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Sierra Leone Business: Zenith posts Le145m increase in Profit Before Tax for 2018

Zenith Commercial Bank has posted a 0.5% increase in Profit Before Tax in its 2018 financials. In 2017, the bank posted a profit of Le28.7 billion (Le28,763,343,000) which has increased by 0.5% (Le145,478,000) to Le28.9 billion (Le28,908,821,000) in 2018. In its core business, deposits from customers grew by 17.8% (Le72.8 billion) from Le334 billion in 2017 to Le407 billion in 2018 The bank increased its loans portfolio by an impressive 47.8% (Le6.9 billion) from Le7.6 billion in 2017 to Le14.5 billion in 2018. Investment in government securities also increased by 15.4% (Le44.7 billion) from Le244.7 billion in 2017 to Le289.5 billion in 2018. From the investments and loans, the fees and commission derived increased by a modest 21.2% (Le2.4 billion) from Le8.9 billion in 2017 to Le11.3 billion in 2018 The losses from bad loans grew by a whooping 92.8% Le315.4 billion and much of this has to written off the books, from Le24.2 billion in 2017 to Le339.6 billion in 2018. The banks assets grew by 19.6% (Le99.1 billion) from Le406.5 billion in 2017 to Le505.6 billion in 2018. Liabilities grew by 18.7% (Le78.7 billion) from Le340.8 billion in 2017 to Le419.5 billion in 2018. Thus the banks equity grew by 23.7% (Le20.4 billion) from Le65.6 billion in 2017 to Le86.1 billion in 2018.

Monday April 15, 2019.

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