our strong focus on innovation, demonstrated through initiatives such as the use of AI‑enabled credit scoring to deliver fast, instant loans to micro‑SMEs, with over ₦1 trillion disbursed to support customers’ financial needs. Building on this foundation, we are equipping business owners with the right knowledge and practical insights on Artificial Intelligence to help them scale in the short term and drive sustainable growth. I encourage every business owner to participate in this session to gain hands‑on guidance on integrating AI into everyday business operations.”
SME owners and entrepreneurs can register for the webinar at https://firstbanknigeria.zoom.us/webinar/register/WN_cUr1LhWFQXymTqWtONOOVg
SMEConnect Webinar series is one of FirstBank’s signature platforms for supporting SMEs with practical knowledge and strategic insights. The Bank has consistently won awards for impacting businesses and for providing innovative solutions for customers and other stakeholders, including SMEs.
The Bank was named Best SME Bank in Nigeria and Best SME Bank in Africa by TAB Global Excellence in Retail Finance Awards for 2 years as at 2025. The Bank also won the SME Financier of the Year- Nigeria awarded by The Digital Banker.
EvaluatePR to Explore “PR After the Algorithm: Trust, Truth & Intelligence in 2026
P+ Measurement Services, Nigeria’s leading independent media intelligence and PR measurement agency, will host the 31st edition of its flagship thought-leadership platform, EvaluatePR, on Friday, March 27, 2026, at 12:00 p.m. (WAT).
Themed “PR After the Algorithm: Trust, Truth & Intelligence in 2026,” this virtual session will convene professionals across public relations, communications, and media measurement to explore how algorithms, artificial intelligence, and digital ecosystems are reshaping reputation management, media influence, and audience trust.
With the increasing role of automation in communications, the event will challenge professionals to rethink how credibility is built and sustained in a fast-evolving digital landscape, while emphasizing the need for transparency, ethical measurement, and strategic intelligence.
The session will feature a distinguished lineup of speakers representing diverse expertise across global communications, media intelligence, and analytics: Felicia Nugroho – Director, Analytics & Insights, Maverick Indonesia / Chair, Asia Pacific & International Board Director, AMEC; Cyrille Djami – Founder & Publisher, CommsOfAfrica; Strategic Communications, Editorial and Influence Consultant; Amrita Sidhu – Managing Director, Medianet / Director & Board Representative, AsiaNet / Board Member, AMEC; and Satira Osemudiamen Oreweme – Principal Consultant, Satira Media & Public Relations Limited.
Together, they will lead insightful discussions on how communicators can navigate the intersection of technology and trust, maintain authenticity in automated environments, and leverage data-driven intelligence to deliver meaningful communication outcomes.
Participation in the session is free, with access available via the official registration link:
https://bit.ly/4stWjUh
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