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UPDATE 1-Nigeria's Zenith Bank targets 5.5% rise in pretax profit in 2021

Published 25/02/2021, 15:54
© Reuters.
ZENITHB
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(Adds details)
ABUJA, Feb 25 (Reuters) - Nigeria's Zenith Bank ZENITHB.LG
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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