Zenith Bank has released its first quarter (Q1) 2017 results.
The results show strong double-digit growth in profit before tax (PBT) (38% y/y) to N44 billion and profit after tax (PAT) (46% y/y) to N39 billion.
Both revenue lines contributed to the strong results as funding income grew by 21% y/y to N71 billion while non-interest income was up 94% y/y to N30 billion.
The strong revenue contributions were material enough to more than offset a sizeable increase in loan loss provisions (206% y/y) and, to a lesser extent, operating expense growth of 24% y/y.
The growth in non-interest income stood out because Zenith’s trading income recovered from a loss of -N1.9 billion in Q1 2016 to a healthy positive result of N7 billion in Q1 2017.